Emini Podcast For Tuesday August 28, 2012
(QQQ)(DIA)(SPY)(SLV)(FB)
And you thought Monday was quiet? The 1405/1406 Weekly Trading Zone has defined itself so far this week as support and now as the center of gravity. The low of the day came in the first few minutes down at 1403.50 and then quickly reversed to put in the high of the day up at 1412. That's a daily range of 8.5 points. After that it was flat, followed by more flat. If trader's are simply laying low and waiting for a big news surprise out of Jackson Hole they may be in for a surprise they aren't expecting. Even Draghi has decided not to show...
Jeff Miller over at Seeking Alpha summed it up quite nicely when he tied the following two headlines together -
From the LA Times:
Price of gold surges on Fed stimulus hopes; is it headed for $2,000?
From Reuters:
Wall St falls on dimmed Fed stimulus hopes, data
Two stories -- published within minutes of each other. For the flexible pundit, it is easy to derive whatever message you want!
Thanks Jeff, very well said!
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