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March 7, 2012 at 8:37 PM The S&P500 as well as the Dow Emini Futures both staged a very respectable recovery rally after suffering their single largest daily sell off of 2012 yesterday. With the exception of the second hour of today's Wall Street session, volatility has been visibly absent from the mix. Melt up might better describe the action than rally.
March 6, 2012 at 3:49 PM Super Tuesday was a big day for Politics but not so much for the markets. The retracement which began last Thursday kicked into high gear today. So much so, that we blew out the lowest Weekly Trading Zone on the S&P 500 Emini Futures which reached a low of 1338.50. While it's not unheard of, it is unusual for a Weekly Trading Zone to break and hold.
What we anticipate now is a rally back up to the zone at 1347/1348. The first trip up we expect resistance. By the time we close for business on Friday we expect price to be back on the playing field. Watch for price consolidation in and around 1347/1348. Once price can break above and hold the zone on a pullback we will look up the ladder to the next rung at 1357/1358.
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March 2, 2012 at 5:47 PM Today was our 3rd and final day with Michael X. Click the headphones above if you missed the live broadcast. We will be back over the weekend with charts and commentary.
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March 1, 2012 at 7:13 PM The S&P500 Emini Futures have now put in a double top at 1377. We still have 1 Weekly Trading Zone overhead at 1379/1380 and David has his eyes on 1383. The chart below highlights the discussion we had on the show today with Michael X. Keep in mind that he is holding part of his position overnight unless he changed his mind after the broadcast.
Michael will be back for his final day tomorrow. Please email, tweet or log in and ask your questions live in real time. It's not often that a trader has the opportunity to get free advice from someone who successfully trades as many as 10K Emini contracts per day.
February 29, 2012 at 5:40 PM The S&P 500 Emini Futures and well as the Dow Emini Futures both failed to hold on to their early gains. On today's program we had the opportunity to talk to our friend and frequent guest Michael X. This is about more than trading large or living large. I popped a key question on him last year or the year before. I popped it again today and guess what? His answer hasn't changed. Life's funny that way, the facts may change... but truth never does.
February 29, 2012 at 8:49 AM 
February 28, 2012 at 4:33 PM The Dow closed today above 13,000 for the first time in 3 years. As it did twice last week and on Monday, the Dow poked through the 13,000 level in intraday trading on Tuesday but then dropped back down toward the end of the day before a final surge that pushed it up to about 13,005. The S&P 500 Cash index closed above it's high-water mark to settle at 1372.18.
February 27, 2012 at 6:51 PM The E-Mini S&P 500 traded in a 7 point range today as the fear and anxiety subsided from the Euro debt crisis! The Euro finance ministers finally approved the $130 billion euros rescue bailout to Greece by persuading the investors to provide more support and the European Central Bank to hand-over some of their profits from debt instruments purchased at a discount. There is still light volume as traders may be looking ahead to the G-20 meeting coming up.
February 27, 2012 at 6:39 PM The E-Mini S&P 500 backed off the highs of Tuesday ($1369.50) possibly on second thoughts of the Euro debt crisis and how it may affect the US recovery. US Existing Home Sales report showed an increase of 4.3 % to 4.57 million units last month, the highest it has been since May of 2010. It may be attributed to warmer weather this winter or a signal that the bottom is in. Another possibility, although perhaps not widely done or publicized may be the bulldozing of foreclosed homes to keep the neighborhood values up and reduce the inventories of homes in the marketplace.
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