Emini Futures Trading / Are We There Yet?
February 3, 2011 at 9:12 PM Friday, Unemployment and Retracements!
The E-Mini S&P500 is really making the bulls work for their points. Two days ago, we reached a high of $1306.00, since then, the market has been reluctant to power through the $1306.00 high. Eventually, it should, but tomorrow perhaps is a bit too soon especially with the Unemployment number coming out at 7:30 AM CST. The number itself may be bad, but more importantly, will it be better or worse than market sentiment allows. Today, the Initial Jobless Claims fell by 42,000; the ISM grew to 59.4 which points to a recovery with a bullish future. The market did pause though! It did not penetrate the previous high. (The high of the day being $1305.75.) The E-Mini S&P 500 keeps grinding higher with about a 20 point retracement to note. The Egyptian crisis seems to dominate the news wires. Whenever, we see riots in the streets in a faraway land, we know there is more to it than meets the eye. These strategic changes can bring changed alliances and affect the inter-relationships of the varied countries. Until the unrest is brought under control, the E-Mini S&P500 may have difficulty climbing to higher ground. The unemployment rates of each country affect us as the violence may be transposed to our own streets. The IMF stands by to aid and the Euro Zone has brought up a global poverty fund type entity to make sure that no one goes hungry. The US Dollar and the Gold Market benefited from the unrest. The low of the day was $1291.505 for the E-Mini S&P 500. $1300.50 should be the comfort level or point of control for this market.
