June S&P E-mini Futures: Today's range estimate is 1165 – 1176. The market is still stuck in a 20 point trading range but I think a strong move upward will begin soon. The ES should reach 1200 in April on its way to 1225 or so.
1161.25 -1170.50 actual yesterday (9.25 points) 1173.25 high last night 1165-1176 estimate for today (11 points) 1172 currently, so estimate is -7 to +4 from here (bearish)
Sorry… I couldn't find a picture of a bull, so the girl will have too do. The bear is going to be lonely for a few more days anyway… so the girl is safe.
That chart clearly shows a pop higher before a drop. I think that has made my decision to wait until next week to see what happens before getting short.
At this point, I can't think of any reason for the market to sell off hard. The jobs numbers tomorrow would have too be horrible for them to sell, or beat estimates by a huge amount, with would cause fear that they might raise interest rates… hence they would sell the market.
It not hard to simply met the estimates, which wouldn't be bullish or bearish… so the grind sideways would continue. As for something happening over the weekend… no one can foresee it, if it does. It's not worth risking by going short.
Since Mondays' are generally bullish, and the fund managers will get fresh new money for the start of the quarter (the first few days are historically bullish too), I see more reason to wait until next week before going short, then to risk it today.
What's your thoughts on the USO? I'd like to see a double top, then a fall.
I still would like to see marginal new highs for the downward thrust to have longevity
the only other time the $SPX danced with a daily containment pt. as long as it has now without making new highs, was back in August. The operators threw a 1 day bear trap and squeezed them for the rest of the year. http://www.flickr.com/photos/47091634@N04/44809…
i circled all the other local tops and you'll see the local high came at the end of the sideways consolidation, not the beginning. The operators rarely give a free ride.
Earl, May be able to play fade in TZA for quick scalp.
Carl’s morning call:
June S&P E-mini Futures: Today's range estimate is 1165 – 1176. The market is still stuck in a 20 point trading range but I think a strong move upward will begin soon. The ES should reach 1200 in April on its way to 1225 or so.
1161.25 -1170.50 actual yesterday (9.25 points)
1173.25 high last night
1165-1176 estimate for today (11 points)
1172 currently, so estimate is -7 to +4 from here (bearish)
Sorry… I couldn't find a picture of a bull, so the girl will have too do. The bear is going to be lonely for a few more days anyway… so the girl is safe.
🙂
That chart clearly shows a pop higher before a drop. I think that has made my decision to wait until next week to see what happens before getting short.
At this point, I can't think of any reason for the market to sell off hard. The jobs numbers tomorrow would have too be horrible for them to sell, or beat estimates by a huge amount, with would cause fear that they might raise interest rates… hence they would sell the market.
It not hard to simply met the estimates, which wouldn't be bullish or bearish… so the grind sideways would continue. As for something happening over the weekend… no one can foresee it, if it does. It's not worth risking by going short.
Since Mondays' are generally bullish, and the fund managers will get fresh new money for the start of the quarter (the first few days are historically bullish too), I see more reason to wait until next week before going short, then to risk it today.
What's your thoughts on the USO? I'd like to see a double top, then a fall.
let's hope it stays above 16.09 for the close today & it would provide a great weekly setup
XLF already above line you spoke of last night.
yeah 1185-1190 and many short would cover in anticipation of the “1200” level
That is GROSS!
Are you thinking a pop above 1080… like maybe 1085?
I still would like to see marginal new highs for the downward thrust to have longevity
the only other time the $SPX danced with a daily containment pt. as long as it has now without making new highs, was back in August. The operators threw a 1 day bear trap and squeezed them for the rest of the year.
http://www.flickr.com/photos/47091634@N04/44809…
i circled all the other local tops and you'll see the local high came at the end of the sideways consolidation, not the beginning. The operators rarely give a free ride.