12 Mar
Pre-open eMini S&P 500 Morning Report for March 12, 2010
Posted in Pre-open Analysis by Bob English at 9:04:29 5 CommentsThe Precise Take – Equity futures spike higher on Retail Sales
Leaders Analysis: The US Dollar Index broke down through its consolidating wedge and has reached support. While we expect it to go lower next week, there is a good chance it will retrace upwards a bit first. The EuroYen has traded up to its 20 day moving average and 30 Year T-Bond yields are up after going down on yesterday’s 30 year auction and hitting support. Because of the extended moves into support/resistance and possibility of reversal, for today, the leaders are slightly equities bearish.
Medium Term Analysis: As of Monday, we will switch to the June 2010 contract. Yesterday’s afternoon rally finally produced the breakout from the January high, which was continued overnight and extended on the Retail Sales report. The spike up on the report into strong resistance and subsequent retracement is a bit bearish, and given the overbought status of the ES, we would not be surprised to see…
Pre-open eMini SP 500 Morning Report 3.12.10 | Wall St. Cheat Sheet
on March 12 2010 at 09:07:13
[...] This is a guest post from Precision Capital Management [...]
spainconsultant
on March 12 2010 at 10:19:27
So far, right again!!!
You better be careful, wall streeters are going to start to look at you as threat
sdg
on March 12 2010 at 10:24:22
Nice call on “leaders are equities bearish”.
sdg
on March 12 2010 at 15:26:40
Bob is there something called a “go fishing” indicator which tells you to stay out of markets when the risk/reward is not favorable.
Bob English
on March 12 2010 at 16:21:09
@sdg: See here:
http://www.precisioncapmgt.com/2009/08/13/stay-out-of-chop-w-tick-volatility-be-notified-of-nyse-problems/
This will tell you when there is probably not sufficient trading going on in the underlyings to generated worthwhile moves.