Thursday, December 2, 2010

Selling Half of Longs at 1219.25

I'm selling Half of my ES position at 1219.50, i'm still looking for 1250 but i think its a good idea to scale back after that two day monster rally.

i see as i've just sold the market exploded higher to 1221.75.... i might have been a little too quick in selling

Dec 2nd Morning market Preview

what looked to be a pretty calm after hours session with a rise to 1212 on the ES has turned volatile due to some less than encouraging Unemployment Claims at 436K vs expected 425K as well as the ECB President and Vice President speaking.

S&P 500

the ES was very well defended at 1202, which should hold for the day... if not look for 1196.25. market still looks very bullish.

it appears to have made a reversal candle on the 15min chart.


Gold held up well as the ECB President and Vice President were speaking, the 1385 zone held up as support instead of resistance. a close above 1396 will be very bullish. look to buy pullbacks today


the EURUSD has been on a wild ride, up over 100 pips last night only to fall over 100 pips as the ECB leaders began to speak. providing a great area to get long.

Wednesday, December 1, 2010

Dec1st Market Recap

The strength of the morning continued like a freight train today. there was no retrace besides a mire 2 or 3 pts on the ES. Long was the way to go today.

S&P 500

taking a look at our Big picture chart on the ES we can see it sliced right though the line drawn yesterday.

the S&P was in a pretty tight trading range all day beside the 8 pt ramp when a US official said the US will back a larger European Stability fund Via the IMF shooting the ES up 8 pts. look for a pull back overnight to the 1200 area


Oil was the Big mover today, which was up over $3 from the lows yesterday. this was one of the best performing commodities. looking for some overnight profit taking before resuming an uptrend


Gold was relatively quiet today considering the USD fell nearly 1%, it did rally after this mornings spot where i said it would find some support but looks to close the day flat. i would have preferred a close decidedly above 1388 to confirm the strong up trend.


The Euro looks to have a little deadcat bounce forming, i would like to see this continue to at least around 1.35 before some hard selling would come in again.
keeping a close an on the EURO here... it should dictate the move for equities.

Lets see how the after hours trading goes as Asia reacts to a huge rally

Wed Dec 1st Morning Market Preview

its the First of the Month and it looks like some good data overnight combined with a weak euro has sent futures flying, were seeing green across the board this morning pre-market.

S&P 500

The ES has made a massive move from the low put in a triple bottom yesterday at 1176.50 last night. who ever made that large sell yesterday at the close was severely wrong in their timing. The ES is breaking through the R2 at the moment, the R3 lies at 1211. not too sure if it can make it there today but in the next two days it should tag that level. If i didnt already have a long position i wouldnt buy here, i would not short here either.... i'd look for a pullback mid morning to get a position.


the extreme EURO weakness has subsided for the time being, this is the major boast to the futures. moving a solid 150 pips off the lows last night. current broken through the R1, is should see the R2 level at 1.3225 in the next day or two. I wouldn't be looking to go Long right at the level, i would be waiting for a pullback to at least 1.3075


Gold saw some strength overnight but not as much as i would have though given the USD has fallen by almost 1%. it did hit my initial target of 1398, where it found some resistance. it should fall to around the 1385 level before seeing some buyers.