After this mornings pre-market movement I want to update you on both of the open Key pivot plays. The Nasdaq futures play still has the second contract open. I want to move the stop to our entry @ 2008 and let the second contract ride for free, After today the stop may move down to lock in more profit but for now I feel its best to attempt to catch a bigger move.
In our gold trade we came about $5 from getting stopped out, then gold reversed and came down this morning to hit our first target of 909.00, doesn’t that feel great? The stop remains in place, I will update you on any changes.
With premarket we are a hair over the rangebound resistance.
Not going to be easy to hold that, not to mention we have that 2nd area of structure resistance with the 50ma backing it so if we break it shouldn’t go far at right away.
Given this weekly chart, barring a disaster we will close above the downtrend. A pullback test of that new support and/or consolidation under the 50ma will probably be needed if this is the real deal. Disregard the volume, it’s not accurate since this is a TOS continuous chart and they have bugs to work out.
U.S. March average work week up 6 minutes to 33.8 hours
U.S. March average hourly earnings up 0.3%, up 3.6% yr-on-yr
U.S. March construction jobs down 51,000
U.S. March private sector jobs down 62,000
U.S. March factory jobs down 48,000
Finally was able to upload to youtube so the video is now here, sorry for delay. As you can see we are gapping below the Low projection number so there is a good chance the market continues lower today. good luck everyone!
After falling faily big in the late hours, the index futures are up strong in the pre-market. Remember we will find some resistance in the s&p futures @ 1330-1335 area, a solid move above that is a bullish signal. Nasdaq seems to be the leader this morning as I talked about last night. USD/CAD seems to be doing well on this dollar bounce. Be on your toes guys this market can do anything at any time! the headlines are
The head line is “FED wil lend up to $200 Billion” the reaction is a HUGE move up in the futures 240 points in the dow, what a reaction! Is this the key reversal day we have all been looking for or just going back to test our prior breakdown point? Should be a fun day!
Futures are down fairly big this morning on this news: “Carlyle Group’s publicly traded mortgage bond fund failed to meet margin calls and said it received a notice of default as banks call in loans against even the highest-rated bonds” This could be the straw the broke the camels back and take us below our support line in the stock indices today should give us an indication of that. We will need some big volume selling. We moved up about 60 dow points in the overnight futures session that took us right into the resistance levels we have been watching, that got me filled for a re-entry on the second half of my short position. I am covering the half this morning before the market for a solid gain, I will hold on the the second half of the short position in an attempt to catch a bigger move.
The index futures fell are down this morning about 90 point for the dow and 12 points for the S&P. We are sitting right at the bottom on the support line we spoke about last night on this chart if you got short with us last night your feeling good right now but don’t be surprised if that support holds for a bounce. The pre-market volume is light compared to the gap size, that means one of two thing either A.) The gap is a fake move to suck in shorts and we see a reversal today or B) shorts are waiting on the sidelines waiting for a bounce they will not get and this will force the market much lower. Last friday was a perfect example of this, the scenario given in B is what we saw happen.
U.S. stock-index futures tumbled after UBS AG predicted credit-market losses at financial firms may top $600 billion and results trailed estimates at American International Group Inc. and Dell Inc.
U.S. Consumer Spending Rose 0.4 Percent in January
Dollar Falls to Three-Year Low Versus Yen on Fed `Indifference’
And later today we have Fedspeak from Rosengren at 10:15AM and Lockhart at 12:15PM, we have the Chicago purchasing managers index and the Consumer Sentiment report at 10:AM.
