Hey Traders,
firstly, the whole BAC things blows my mind, pay out 3.6 Billion in bonuses and pay 33million of fines for it, sound like a pretty good deal, they should super size the offer to 100 million fines to pay 11Bil bonuses….
Today was yet another lesson in Dont Fight Momentum 101, this market continues to move up, so much to it, the “reasons” and “explanations” behind it are pure BS, since it goes up on good and bad earnings, news and fx strength.
Speaking of FX strength, dollar took a big dump today to new yearly lows. Some are looking for possible reversal around these levels, which would actually make sense considering where we are on the weekly / monthly SP500 charts (see last nights updates)
Here is a quick summary of average range % traded today for the instruments i track:
ECU09 162.1 1.15%
BPU09 158.8 1.33%
DXU09 147.4 -0.98%
SFU09 136.4 0.85%
CDU09 116.0 1.10%
ESU09 110.5 1.65%
YMU09 105.7 1.33%
NQU09 93.2 1.59%
TFU09 91.7 1.37%
GCQ09 85.1 0.30%
ADU09 83.6 0.71%
JYU09 79.0 -0.63%
The longer this run continues the more support is being built on the downside and more work is to be done. Would need to see a high volume , high range day to the downside to get something going along with some intermediate terms support levels being broken.
Will have daily updates for euro and es up later today, since the euro finally broke out of the range it was stuck in , it is worth looking at again beyond intraday scalps. Gold remains a manipulated puzzle.
Congrats on getting through the longest / chartless rant in esecfutures.com history, as previously mentioned, will be back tonight with regular chart/ actionable level updates later on tonight.
Cheers
Vlad