Update 12:50am EST: ES had just traded above 61% line / 830.5 of the last ambush short left standing from Globex highs. Only possible resistance levels are previous highs: Monday’s 834 and current trading hours only high of 842. Be careful as overnight action is always tricky, just look at yesterday
Update 11:30pmEST:
Morgan Stanley to post a loss from complex volatile bonds – WSJ
Morgan Stanley isn’t in crisis mode anymore, but the Wall Street firm is still struggling to dig out of a slump.
Adding to woes from real-estate and other basic businesses: The recent rebound in its bond prices, generally thought of as a positive, will actually hurt the company’s bottom line.
Because of the accounting treatment on some bonds issued by Morgan Stanley before the financial crisis erupted, the New York company is expected to take a hit of $1.2 billion to $1.7 billion on the bonds when it reports quarterly results later this month, according to people familiar with the …Good Evening traders,
ES is making new daily highs but still trading in 825 ambush zone, there are no clear resistance levels overhead besides the ambush zone and Monday’s high of 834.
Euro is forming another head & shoulders formation (the H&S from Monday worked out beautifully hitting it’s target within 8 ticks today)eurohs3The neckline of head and shoulders is resting right in 50-61% retracement zone with 50% line being 1.3226, target of that particular formation is 1.3118, which would be retesting of the recent lows and key level on the daily
ecdaily2009-04-08_1625
In case the ambush play off of 50% retacement @ 1.3226 does work out, the target would be right into a bigger Ambush short from yesterdays highs:
ec25002009-04-08_1626
Good trading to all
Vlad