Emini Futures Trading / Full Moon Double Top
January 19, 2011 at 4:41 PM President Obama met today with China's smiling president Hu Jintao and confronted him about China’s dismal human rights record, its history of technological piracy and the manipulation of its currency. He insinuated that Hu is simply the front man for a vicious communist apparatus that uses that nation’s 1 billion+ impoverished citizens as dispensable workers to create wealth for itself in the international trading system.
(you wish)
$1300.00 in question?
We failed to penetrate the $1296.25 in today’s session! The market double topped there last evening on the 5 minute chart and gradually fell to a low of $1275.00 through the day session. It was an outside reversal day with the CFRN Weekly Trading Zone of $1295.00 - $1296.00. It did maintain a $1277.00 support level which is vital for the bulls.
Full Moon – Seasonal Cycles are potentially looking for lower prices.
Today, Housing Starts drop more than forecasted to 529,000 units, down from 553,000. Building Permits jumped 16.7%. Goldman Sachs earnings reports came in weak. Tomorrow’s Initial Jobless Claims and Existing Home Sales may come in less than perfect. We look for a $1285.00 - $1286.00 potential retracement tonight and then perhaps a repeat of today’s price action.
;)
Game plan for Thursday?
The bulls will have to come in early to buy and overtake the potential selling action if the market continually fails to penetrate $1300.00. This level is crucial for bulls to maintain control.
Our greatest glory is not in never falling, but in rising every time we fall.
Confucius
Best regards,
Leslie Burton
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