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Tuesday, February 2, 2010

S&P 500 Emini Day Trading Gap Wednesday February 3, 2010

                              S&P 500 Emini Futures Day Trading THE GAP
S&P 500 Emini Day Trading Gap Wednesday February 3, 2010
S&P Emini 500 Futures opened Tuesday with a small gap up that quickly filled.  The index trended to the upside all day long and finished with a test and pierce of the 1100.00 level.  Resistance held at that point in the half hour of trading, with a close at 1099.00.  Today marks the second up day in a row, and it came on above average volume.  Volume for the last two days has been good, but not as convincing as the down volume seen in the prior down days.  Important news events this week, including the non farm payroll numbers on Friday, will most certainly influence market direction.  Non farm payroll always seems to provide volatility to the markets.  Look for a correction away from the 1100.00 level tomorrow to the downside.  If the index breaks and holds above that level on good volume, the down trend may break.


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Forex trading- EURUSD strengthens

[caption id="attachment_389" align="alignleft" width="225" caption="Forex trading EURUSD Euro strengthening"]Forex trading EURUSD Euro strengthening[/caption] € The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3935 level and was supported around the $1.3850 level.  The common currency followed U.S. equities markets higher as increased risk demand jumped on speculation the global economic recovery will continue.  Dealers also lifted the common currency as it was reported that EMU-16 PMI improved to 52.4 in January from 51.6 in December, following Germany's lead with its PMI improvement to 53.7.  A draft copy of the upcoming Group of Seven communiqué reports "Market volatility, in particular in the foreign exchange market, could destabilize the nascent global recovery by placing growth on an unbalanced path and trigger unwelcome protectionist reactions."  G7 finance ministers will convene in northern Canada in early February and two hot topics are expected to be exit strategies from the provision of global stimulus and China's currency.  ECB President Trichet this weekend said policymakers "will do whatever is necessary to give all our citizens…price stability."  Trichet also noted U.S. policymakers have reassured him that they favour a strong U.S. dollar.  In U.S. news, President Obama released details of his latest US$ 3.8 trillion budget today and it calls for a broad US$ 1.9 trillion tax increase by returning to pre-2001 ordinary income tax rate [...]

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