Monday, March 15, 2010

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Putting aside the plethora of important economic data releases, this should still be an important event filled week to say the least. In the Eurozone, The Eurogroup of 16 Eurozone Finance Ministers is due to convene in Brussels today, then the wider Ecofin group of 27 on Tuesday. The media buzz / speculation has been mixed, with a slight lean (perhaps it makes for better news) that some bailout solutions will be announced. However, we still believe that EC drag their feet as long as possible in the hopes that markets "normalize" and any shift in the original tone of the Maastricht Treaty completely avoided. Chinese Prime Minister Wen Jiabao threw cold water on last weeks CNY appreciation exuberance. Wen Jiabao said that the CNY wasn't undervalued and rejected other nation's unwarranted political pressure. Generally BoJs two-day meeting are hardly a mark in FX trader calendar, however this week it should warrant a great deal more attention. Overall is this environment especially considering the Greek situation and UK potentially reinstating their QE we favor long USD and EM positions.

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S&P 500 Emini Day Trading Gap Tuesday March 16, 2010

S&P 500 Emini Futures Day Trading THE GAP [caption id="attachment_2110" align="alignleft" width="493" caption="S&P 500 Emini Day Trading Gap Tuesday March 16, 2010"][/caption] S&P Emini 500 Futures opened Monday with a small gap that filled quickly.  Pricing once again pierced the 1150 level, but could not muster the strength to plow through the price.  Volume on the day was a below average 1.7 million contracts, and the average trading range has fallen to 10.75 points.  Today's range was about 10 points.  The close formed a virtual daily doji again, as traders seem to be waiting for some sort of catalyst that will result in some sort of direction.  Perhaps the Fed announcement tomorrow afternoon will provide a directional spark.

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S&P 500 Gap for Mar 15, 2010 Support and Resistance

aaLooks like prices could test to 1134 today if we see a little push through the 1141 area.  Targets from there would be 1127 and 1119.  Should prices move to the upside we could see a retest of 1150, then 1160.  We are going into the week in an overbought position, watch for the break it will come.  Just be patient, trade what you see.

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