Wednesday, March 16, 2011

Day trading course S&P500 day traders "Sky is Falling"

Day trading course S&P500 emini futures day traders.  The EU did a chicken little this AM throwing panic into the S&P500 emini futures.  Their comments:
  • EU Energy Chief says possible catastrophic events in next hours
  • EU's Energy chief says situation at Japan nuclear plant is out of control
Glad the EU's Energy chief was working to instill calm and suggesting pro active measures for the safety of the Japanese people. The next comment might look like this,"  RUN FOR YOU LIVES, ALL IS LOST!"   yet when we look at the EU financials everything is under control and "we see the euro as very stable" Here is the chart of the 20 point drop on the ES.  S&P500 emini futures. [caption id="attachment_3581" align="alignleft" width="289" caption="S&P500 day traders EU commisioner says Sky is falling."][/caption] Certainly was a beautiful mid term double top at 1282.75 with lower highs into the open this morning. We blew through support at 1268 when the EU Energy commission decided to sound off the sirens. Low of 1256.  going to stay on the side lines as this news driven volatility is bad on stops. Could be going into a bearish pennant on longer term charts. With the Fed behind the bond purchasing this week, would expect this to rally on light volume. The real determinate will be what we see with the Japanese Nuclear plants. Japan is in a real mess with its economic capital still in shambles, homes still don't have running water, roving brown outs, a complete lack of power and [...]

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