Dentalfloss
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x Report by Carley Garner
http://www.trade2win.com/boards/us-...port-carley-garner-post780868.html#post780868
Posted by: carleygarner
On: 29-05-2009 04:26 AM
May 28th, 2009
Indecision could mean large break-out
It was a relatively action packed trading session, with plenty of trade on both sides of the market. However, in the end the bulls came out on top. The major indices seemed to find comfort in a successful 7-year note auction and Bill Gross' endorsement of U.S. Treasuries. Normally it is the equity markets that drive interest rates, but as of late it has been the other way around.
Tomorrow morning should also be action packed, the release of first quarter GDP, the Chicago PMI and Michigan Sentiment will all offer guidance to a directionless market.
The U.S. greenback and commodities such as crude oil posted gains on the day suggesting that there are still some traders speculating on an economic recovery. In theory this optimism could leak into equities tomorrow and even early next week but we are having serious doubts as to the prospects of a sustainable rally.
Equities are going nowhere fast and it is easy to see the market's frustration; price moves in recent sessions have been quick and seemingly illogical at times. In my experience, this type of trade is typically a precursor to a large move. Direction? Great question; my best guess is that we are eventually headed lower. However, bears should be careful in getting too comfortable because my charts are still pointing toward a potential run at the highs before turning over. In other words, we could see one last "sucker's" rally to lure in the last Johnny come lately before the bears are finally rewarded once again.
Again, we can't make any predictions that we are comfortable publishing. Nonetheless, we are looking at 900 in the S&P as a critical pivot and see significant resistance near 924 and support near 876. In the Dow, we think that 8,370 is the make or break point and resistance lies at 8,540 with support at 8,200. The NASDAQ is stuck in a range between 1440 and 1392, but a break of support could mean 1342 in short order.
What the Russell does from here is a coin toss, we see resistance at 511 and support near 470.
S&P 500 Futures and Options Trading Recommendations
**There is unlimited risk in naked option selling and futures trading
Position Trade -
Flat
Russell Futures and Options Trading Recommendations
**There is unlimited risk in naked option selling and futures trading
Position Trade -
Flat
NASDAQ Futures and Options Trading Recommendations
**There is unlimited risk in naked option selling and futures trading
Position Trade -
Flat
http://www.trade2win.com/boards/us-...port-carley-garner-post780868.html#post780868
Posted by: carleygarner
On: 29-05-2009 04:26 AM
May 28th, 2009
Indecision could mean large break-out
It was a relatively action packed trading session, with plenty of trade on both sides of the market. However, in the end the bulls came out on top. The major indices seemed to find comfort in a successful 7-year note auction and Bill Gross' endorsement of U.S. Treasuries. Normally it is the equity markets that drive interest rates, but as of late it has been the other way around.
Tomorrow morning should also be action packed, the release of first quarter GDP, the Chicago PMI and Michigan Sentiment will all offer guidance to a directionless market.
The U.S. greenback and commodities such as crude oil posted gains on the day suggesting that there are still some traders speculating on an economic recovery. In theory this optimism could leak into equities tomorrow and even early next week but we are having serious doubts as to the prospects of a sustainable rally.
Equities are going nowhere fast and it is easy to see the market's frustration; price moves in recent sessions have been quick and seemingly illogical at times. In my experience, this type of trade is typically a precursor to a large move. Direction? Great question; my best guess is that we are eventually headed lower. However, bears should be careful in getting too comfortable because my charts are still pointing toward a potential run at the highs before turning over. In other words, we could see one last "sucker's" rally to lure in the last Johnny come lately before the bears are finally rewarded once again.
Again, we can't make any predictions that we are comfortable publishing. Nonetheless, we are looking at 900 in the S&P as a critical pivot and see significant resistance near 924 and support near 876. In the Dow, we think that 8,370 is the make or break point and resistance lies at 8,540 with support at 8,200. The NASDAQ is stuck in a range between 1440 and 1392, but a break of support could mean 1342 in short order.
What the Russell does from here is a coin toss, we see resistance at 511 and support near 470.
S&P 500 Futures and Options Trading Recommendations
**There is unlimited risk in naked option selling and futures trading
Position Trade -
Flat
Russell Futures and Options Trading Recommendations
**There is unlimited risk in naked option selling and futures trading
Position Trade -
Flat
NASDAQ Futures and Options Trading Recommendations
**There is unlimited risk in naked option selling and futures trading
Position Trade -
Flat
