Portions of the government are scheduled to shutdown at midnight due to the lack of agreement between parties in Washington. While this will eventually be resolved it will likely cause some big swings in the markets. This morning the S&P gapped lower by -13 points. It sold off to -20 points lower at the morning low before bouncing […]
Action: Short ESZ3 at 1691.25 as the bounce begins to fade. Target if this accelerates is 1678. Stop will be placed at 1689.25 on a move below 1688.
Action: We are selling short ESZ3 at 1689. The market has failed on the morning strength so we’re getting on the bus. Another trip down to 1686 is likely to fail and bring lower prices. Will place a protective on a move below 1687.50 @ 1688. Update 10:22 CST: Prices not breaking 1686 and we […]
Need to sit tight this morning to see if the morning strength sticks. ESZ3 at 1702.50 is the line in the sand for bulls and bears. Other markets are largely unchanged and we’re still stalking good entry points.
On Friday the House passed a spending bill (by a vote of 230 to 189) that would continue funding the government at the annual rate of nearly $1 trillion ($986.3 billion to be exact) but stripped funding for Obamacare. The bill now goes to the Senate where Harry Reid has said it would be DOA… […]
The down turn in the market at 12:30 CST is being attributed to Wal-Mart (WMT). They are said to be reducing orders from suppliers because of mounting unsold inventory in the US. Reports indicate the company is considering reducing supplier orders for Q3 and Q4. Shortly after the statement was released the company said: […]
Action: Place sell stop on ESZ3 @ 1690 and place buy stop at 1692.75… good set-up with defined risk
Markets are extremely choppy as the budget battle and debt ceiling debate begin to heat up in Washington. ESZ3 (S&P) 1686 to 1690 continues to be the most important support number on the board. If that level breaks and lower prices are accepted, indicators suggest a drop to 1660 and it could be quick. Click Here for prior post. […]