A shout out to another day of lower highs and lower lows
Snippets: We can and do lead you to the watering hole and we will … as we raise our mugs to all the fathers out there – Happy Father’s Day – grillin and chillin. Being the top dog does not happen overnight – it is respect that has to be earned. Topping is a process and happens over time … generally a top is not due to an event. A shout-out to another day of lower highs and lower lows as we head into a well-deserved weekend.
Derrick – please report any bear sightings folks to the park ranger! Watch how they run http://bit.ly/1lhpZd5
Today started with 225k ESU traded on Globex, trading range was 1919.00 – 1926.75. Yesterday’s regular trading hours (RTH’s), pit session trading range was 1917.80 – 1934.50 before settling at 1923.50, down 13.5 handles. Wholesale prices in the U.S. unexpectedly fell in May, suggesting demand isn’t robust enough to push inflation closer to the Federal Reserve’s target. The 0.2 percent decrease in the producer price index compared with the median estimate in a Bloomberg survey of 71 economists that called for a 0.1 percent gain. Over the past 12 months, costs climbed 2 percent, figures from the Labor Department showed today – Bloomberg http://bit.ly/1scoiaF
Today’s RTH’s, SPU pit session, gapped 2.5 handles higher to 1925.20 – 1926.00 Chicagostock (08:41) Weak open, market fails to push through overnight highs / intraday pivots – retest of Thurs lows catches 7 handle bounce, and cash open rejects rally – 1921 support off the LOD – 1935 is the swing short #. Derrick please call those rangers – multiple bear sightings – park ranger – please … Oh no, wait … Overnight retest of Thurs lows provided low-risk opportunity for long setup, failing into 1927. Cash open tests this overnight high, falling short by .50.
FrogMan (08:55) 81.2 Consumer Confidence vs 83 expected – prior 81.9 Chance_Stroot (08:56) [IWM] getting hit (09:02) breaks yday’s lows. william_blount (09:02) daily pivot rejection — trending move targets 12.5 to 15.5 BEARS NEED TO PERFORM–over 24.25 now NEEDED BY THE BULLS. Chicagostock (09:04) ES vol windows 1919×1929.50. william_blount (09:13) “Overhead the market through momma from the train on the 1926/27 handles when the intraday cycle was overwhelmed by news from our President” premarket commentary. Derrick (09:31) insurgents retaking green sector (09:34) ES +10 handles from RTH low and Chicagostocks upper vol window here 192950. At (10:59) the POTUS…we will not be sending U.S. troops back to Iraq as the US will pursue diplomacy – will be monitoring. Thats a relief … C_B (11:03) jihadists are big on diplomacy. No price action to speak off as the sideways chop-fest was in motion. Fest? Did somebody say li’l sumthin about a festival? No…
And then the BBQ’s started – following the 10 handle intraday trading range, and I might add, how rude to start the BBQ without us. The giddy-up was non-existent throughout midday & beyond … as the indices sat in tight, few handle/point ranges. However, that did not stop the late retest / hold of the daily high of 1929.70. The MiM – MrTopStep Imbalance Meter started out a small sell before expanding to $345M. mts2 (14:28) chatter … hard to believe tho .. Iraqi prime minister killed ???? no price movement … william_blount (14:28) 5 handles so far half the range – MTS2 been out there on the run up… well, the futures did hold 1923 area before popping back up going into the close – even as the MiM showed $650M to sell going into the cash close. The futures traded 1928.50 area on the cash close before settling at 1928.30, up 5.1 handles, while the [VIX] was down 4.2%.
Posted Tuesday: Cyrus … In one corner, we have Pitbull’s Thurs/Fri before OpEx week low … and in the opposite corner, Pitbull’s mid-month bulge … wondering what a survey would say …
stockmarketwhisperer …most bearish action/aspects are later in the week … thurs/friday. U.S. stocks open soft following yet another all-time closing record high yesterday … however, as discussed above – this is not what many traders are hoping for as far as a minor pullback/correction goes. We just want cheaper prices – to suck us in ….
@Chicagostock … SP500 Completes 1955 Objective http://bit.ly/1n3RcTl
Posted since a week ago Wednesday: E-mini 30 more handles to complete 1956 upside fib extension of 76.4% and 1844-1732 range expansion. No pullback until objective complete, breaks turning into bear traps to fuel squeeze - Chicagostock. *Take a look below for a possible match – we likey matches!
Posted since a week ago Monday: Posted by William Blount: IF WE CONTINUE TO GRIND AROUND 1929-32.86 CASH and 1912.5 SPOO through Wednesday then I will suggest my 4th option trade over the last 6 months – all are / have been straddles. for those who read the pre-market commentary and see the straddle strategy – what 2 prices am I looking at to tag ONE SIDE OR THE OTHER on SPOO FUTURES OR CASH b4 next friday? Carina- WB the time frame on the straddle is this Friday? NO, NEXT FRIDAY – you have a TWO EVENT CATALYST WINDOW this week. Answer: 1954 cash or 1887 futures by SC – check out Chicagostock above – Emini 30 handles ….