Monday, August 9, 2010

Morning Post, SPX, S&P 500, E-mini

UPDATE - I told you the 30m minis were rolling over. That is a big nasty 30m candle, but these can get reversed of course so have stops set.

Surprise! The minis are climbing. It should not last long as the 30m are topping and should be rolling over soon. All the speculation of QEII has the bulls all buzzing. Trade should remain in a consolidation phase till 2:15 Tuesday when the FOMC comes out. I have to say with the 30, 60 and dailys topping on the minis a bigger reversal may be coming here sooner than later. the weeklys are pushing up a la the P2 bull run we just escaped in April. We all know these markets are rigged, and we should be very cautious with our bets (and protect them as well). We have to wait and see the FOMC tomorrow.

Economic Calendar - Quiet.

Earnings Calendar - Most the biggies are finished.

SPX 60m - 1130 to 1150 is a wide range, but my target of 1140 is still alive. I do not think it SHOULD make it there as price SHOULD not even be here. I'll post something when I can.

As mentioned the 30m minis are topping yet the 30 and 60m SPX are climbing. Up to sideways choppy is what I'm calling for till 2:15 tomorrow. The dailys are embedding in overboughtland again. As I have been mentioning the weeklys are still very string.

Nothing much to say other than were consolidating in the end of the wedge headed up slightly waiting on the FOMC tomorrow afternoon.