THE MORNING REPORT – EMissTrade.com
Trading Day: FRIDAY, November 12, 2010
As tweeted last night @emisstrade we saw the Globex session sell off due to Cisco earnings. We expected the market to find support which it did shortly after the open of the RTH at 1202.00 - then it was a nice uptrend for the remainder of the day. Even though the Bond market was closed and traders took the holiday day off we saw decent volume. Trend traders had reason to smile today.
We have Consumer Sentiment News out in the AM (9:55AM EST) which may give us a hint of how the consumers are feeling heading into the shopping season. Long Term Trend is Bullish. Short Term Trend is Neutral/Bullish. We will be watching the 1202 area on the downside and 1217 area on the upside. With a break of 1202, expect to trade down to 1198. If we break out of the 1217 area then we will expect to see the 1224.00 area.
As always, Friday at NOON we ask ourselves…”do you know where you money is”? Per our plan we do not initiate any new trades after 12 Noon on Fridays. Trade to trade well. Have a nice Friday and great weekend!
Trade Less Earn More!
SHORT TERM TREND : Neutral/Bullish
LONG TERM TREND : Bullish
TARGET NUMBERS: ESZ0
***1250 – Commercial Objective
1224.50 - 1224.75 Last Week High
1217.00 - 1219.50 Area
1213.75 – Yesterday’s High
***1210.50 – CLOSE***
1207.00 Area (Only for target or scale)
1201.75 - 1202.00 Area – Yesterday’s Low
*** - Area could provide Major Support/Resistance to price
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