THE MORNING REPORT – EMissTrade.com
Trading Day: FRIDAY – November 19th, 2011
THANKS GM – NOT! The head fake that came today was partly due to the anticipated GM IPO and some good data early in the morning. Albeit an up day the market headed north on lower volume. Nonetheless the day had a weird feel to it. The patterns were not clear and moves were sporadic and short lived. It was a good day to sit on the side lines.
It’s options expiration and there are no economic releases. So we may see some jockeying for position early in the morning and then it may grind in one direction. Be careful not to get chopped up off the open – it can happen quickly. We will be watching the 1203-1204 area on the upside and then 1193.25 area on the downside. Also notice the short term and long term trends are mixed. Be on your toes Friday and Trade to Trade Well!
SHORT TERM TREND : BULLISH
LONG TERM TREND : BEARISH
TARGETS NUMBERS: ESZ0
***1211.75 – Friday’s High
1210.50 – 11/12 Gap
***1199.00 – Yesterday’s High
1198.00 – CLOSE
***1188.50 – Yesterday’s Low
***1170.50 – 1171.00 Area
1167.00 – 1168.00 Area
1162.00 – 1164 Area
*** - Area could provide Major Support/Resistance to price
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