Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

TUESDAY TRADE REPORT

THE MORNING REPORT – EMissTrade.com

 

Trading Day: TUESDAY – November 23rd, 2011

 

OVERVIEW:

WHICH WAY DID HE GO!!!!  Ever heard that before?  It describes Monday’s action.  After a quick test 1204 Sunday night the market dropped and dropped until it found its footing mid morning at the 1183 level.  As we said in our last report we expected a little more downside if 1187 broke…but true to form the market has other ideas.  The rest of the day we saw a steady Eddie climb with one small 3 point pullback.

 

For TUESDAY:

Let’s start by looking at the most obvious clue.  The failed break of 1187.00 traded down to 1182.75 and back through the range to close at the high of Friday’s range.  Hmmm, what’s that telling us.  In my book since both Trend Indicators are bullish and they couldn’t finish the day on the lows I expect the market to rally into the Thanksgiving Holiday.  Watch the breakout of the 1202.00 area.  If the Globex session holds prices I will be looking for a chance to get long for a break of 1202 and target of 1206 area.  I won’t be thinking short until the 1191 area is broken down.  GDP and Existing Home Sales out I the AM -http://www.nasdaq.com/asp/econodayframe.asp  - Be on your toes.

 

TRADE LESS – EARN MORE

@emisstrade
www.emisstrade.com

 

 

TREND:

SHORT TERM TREND :  BULLISH

LONG TERM TREND :  BULLISH

 

TARGETS  NUMBERS: ESZ0


***1211.75 – Friday’s High


1210.50 – 11/12 Gap

***1205.75 – Last Week High


***1202-1204 Area


***1198.50 – Yesterday’s High


1197.25 – CLOSE

***1190.00-1191.00 Area

***1182.50 – 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

Disclaimer
There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. EmissTrade.com, its officers, directors and its contributors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction. There is a substantial risk of loss in trading futures and options.