S&P 500 Emini Day Trading Gap Thursday October 15, 2009
S&P 500 Emini Futures Day Trading THE GAP
S&P Emini 500 Futures had a big 12 point gap up this morning opening at 1082.50. The index faltered from there 4-5 points before starting to rally to the upside. Prices stayed on the high side of an 8 point trading range before breaking towards the upside following the FOMC minutes report. Initially, there was no dramatic move with the report. The last hour of trading popped up about three points to close at 1088.75, close to the day’s high. The close is the highest for the year, and is at a level last seen in early October of 2008. At that time, the index was in a serious correction that culminated in the March 2009 market lows. The current price levels represent an approximate 45% retracement from the 2007 highs, and seem ripe for a correction. Earnings reports due out tomorrow and Friday, most notably Goldman Sachs, IBM, Google, Citibank, Bank of America, have tended to influence market direction. With a full plate of news releases along with the big earnings reports, the next two days should provide volatile trading. We hope.
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