Jun 102010

Economic reports from Europe and Asia showed accelerated growth, fueling rising markets including the US indexes overnight.  The Euro has been moving up and is back to it’s highs of yesterday while the 10s are moving down.  Both are supporting the US markets climb.  The jobless claims showed a small 3K drop this week which was actually a little less than forecasted.  The trade deficit has risen to the highest level in a year.  Neither report affected the US markets much.  As I’m writing this commentary, the ES has broken through it’s overnight highs and is quickly approaching the R1 pivot (which is the 68.25/69 fade area). Given the ES is already up 16+ points pre-market, be careful with fading into strong momentum.  Although there is nothing other than the European and Asian news fueling the market this morning,  I would expect plenty of opportunities for fade trades.  There is plenty of resistance levels above and support levels below.  The areas listed in this morning’s sheet should provide the best opportunities.

Update: The levels today are based on the Sept 10 contract.

 Posted by at 9:07 am

  3 Responses to “6/10/2010 Pre Market Commentary”

  1. Don’t u love rollover…

    • LOL, thanks for reminding me. 🙂 The levels posted this morning are based on the Sept 2010 contract.

  2. David are you not using a continuous feed for your charting? Do yourself a favor. Crunching inter-contract profile info for level development is for the birds. We just switch the DOMs and we never even notice them in this particular arm of our trading. We make our trade choices live from continous feeds as well. If out of sync with the order servers feeding the DOMs we obviously err on the DOM side, but that doesn’t happen much. You might consider IQ Feed. Cheaper and cleaner than Esignal by far. We switched recently and are very happy. We used Tradestation data for years as well which is very good. Problem is their brokerage isn’t so happening and if you don’t use them for that the other costs are prohibitive…

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