Nov 302011
NJ Update: Trader expectations have changed with the Fed cutting the cost of emergency dollar funding (along with the Bank of England, Bank of Japan, Bank of Canada, and the Swiss National Bank) to help the European Central Bank with Europe’s soveriegn debt crisis. The market reaction was swift to the dollar devaluation with the ES rising over 50 points since it’s low overnight. It appears the ES will open in or near our highest published level this morning. Additional levels above include:
1256.75 – 1259.75
1253.00 – 1255.50
1245.00 – 1249.25
1239.50 – 1241.75
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