Emini Trading Update – Thursday 12 July 2012 (16:25)
Good news for me yesterday – I’m not going blind. My eyesight has been deteriorating over the last year (too much time in front of the computer) and I was worried something was really wrong. Anyway, the optometrist informs me I’m just getting old. Yay.
OK, on to today – a reversal day. The window for reversals is usually 11am Chicago time and today we reversed at 10am and went for a 15 point rally. Karl L. caught a good chunk of it:
“Barry, market turned around 11am on the dot NY time. Just caught 6 points. Thank you!” Karl L.
I don’t think we’re all over on the downside – we’re sitting on knife edges on a bunch of charts and we’ve not had exhaustion selling on the 40,500 tick Emini chart. TRIN index reading today gave us a bullish divergence signal – so got to keep that in mind.
But can you feel it? We’re all just waiting for something, some news or event. Maybe it’s the JPM number? Maybe it’s Europe just on vacation? It just feels, empty. ECRI say we’re in recession and so maybe the market is slowly coming to that realisation. Meanwhile the man on the street is under pressure and getting angry.
Good luck with your Emini trading.