Emini Trading Update – Tuesday 26 June 2012 (7:39)
Shorter video today. Nice little One Shot One Kill right at the open – and then done for the day.
Had a Long bias after yesterday’s No Supply and Amateur activity mid-day. But it wasn’t a very convincing rally today – the adjusted TRIN Index reading was just +22. We’ve closed the “first” gap at 1317.50 but not made it up to the “second” gap at 1325.
I think Wednesday into Thursday is going to be choppy, possibly with smaller ranges – everyone will be waiting for the announcements out of the European two-day summit starting Thursday. Which is BTW the 20th meeting they’ve held to sort things out!
We’re entering classic Bull/Bear decision territory – realisation that we’re in a global slump and continuation of the downtrend or think happy thoughts and believe Politicians and Bureaucrats can save us.
Link of the day …
More bloody brilliance from Jim Rickards, shooting down the Keynesian myth.
And please, please don’t email me about why we need to deficit spend! I’m sick of hearing it. It’s really simple, there is no money left – we’ve spent and promised it all, yes, every single penny out until eternity.
Good luck with your Emini trading.