Emini Trading Update – Tuesday 20 Sept 2011 (14:43)
Something is going on – lot of Professional activity between 1200 and 1214. And we’ve got FOMC tomorrow. Was that accumulation getting ready for a break out of consolidation above 1214? We’ll know tomorrow I suppose.
Link of the day …
I’m a huge fan of Harry Dent and the way he has combined economic forecasting with easy-to-understand demographics.
Yes, he has his critics – mostly people who have never contributed an original idea themselves – and I think he tries to be too precise with his forecasts using Elliott Wave Theory. But the fundamental idea that economic growth can be forecast by the highest spending age cohort (approx. 45 year olds) is sheer brilliance.
It’s the reason why Japan is in a mess and it’s the reason why Europe (and particularly Italy) is headed for the toilet. Sorry to be blunt.
And now some nice research from Citigroup’s chief US equity strategist, Tobias Levkovich, showing the long term correlation between PE ratios and demographics.
(HT Business Insider, a financial blog that rocks)
Quote of the day …
From Jeff S.
“Hi Barry, I just wanted to let you know that I was in and out of the market with 4 points today. I went short at 1187.50 around 8:40am CST on the 1500 tick bar chart. I waited for the second blue bar which broke below the first blue bar. I was out at 1183.50 around 8:45am CST … I had the same type of day as you did last Wednesday and Thursday … Thanks for all the great indicators and updates you give.”
Good luck with your Emini trading.