Earnings results continue to be better than expected in most cases. Amazon was an exception as earnings disappointed yesterday afternoon, though the markets showed little reaction.
Markets very bullish after making new highs yesterday and showing continued strength this morning. I like buying the dips. However, I will be waiting for the FOMC announcement at 12:30 EST. The news is being released early to make way for a Q&A session with Ben Bernanke at 2:15pm EST. It will be interesting to see what is said about a potential QE3 or no QE3. One thing is certain, any further easing measures will not be referred to as QE3... In any case, today's announcement has the potential to move the markets and will be the most interesting news of the day...
Levels to watch today on the ES:
Resistance above at: 1346-1347, 1350-1351, 1353-1354
Support below at: 1343-1344, 1340-1341
Assuming there is negative reaction to the FOMC announcement, the 1334-1335 support could come into play...
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Long ES 1341.75
ReplyDeleteGetting in now at 1/2 position. Will add another contract around 1337-1338 if this position goes against me...
ReplyDeleteWill not add to this position actually. Will not defend this trade below 1341.25. Don't want to be holding a position going into FOMC announcement...
ReplyDeletescratch trade at 1342, action dull, buyers not stepping in. Probably have to wait till after 12:30 EST for any action...
ReplyDelete