Crude oil is back over $103 and Gold is seeing a bid, but US futures didn't see any inverse reaction until after the unemployment report. The ES saw an initial bid up to 1334.50 following the mediocre report, but then quickly sold off 7 points. ES is now trading underneath its overnight support.
In the news this morning there have been reports of intensifying fighting in Libya. Protests in Saudi Arabia demand the release of Shiite prisoners being held unjustly, and there was mention of a bombing at a Yemen anti-government protest.
I like shorting the up-ticks today as long as the the ES trades underneath 1333-1335 (EDIT AFTER INITIAL POST: I only like shorting the up-ticks if we get continued selling after the opening bell to indicate weakness). If volume dies off after the morning, selling may not have the chance to come in and markets could float back up. If selling does not come in today and we trade in a tight consolidation range, it will be a bullish sign for the markets looking forward.
Levels to watch today on the ES:
Resistance above at 1329-1330, 1334-1335, 1340, 1343
Support below at 1324-1325, 1317-1318, 1313-1314, 1304-1305
Friday, March 4, 2011
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