Morning Update: 6/8/2012

The stock market indices had an exceptional up-day today with very strong technicals. The only thing missing was volume, but some indulgence took care of that.

The day started out with strong overnight futures, they gapped up above the moving averages on the hourly charts, and ran sharply higher in the morning until mid-day when they backed off to retest. That was successful. They bounced around and pulled back one more time, forming wedges, until late in the day when they exploded in the last 20-25 minutes, and then ran into the highs for the day going away.

It was a spectacular day for the indices.

Stepping back and reviewing the hourly chart patterns, the indices gapped up and ran hard until mid-day, and then backed off and consolidated in the afternoon only to explode in the last half hour to close at the highs for the day going away.

It was a spectacular session for the indices, indeed, taking out the major declining topsline on the S&P 500 at the close. A significant day perhaps, we shall see.

Trades Today:

Instrument Strategy Market pos. Quantity Entry price Exit price Profit
GC 08-12 Short 1 1588.9 1592 -314.5
6E 06-12 Initiative Trade Balance Extreme Short 2 1.2575 1.2573 41
6E 06-12 Initiative Trade Balance Extreme Long 2 1.2559 1.258 516
ES 06-12 Initiative Trade Balance Extreme Long 3 1318.8 1315.8 -463.5
NQ 06-12 Initiative Trade Balance Extreme Long 1 2542.8 2541.5 -29.5
NQ 06-12 Initiative Trade Balance Extreme Long 1 2542.8 2541.5 -29.5
ES 06-12 Initiative Trade Balance Extreme Long 1 1320.3 1319.5 -42
CL 07-12 Initiative Trade Balance Extreme Long 1 84.61 84.66 45.5
GC 08-12 Short 1 1588.9 1594.5 -564.5
NQ 06-12 Initiative Trade Balance Extreme Short 2 2553 2554.5 -69
NQ 06-12 Initiative Trade Balance Extreme Short 2 2553 2554.5 -69
6E 06-12 Initiative Trade Balance Extreme Short 2 1.2574 1.2567 166

 

 

 

Friday, June 8

Economics
08:30 Trade Balance – consensus -$49.5B, prior -$51.8B
10:00 Wholesale Inventories – consensus 0.5%, prior 0.3%
01:30 AUD Home Loans
06:00 EUR German Trade Balance
08:30 GBP BoE/GfK Inflation Next 12 Months
08:30 GBP PPI
12:15 CAD Housing Starts
12:30 CAD Unemployment Rate
CNY CPI

Initial claims were 377,000, less than the expected 379,000. On Friday we will get the trade deficit.

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