Thursday October 14, 2010 - 21:09:52 GMT
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U.S. Equity Futures Meander between Gains and Losses
Nervous U.S. investors tossed around equity
futures early in the session as the markets meandered between gains and losses.
Investors geared toward buying equities with almost every downtick in the U.S.
Dollar lately were caught by surprise this morning when the December E-mini
S&P 500 failed to follow the Euro higher. Rather than say the stock market
and Euros are decoupling, letâ€™s just say they are out of sync today.
The stock indices reacted poorly this
morning following a disappointing U.S. Weekly Jobless Claims report. This
report showed an increase of 13,000. The inflation report, however, remained
tame in September showing a modest 0.1% increase last month, excluding food and
Interpreting the recent economic reports,
one can conclude that the economy is likely to sustain analystsâ€™ earning
estimates. The existing problem holding equity markets back is the jobs
situation. The economy doesnâ€™t appear to have enough momentum to sustain any job
growth. While the pace of firings may be slowing, the pace of hirings is almost
Technically, the current pattern developing
in the December E-mini S&P appears to be a â€śBearish Flipâ€ť. This occurs when the market has almost the
same range as the previous day but the close is lower. This morning sellers
appeared to be waiting in front of Wednesdayâ€™s top at 1181.00.
The main trend remains intact despite
todayâ€™s weakness. The main trend will turn down if 1145.50 is broken, so it
appears safe at least for today. One sign of weakness will be the penetration
of the minor uptrending Gann angle at 1159.00. Breaking this angle could draw
in additional selling pressure especially late in the session.
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