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S&P Finishes at 50% of Recent Range in Lackluster Trade

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Dec 10, 2009.

  1. futuretrends24

    futuretrends24 New Member

    Apr 30, 2009
    Likes Received:
    Today’s sample of Futures Analysis from FuturesHound.com

    The December E-mini S&P 500 contract settled at 50% of the recent 1119.00 to 1085.00 trading range after failing at the .618 price of 1106.00. Volume died after the opening and today’s session could best be characterized as lackluster and non-eventful.

    U.S. stock indices traded higher but stalled shortly after the opening. The strong price surge was muted when U.S. investors failed to chase stocks higher. The market could not get on track today, most likely because of valuation issues. Traders have gotten used to buying dips, feeling that buying strength would expose them to too much risk.

    Although traders have apparently discounted the debt problems in Dubai, Greece and Spain, the fear that something may crop up unexpectedly kept most traders on the sidelines today. News that Citigroup may pay back TARP money and issue new stock weighed on the financials because of the possible dilutive effect of such a transaction.

    Read full article at FuturesHound.com as well as Futures Analysis, Futures Education and exclusive timely market Gann Analysis

    Disclaimer: Trading on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.

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