Participants will recieve email instructions and the room password before the fist class begins at 3:30 pm Central.
From Charles Cochran:
A relatively quiet day. Range was less than normal and volume was below Friday’s. Big news in the morning. Would expect the OVN market to be contained as players await the outcome of the news. The focus should be Retail Sales as the Fed has announced that they are concerned about consumer spending, which is 70% of our economy. The market is pointed higher w/some help from the news. Again doubt that there will be any concentrated selling across the market given the Fed’s announcement to “take out insurance” for economy. Looking to buy weakness tomorrow off of supportive 0830 EST news.
F1 Comments: Another day of buying. Both price and volume moved higher today. The market is pointed higher w/some help from the news. Bias is an uptrend in a bracket.
F2 Comments: Analysis was to buy Monday’s market. Preferred buy zone was 118-01/05. The day session low was 118-03. A quiet day w/limited range. Each break found willing buyers at 118-08 OB. The ES was sideways too. By the close the analysis favored higher prices w/out news. There is news tomorrow. Think the focus will be Retail Sales. The Fed has said they are concerned about consumer spending and are going to take out economic insurance to make sure that banks will continue to make loans. So sellers will be reluctant in my opinion. The first buy zone is 118-13 OB. Our preferred buy zone is 118-05 OB. Down to the news tomorrow morning.
F3 Comments: Analysis was to be a buyer. Multiple buy opportunities throughout the session.Volume Weighted Support and Resistance for Tuesday, Jan 15th:
