Market Commentary for Wednesday Afternoon:
Well, the S&P futures market rallied late this afternoon nearly 50 points largely due to heavy praying by individual trader Harold Jordan of Coast City, CA.
"I was long from 1375.00 and I finally prayed to the S&P god - 'Can we please rally about 50 points and I never use the F word again.'" said Jordan in a press conference this afternoon.
All joking aside - WOW!
Program trading says Reuters, Short Covering says local analysts, ECB rate cuts says CNBC - what ever it was we got some relief. But happy time are not necessarily here again. - even with news of further rate cuts planned by the Fed.
For Thursday:
Look at the volume to see were trading develops a value area - buy dips at support and sell rallies at resistance with tight stops tomorrow - do not fight the trend (UP or DOWN)
Upcoming Reports:
Thursday 24th-
Jobless Claims 8:30 ET
Existing Home Sales 10:00
ETEIA Natural Gas Report 10:30 ET
Volume Weighted Pivot Support and Resistance for Thursday Jan 24th:
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