Charlie's Comments:
Today’s market was driven by the 0830 ET news. Inflation was higher than forecast and the Bond and ES both sold off this news. The normal inverse relationship between the Bond and ES was put in abeyance today. At some point the contracts will separate, but haven’t seen many days this year where they have traded the fundamentals by themselves. Wednesday is a big news day. The focus today was inflation. I think tomorrow’s focus will shift to the economic activity news as CPI is a lagging indicator. PPI is a leading indicator and was out today. The inflation news is for real and a part of the regular news feed. It has been placed in a secondary role due to the Fed’s focus on the US’s economy. Will see how the news plays tomorrow.
Josh's 2 cents:
A bullish Producer Price Index report was met with substantial selling pressure -
Volume is still favoring the short side of the market.
We will continue with day 2 of the TradeMaven Inside Edge OPEN HOUSE on Wednesday morning at 7:30 am Central - www.trademaven.omnovia.com/tmaven
From the TradeMaven Software, Pivot/Support and Resistance Numbers for 16 April:
Upcoming Reports:
Wednesday
Consumer Price Index 8:30 ET
Housing Starts 8:30 ET
Industrial Production 9:15 ET
EIA Petroleum Status Report 10:30 ET
Beige Book 2:00 ET
Thursday
Jobless Claims 8:30 ET
Leading Indicators 10:00 ET
Philadelphia Fed Survey 10:00 ET
EIA Natural Gas Report 10:30 ET
What is Inside Edge?
A comprehensive trader’s education forum focused on e-Mini S&Ps and U.S. Treasury Bond Futures. TradeMaven’s Inside Edge features the necessary analytics and execution information in one place to speed up your decision process, keep you on the right side of the market, and eliminate so much of the noise that surrounds trading today. This unique forum is the brainchild of Charles Cochran – a trading pro who has spent the last 15 years fine-tuning a proven methodology that eliminates extraneous information and concentrates on the market activity that matters: the market activity that foretells the market's next move.
