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emini trading chart on the ES contract(ESU9)

Plenty of movement on the chart today, and I have highlighted some potential entry points for your consideration. It seems the market is pre-occupied with the daily machinations and news on the economy. I don’t think this makes for a real healthy market, as the equity markets tend to be barometers for future pricing. We certainly aren’t seeing a tremendous amount of predictive qualities from the current market as in ping-pongs about in willy nilly style on the daily announcements and prognostications of a variety on informed and uninformed economic sources. In short, it’s a mixed bag of news.

I was interested in an article in Bloomberg yesterday, as they have now espoused the notion that we are ‘out of the woods”. Until I see increasing profits and better market volume I would be hesitant to proclaim we are anywhere near a healthy market.

I have added some Fibonacci extensions for you to take a look at, and they were fairly accurate in a predictive sense today.

On the lighter side, my dear Chicago Cubs are starting play better and trading while listening to the Cubs is one of my favorite pastimes. Of course, I know I am doomed to failure in my adoration for the lovable losers, but it’s great to be lead by the nose for a while as I entertain expectation of greatness, which I know will be dashed on the rocks in short order. It’s a cruel world in baseball.