Collective Intelligence!
Snippets: Ah, the smell of an extended weekend holiday was in the air – waffling … as we sat indoors at our desks pondering what could be … trying not to think too heavily about tomorrow’s friggin regularly scheduled hours for the equities.
Outlook for U.S. Economy Falls to Seven-Month Low: Americans’ expectations for the economy deteriorated to a seven-month low in May, a sign that the rebound from weakness earlier this year may be limited by still-cautious consumers – Bloomberg Consumer Comfort Index.
william_blount premarket commentary; “After a 23.6 handle cash rally –hee hee- from 5/15 to 5/19 rejection of the ascending blue TREND LINE we can do an EZ PZ A=C at 1891.78 .This fits very tightly with the 1891.46 horizontal on the chart. If we get an EXTENSION for the C, the bulls get the 1 more itty bitty high”.
Just a heads up regarding the European elections over the weekend - there’s a risk of political turmoil coming from Greece if anti-bailout leftists have a strong result. Not the base case but definitely possible - Drakopoulos. Also, there is a big risk that anti European parties make strong gains as well. People fed up of Brussels bureaucrats – FrogMan.
OK, not a joke. I receive the papers with all the candidates vying to represent FrogLand to the European Parliament. There is 15 Candidates… man they all want the job… must be telling you something. All claim to want a better environment and still I received 30 pages of paper … multiply that by 40 million French voters … the people have a sense of humor – FrogMan. As their ship continues to list ….
Today started with 185k ESM traded on Globex, trading range was 1890.50 – 1883.00. Yesterday’s regular trading hours (RTH’s), pit session trading range was 1886.60 – 1874.80 before settling at 1884.90, up 16.8 handles. Hail – Hail to the PMI data lending support in the Globex session from Asia to the Eurozone, well, excluding the French, whose government actually makes the U.S. look good … So, Hail – Hail to them as well! In the U.S. jobless claims increased, but the overall trend is still down (good).
Today’s RTH’s, pit session, opened fractionally higher to 1886.00 – 1885.00 and traded an early high of 1886.50 before fading back to 1883.00 during the first 15 mins of trade. william_blount (08:45) spill down — 1882.50 SPOT wet beak – now for the a.m. high. iceChat (08:45) 56.2 PMI Manufacturing vs exp 55.5 followed by an up, up and away to new highs 1889.30. william_blount (08:54) LEI REACTION HOLD THE KEY – checked in at .4 vs exp 0.3 reactionary new high of 1889.60 followed by disappointing existing home sales data – the 7th in the last 8 months and the worst start to a year since 2007. topnotchtrading (09:00) 1891.10 upside Fib above that 95.80 wkly res — william_blount 91.5 SPOT Kathy (09:01) a lot of confluence at that 91 region, Tim WB & Swordline.