Pre-open eMini SP 500 Morning Report 12.31.09

This is a guest post from Precision Capital Management

The Precise Take – ES testing highs on last trading day of 2009

Leaders Analysis:   Yesterday, the EuroYen suggested that global appetite for risk remained strong and, indeed, equities are up again near highs.  If the EuroYen closes above its 200 day moving average where it is trading now, there should be continuation of the move in the new year.

Medium Term Analysis:  Bullish seasonality should help equities early next week, when traders will be positioning ahead of Friday’s Employment Situation. 

Trading Today:  As has been the case recently, we don’t expect both sides of the projected range to be fulfilled.  Once one end has been reached, there may be at best a move back to…

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