Pre-open eMini SP 500 Morning Report 6.11.10

This is a guest post from Precision Capital Management

The Precise Take – Equity futures down on disappointing Retail Sales

Big Picture Analysis:  As a friend points out, there is a stunning similarity to the May 25-28 period playing out, except the down move that ended the rally that Friday the 28th began in the afternoon.  Today, Retail Sales has disappointed early, and Consumer Sentiment at 9:55 am will likely disappoint as well as it closely mirrors the equities market.  Having said that, if the ES can shake off this bad news today, it will be in a good position to mount a rally attempt next week.  A failure today will send the bulls home again with their tail between their legs.  A close below 1067.50 is a failure, and a close above 1083.50 is very bullish, with anything in between…

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