Your MUST-READ Morning Stock Futures Cheat Sheet: Anticipation

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The Precise Take – Anticipation

Big Picture Analysis:  Though the ES stepped outside its trend channel yesterday, rumors out of Greece facilitated a late afternoon rally, with more of the same overnight.  The markets seem to be anticipating a near term resolution, which we find unlikely.  However, they have been reacting more to good news than bad, so bulls retain the edge.  New lows in the 30 year yield yesterday might be cause for concern, except that it might simply be due to expected long-end yield curve targeting to be announced by the FOMC tomorrow.  In that regard, expectations run the gamut, and we will simply sit back and watch with the rest of the world, keeping in mind that any extreme sentiment in either direction might be an opportunity to fade.

Trading Today:   Below are marked the support and resistance areas.

Today’s  Scheduled News (all times EDT)

Major Market Movers
None

Minor Market Movers
None

Tomorrow’s Scheduled News

Major Market Movers
Existing Home Sales at 10:00 am
FOMC Announcement at 2:15 pm

Minor Market Movers
EIA Petroleum Stats at 10:30 am


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