Your MUST-READ Morning Stock Futures Cheat Sheet: Closing in

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The Precise Take – Closing in

Big Picture Analysis – After a brief dip in the opening hour, the non-news out of Greece was enough to facilitate a rally into the close.  Overnight, the ES climbed just shy of the big 1350 handle and is within striking distance of the May 2, 2011 high of 1373.50 (basis the June 2011 contract).  As the ES continues to get more overbought, the potential increases for a one day ~30 point drop, perhaps to the 20 day MA.  But, that potential alone is not cause for short term bearishness.  Given lofty oil prices, EIA Petroleum Stats could be a minor market mover at 10:30 am.

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