Your MUST-READ Morning Stock Futures Cheat Sheet: No relief

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The Precise Take – No relief

Big Picture Analysis:   After a large gap up yesterday, the ES slowly tacked on an additional ten handles until 1190 was reached.  This turned out to be the magic number, as the market sold off to 1162.75 into the close.  That is the nature of an event driven market.  Which is not to say that the short covering/window dressing rally is over, but that volatility should remain high as long as uncertainty reigns.  The news calendar is packed this week and next, with expectations of rate cuts from the ECB and/[or] BOE being priced in.

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

Today’s  Scheduled News (all times EDT)

Major Market Movers
None

Minor Market Movers
EIA Petroleum Stats at 10:30 am
5 Yr Note Auction at 1:00 pm
Ben Bernanke Speaks at 5:00 pm

Tomorrow’s Scheduled News

Major Market Movers
GDP at 8:30 am
Jobless Claims at 8:30 am
Pending Home Sales at 8:30 am

Minor Market Movers
7 Yr Note Auction at 1:00 pm


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