Opening Play for Friday 12/12

December 11, 2014

Commentary:

Good Morning Traders!

See economic numbers listed at the bottom of this page as well.  PPI will get attention.

Hard to believe, but there are no pinball buys or sells or 5 SMA trades.   Hard to believe, but the SPs,  Rus, Dow and DAX  were all Inside Range days  (Nazdaq was basically perfect overlap as well). Hard to believe three extreme range days the second week in December and there were no major geopolitical events, other than weak overseas markets.   Hard to believe now crude is now in the 50s….

Main point:  Nobody can predict these markets too far in advance…

For FRIDAY:  March SPs will command the volume.  2016.5 is the 5 day low.   An hourly chart of IWM or a 120 minute chart of the Russell futures shows a long sideways line, or rectangular chart formation. 1148 is the 5 day low for the Russell.  One can even draw converging trend lines on the Russell 120 minute chart formation.   The short term summation tick is oversold, but hard to believe that market can pull off a repeat of Thursday’s morning rally when Wednesday closed on its lows.  SPs should test lower on Friday  – but will they be able to test the 5 day low and if so can the Russel confirm? Friday’s tend to be the lowest range day of the week. 2035.5 is the top of Thursdays value high.  2018 is Thursday’s value area low.  See chart example.

Gold and Silver have three bar triangles for breakout mode and the daily oscillators are at the upper end of their range.

Have a good Friday!  Expiration next week…..

Linda

12-11-2014 11-26-08 PM

 

Tradesheet from Snagit

Markets in BO Mode:

BO Mode

Economic Numbers for Friday in CST:
11:30pm CNY Industrial Production y/y (THURSDAY NIGHT)
7:30am USD PPI m/m
8:55am USD Prelim UoM Consumer Sentiment