Opening Play for Wednesday 9/3

9-3-2014 6-55-51 AM


Overnight headlines of Ukraine/Russia cease fire goosed the DAX above its previous daily swing high.  The Russell has been

on a steady  path trending higher and is up more in the overnight session.  All time highs  for the Sep Russell were 1210.70.  Index futures will roll from Sep to Dec next week.

For today, Beige Book comes out at 1 PM.  The ECB meeting starts tomorrow.  The EC has been in a sustained down trending channel and can spend today consolidating in front of tomorrow.

In fact, there was crazy volatility in  CL  NG  GC  SI  Bonds…..etc.  May get typical Z Days in many markets as moves were overdone.

High volume node for the SPs yesterday moved up to 2000.  This should now be a good support area.  The market traded on both sides of 2000 for 6 sessions.

None of the indicators are overbought.  Put call ratios are not  frothy.  Globex high  was 2011.  There are plenty of shares still making all time new highs.

Can the Russell eventually follow suit?

Have a great  trading  day!



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