S&P 500 stock futures continue its winning ways, now at 7 days straight. Since March 10, the June 2009 ES contract has delivered 7 green daily candles and continues to chug upwards even in overnight trading.
Both open interest and trading volume surged with the latter trading well over 3.3 million contracts.
The June 2009 ES contract is heading into resistance at the 800 level which was briefly hit today after news of the Fed pumping in $300 billion over the next 6 months in long term government bonds. The move is looked upon to force Treasury prices higher and lower debt rate.
News also today that the Fed will be buying $750 billion in mortgage backed securities that are to be guaranteed by Freddie Mac and Fannie Mae. They will also buy an addition $200 billion in Fannie and Freddie debt. This is good news in that mortgage rates will continue to go lower for this year, if not well into next year. It would appear that the Fed has successfully marked the bottom in the housing crisis which began back in 2007.
Getting over the ES 800 hurdle will be prove to be interesting. Since March 10, the contract has moved over 130 points and with news of late being positive in nature and the financial sector getting stronger every day and heading higher, I'd look for more money coming off the sidelines fueling the rally higher. It won't be easy, but by the end of the month I figure things will be a bit higher.
- Kerry's blog
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Saw that Twitter exchange
Dude I saw that Twitter exchange between you and Ferrari. Don't know why the guy got all cocky and told you "I don't care" but that was pretty smug on his part. Your calls have been DEAD ON the past month let alone even today when you nailed FAZ bottoms and top.
The funny thing is that the guy goes for quarters while you were making him look bad taking multi dollars!
Your Citigroup call has totally correct as well as Fannie Mae, Freddie Mac, your intraday calls on FAZ, the UYG long, MCD short call, etc. etc. Some people are just too arrogant to pay attention. Phuck 'em.
Heh, I saw that too
I noticed the Twitter account is gone. That guy is a loser. I've watched his calls over the last few months. His calls on FAZ are horrible and he's probably losing his shirt. Anyone daytrading when they should be trend trading is lost, just lost.
Twitter is stupid anyway. All those guys on there are treating it like a Yahoo message board. IRC is superior by far.