Huge range.. The bat has done some damage.

5 min

5 min

Quite the reversal as you can see from 101.29 down to nearly 99.25 which imo is the lower line in the sand.. below .25     . 99 will surely trade..

Worth noting the volume in the 5 minute period where crude failed 99.75 down to the 98.80 area over 13k contracts trades. Fairly high volume and above average going back a few weeks.

10 years of disappointment and margin erosion by the big box competition has done a number on RSH share price... below 7 bucks this thing could see 5 and lower.. in the past 3 years there has been quite a bit of 'rumor' about a takeover or private equity in this name, nothing has materialized but lower prices.

monthly RSH

5 min ES... post PMI sell off..

5 min ES

1318 and over could bring in buyers into 1325as over this lever last week caused a frenzy on the upside. I am no more a bull or bear than anyone but you gotta trade this market in the direction it moves or perhaps wants to move.

on the downside 1310 is immediate support. below we are back to yesterdays territory. 1305

CL bid over 101.39 .. 101.29 is the day high...

remember.. today is the last day of January.. window dressing perhaps..

just another day at work.

1 min

4hr ES .. NOTICE volume. quite low.. still declining steadily...

Weekly ES.

Daily ES

I am very disinterested in the current market; recycled headlines et al. Anyway the S&P future contract saw rising prices throughout the morning; from 12 am or so until cash open... and again after cash open (almost identical to yesterday); the price sold off 10 handles.. from 1317's to 1307. The overnight low broke without hesitation, yesterday's lows below 1305 were not tested.....  Thus making 1307 the line sand

5 min ES

5 min ES

the low today 1311.50-1312.50 coincides with Monday's closing resistance and right shoulder of H&S which took the ES down into cash open for tuesday which was the 1301.25 test.

very slow slide today.. lots of panic for only a -.6% day.. but remember we did gap up nearly .5% .. we are down 18 handles now from highs.

weird prints..

5min VIX

5 min ES

As you can see we rushed into new 2012 highs .75 from 1325 post cash open though the new highs were faded very quickly. i 5 handles before 1329.75 traded. i did not think the trade would come as ... perhaps this is the case as CL GC 6E and ES all came off their highs together. A correlated market on upside is an even more correlated market on the downside.

1320 broke.. if 1319 fails.. 1315 and we languish most of the afternoon until the close IMO.

5 min ES

Another day another new 2012 high.. this time we took out 1325 and traded 1327.

1320 is lower line in sand for support off the open.

Crude up 1.5% to over 101

Gold up over 1.3% to 1722.3

Euro up half a percent to 1.3168

Jobless claims spike to 377k for last week..

5 min ES

Note from this afternoon. 

1325 reached . 1327.5 traded 1/26/12

5 min ES . notice how many trend lines are still dictating pivots

Good afternoon trend riders... Another day & another new 2012 high of 1320.75. Today the catalyst was the FOMC which as soon as they dropped their 'knowledge' the market lurched higher as if the Bernank had just perfected fusion...

The centrally planned and centrally controlled market will only go in one direction, without QE UP.... because apparently all the market needs to move higher is synthetic ETF QE administered via individual stock arbitrage creating what looks like buyers and sellers.. when in reality it is a game of hot potato between HF programs..

Anyway, from the 5 min chart above you can see the violence of the moves during cash sessions, including today's buying frenzy. Monday and tuesday the futures looked curiously weak until around 5 am in the morning when the machines stepped in taking prices vertical.

What makes this morning's trade different was we had weak equity futures from Asia open until about 15 minutes after CASH opened, then buyers stepped in around 1302  melting the price higher into FOMC.. once FOMC hit futures lifted from 1308 until 1320.75.. simple right.. WE could easily see 1325 if the momentum continues. Looking like by march we will be clear above 2011 highs...

example of ETF correlation ...FXE and EDC .. exact same chart..

Remember apple carried the nasdaq into 11 year highs today while google sold off 11 points...

Trade what you see and not what you think.

monthly NQ

2458.5... thanks AAPL... and china for your help in producing enough Iphones cheap enough to propel apple into all time highs carrying our index's into 10 year highs.. We will continue sending our jobs and technology your way.

blah blah blah

5 min ..

cash close pushed the index's into a session high of 1311. blah blah blah
and next.. u have NDX futures..

largest 5 min move all day... in the final minutes of the session..

5 min NQ

Lets hope the GPS driving today's trade is not one used on cruise ships... or actually yes.. that would be good.

5 min ES

no test of highs today, yet.. though the perma bid over 1305 still exists and you can lean on it carefully if you choose to scalp long. You can see where the price pinched as cash markets opened @ precisely 1305.

Over 1310 buy stops.. below 1305 we see 1301 again.. last week i mentioned i welcomed a test of 1300 before we moved higher, if indeed this is the trend... the low today 1301.75 just might have been the test of 1300. If that is the case 1320 in the deck later this week.. if the market will ever wake up again.

5 min CHK

Natural gas futures awoke today from a declining vegetative state with CHK throwing the valves the left on 9% of their US dry gas production essentially shutting in 0.5bcf/d dry gas and up to 1bcf/d by by Q2 2012........ this announcement caused a violent spike in NG futures.

The price throughout the day rose from from 2.31 to 2.619 and the (semi) popular ETF UNG up some 9% ....

5 min

Crude has trended higher into a consolidation pattern in and around 100 since the 98.60's found a bid in the wee hours of the morning.... remember 100 is a rather sticky area.. politically fundamentally & technically speaking.

two things can happen..

A. CL will break out of the formation over 100 and melt up into the evening hours...

B. 99.80 fails and we see a test of 99.50

1 min CL

1318.25 traded on a reach into buy stops and failed violently down to 1305.25 ... refer to my morning post from 6am below. 

5min ES..

5 min ES

We have failed to break over yesterdays high of 1311.5 though 1311 did see a few test in the early morning hours as asia and europe duked it out. As for OPEX most stocks are flat or at max pain. There is a few individual momo stocks such as CREE which are moving though the big board names are not playing nice in the eyes of traders today looking for some vol. I guess GOOG really spoiled the party last night... 

5min CL

VIX 5 min

s

NQ and GOOG 1 min

goog down 70 points AH from 640

Worth noting.. notice how the high for the day in CL was put in around 8 am EST.. yesterday right before.. today right after.. both today and yesterday CL sold off into lows after 101 failed. then bounces around 1pm.

5 min CL

Another day, another year high. 1309.25 this time... anyway the overnight session was the one to trade, cash opened crude puked, ES puked rallied, then puked. all in a 5 handle range. Makes you wanna pull you hair out. but whatever.. maybe we will have a red day? god forbid the market falls a percent.

5 min ES>. still following the resistance

Daily

Monthly

Good evening - 4 levels lifted up to 1303.75 as highs of the day were breached. little over 6800 contracts traded in the 1 min period of the break out.

5 min ES

So far .60 holding.. coiled for a move into 102 and beyond..

1  min Feb CL

 posted on twittermachine 3 hours ago a pinch lining up.

5 min euro dollar futures

IF i had a trillion dollars... Id be rich.

1 hour euro dollar futures

Daily XHB .. another 9 cent over the breakout opportunity i highlighted in the below chart

Answer is - XHB - home builders SPDR

daily

ES Higher highs within the below pattern.. lows held.. bullish yes.. though will the S&Ps fall off 1300 down to 1286.50 (morning support) or test the mid line of the channel 1293? we shall see.... when europe is closed the market behaves a bit more rationally.

5 min ES

NOtice the red vertical time markers.. each marker coincides with a violent spike in buying..

followed by a drop in volume and a drop in price.. it does makes sense here..

more buyers than sellers..but what is funny is how large the volume spikes
are compares to average 1 min volume excluding the large vol spikes...

Euro HI. all problems solved. 

5 min ES

5 min ES. showing 1287.50 support below will see quick selling into 1285.. that fails.. 1280.. Euro strong like bull over 1.28

15 min CL

CL on its own again.. but showing up with weakness a bit later then equities though.. equity futures became weak around 5 am.. CL sold off front its high of over 102 only about an hour ago.

below 100.50 CL could again run to below 100..  if it holds we chop around into new highs..

CURRENT - Monthly CREE

Monthly interval CREE

Buying opportunity or has this goose been cooked?  Based on previous 9 year trend.... It would not be a bad bet to take a look at this stock as a long idea around 20 a share.. under 20 could mean the price may see 15 quick, again based on prior trend & price action.

CL 15 min candles.. Far left is SUNDAY open.. far right is current price.