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Lazy Bulls Saunter into Thursday

NASDAQ futures are coming into Thursday with a gap down after an overnight session featuring normal range and volume.  Price worked lower overnight, trading down to to midpoint of Wednesday as we head into cash open.  At 8:30am Initial/Continuing jobless claims came out better than expected.

Also on the economic docket today we have crude oil inventory at 10:30am and a 30-year bond auction at 1pm.

Yesterday we printed a normal variation up.  The day began flat and after a slow opening auction we broke higher and worked back up near record highs.  We did not, however, take out record highs.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 6082.25.  From there we continue higher, up through overnight high 6084.25.  Look for sellers up at the measured move target of 6133.50 and two way trade to ensue.

Hypo 2 sellers press down through overnight low 6071.50.  Look for buyers ahead of 6057.75 and two way trade to ensue.

Hypo 3 some kind of liquidation triggers, pressing price down to 6021.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ Futures Up Ahead of Big T-bill Auction

NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume.  Price worked higher overnight, nearly nonstop, but slowly.

At 11:30am today the US Treasure is auctioning off a variety of short-term debt including 4- and 52-week bills and 3- and 6-month bills.  There are no other major economic events today.

Yesterday we printed a normal variation down.  Trade was slow on Columbus ‘the rapist’ day, with the week beginning gap up.  After a brief probe above the globex (record) high we worked lower and close the overnight gap, eventually going a bit lower later in the afternoon.

Heading into today my primary expectation is for buyers to work higher, up through overnight high 6081 and continue higher to the measured move target at 6113.50 before two way trade ensues.

Hypo 2 sellers press into overnight inventory and close the gap down to 6069.50.  From here they continue lower, down through overnight low 6061.  Look for buyers down at 6053.75 before two way trade ensues.

Hypo 3 stronger sellers press up down to 6048.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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Happy Columbus Day: Markets Whistle Higher While Government Workers and Bankers Sit Home

Give me a  farmer over a banker any day.  No days off when it’s you verses nature.

NASDAQ futures are beginning the week gap up after an overnight session featuring normal range and volume.  Price worked higher in a balanced and methodical manner, achieving new record highs.

There are no economic events scheduled for today because it is Columbus day and the banks and government outfits are closed in celebration of European colonialism—a spreading around the globe of humans who lived in close proximity to livestock and therefore developed immunity to animal borne viruses.  If you think about it, those people living in North Carolina, which has more pigs than humans, will likely be the humans ruling the world.  Since they are the first to contract swine flu and whatnot, from those delicious cesspools they live around.

Last week the markets rallied.  They rallied all week long.  By midweek the Russell was marking time, but with a slight upward drift.  Below the last week performance of each major index is listed:

On Friday, the NASDAQ printed a normal variation up.  The day began with a gap down and buyers pressing into the overnight inventory.  After some two-way-auctioning, the market went range extension up and eventually closed near high-of-day.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 6064.50 before two way lazy trade ensues.

Hypo 2 gap-and-go higher, open air, take out overnight high 6082.50 before two way trade ensues.

Hypo 3 stronger buyers press up to the measured move target at 6113.50.

Levels:

Volume profiles, gaps, and measured moves:

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Futures Slip Off Record Highs after Mixed Jobs Data

NASDAQ futures are coming into Friday gap down after an overnight session featuring elevated range and normal volume.  Price worked to a new record high overnight.  Then, at 8:30am non-farm payroll data came out mixed and sellers introduced themselves to the market.  So far they have pressed back down to the midpoint from Thursday.

The only other economic event of note today is consumer credit at 3pm.

Yesterday we printed a double distribution trend up.  The day began with a gap up above all prior highs.  Buyers defended an attempt back down into the Wednesday range and we spent the rest of the day rallying.  We took a brief pause at the strategy session measured move high 6050 but made one final push into the close.

Heading into today my primary expectation is for buyers to work into the overnight inventory and trade up to 6055.25.  From here we trade lower, down through overnight low 6040.  Look for buyers down at 6021.25 and two way trade to ensue.

Hypo 2 stronger buyers fill the gap up to 6066 and continue higher, up through overnight (record) high 6071.50.  Open air.

Hypo 3 stronger sellers press a gap fill down to 6004.50.

Levels:

Volume profiles, gaps, and measured moves:

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Reasonable Gap Down To Buy into Heading into Wednesday

NASDAQ futures are coming into Wednesday gap down after an overnight session featuring normal range and volume.  Price worked a touch lower overnight, ultimately trading inside of the Tuesday range.  At 7am MBA mortgage applications came out in-line with last week and at 8:15am ADP employment change came out in-line with expectations.

Also on the economic agenda today we have ISM service/non-manufacturing composite data at 10am and crude oil inventories at 10:30am.

Yesterday we printed a normal day.  The gap up was sold into and once the gap was closed a mild responsive bid stepped in.  We never extended the range of the first hour during the calm drift, hence the ‘normal’ designation despite the day-type being anything but normal.  It only occurs about 5% of the time.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5998.25.  From there we continue higher, up through overnight high 6000.75.  Look for sellers up at 6027.25 and two way trade to ensue.

Hypo 2 sellers press down through overnight low 5984 and continue lower, down to 5974.25 before two way trade ensues.

Hypo 3 a tight chop between 6000 and 5985.

Levels:

Volume profiles, gaps, and measured moves:

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Reasonable Gap Up To Sell into Heading into Tuesday

NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume.  Price worked higher a touch, well into the selling rotation we saw late Monday morning.

The economic calendar is light today.  Only a 4-week T-bill auction at 11:30am to concern yourself with.

Yesterday we printed a normal variation down.  The week began gap up and after a brief morning push higher, responsive sellers stepped in and worked up range extension down, filled the overnight gap, and ultimately tagged the naked VPOC below before two way trade ensued.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 5979.75.  From here we continue lower, down through overnight low 5978.75.  Look for buyers down at 5974.25 and two way trade to ensue.

Hypo 2 stronger sellers force a liquidation down through Monday low 5958.50.  Look for buyers down at 5945.50 and two way trade to ensue.

Hypo 3 buyers press up through overnight high 5995.50 negating the expectation for selling.  Look for a move up to 6003 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ Drifts A Touch Higher Heading into October

NASDAQ futures are coming into October with a slight gap up after an overnight session featuring normal range and volume.  Price worked higher overnight, breaching last Friday’s high before coming into balance.

The economic calendar starts off slowly this week.  At 10am we have ISM employment/manufacturing data.  Also we have a 3- and 6-month T-bill auction at 11:30am.

Last week we had weakness on Monday.  The selling discovered a strong responsive bid and we spent the rest of the week rallying.  The Russell was particularly strong.  The performance of each major index last week is shown below:

Last Friday the NASDAQ printed a double distribution trend up.  The gap up was sold into, closing the overnight gap before discovering a strong responsive bid and rallying to a new high for the week.  Price balanced out after closing the gap left behind on 9/20.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 5977.75.  From here we continue lower, down to 5973.50 before two way trade ensues.

Hypo 2 stronger sellers press us down to 5945.50 before two way trade ensues.

Hypo 3 buyers work up through overnight high 5999.50 and continue higher, up to 6006.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ Up a Few Points Headed into Friday

NASDAQ futures are coming into Friday higher after an overnight session featuring normal range and volume.  Price worked higher, slowly overnight exceeding the Thursday high as we head into cash open. At 8:30am Personal Consumption data came out below expectations.

There are no other economic events today.

Yesterday we printed a normal variation up.  The day began with a gap down inside range with support below.  After a brief two-way open we worked higher to close the overnight gap before settling into a dull two-way range.

Heading into today my primary expectation is for buyers to gap-and-go up, targeting a move to 5961.25 before two way trade ensues.

Hypo 2 stronger buyers press to 5979.50 before two way trade ensues.

Hypo 3 sellers work into overnight inventory and close the gap down to 5938.75 then down through overnight low 5933.75.   Look for buyers down at 5922.50 and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

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Range Gap With Support Below: Here Is The Thursday NASDAQ Trading Plan

NASDAQ futures are coming into Thursday gap down after an overnight session featuring normal range and volume.  Price worked lower overnight but held inside the Wednesday range.  At 8:30am several economic data were released including GDP, advance goods trade balance, and initial/continuing jobless claims.  All were better than expected save for initial/continuing claims data which were mixed.

The only other economic event is a 7-year note auction at 1pm.

Yesterday we printed a neutral extreme up.  The day began with a gap up and drive higher, up into resistance noted in hypo 2 from the Wednesday morning report.  Then sellers began working lower, eventually going range extension lower late in the morning.  However, buyers defended an attempt back into the Tuesday range and this triggered a rally back up through the days range to press up into neutral territory and eventually to a close in the upper quad of the day’s range earning the neutral ‘extreme’ designation.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5941.  From here we continue higher, up through overnight high 5948.25 which sets up a move to 5961.25 before two way trade ensues.

Hypo 2 stronger buyers press to close the gap at 5978.25 before two way trade.

Hypo 3 sellers press down through overnight low 5916.75 and find buyers down at 5914.50 before two way trade ensues.

Hypo 4 stronger sellers press down to close the gap at 5892 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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Back on Tuesday High // Buyers Engage The NASDAQ Overnight

NASDAQ futures are coming into Wednesday gap up after an overnight session featuring normal range and volume.  Price worked higher overnight, briefly poking above the Tuesday high before balancing out.  At 8:30am durable goods orders was a solid beat, well above analyst expectations.

Also on the economic calendar today we have pending home sales at 10am, crude oil inventory at 10:30am, a 2-year floating rate auction at 11:30am, and a 5-year note auction at 1pm.

Yesterday we printed a normal variation down.  The day began with a gap up and open auction.  Then sellers stepped in and worked the gap fill.  Sellers continued a touch lower to tag the naked VPOC from Monday before a responsive bid stepped in and two-way trade ensued.

Heading into today my primary expectation is for buyers to gap-and-go up.  Look for a move to 5923.25 before two-way trade ensues.

Hypo 2 stronger buyers drive up to close the open gap at 5934.75 then continue to 5937 before two way trade ensues.

Hypo 3 sellers press into the overnight inventory and close the gap down to 5892.  Sellers continue lower, down through overnight low 5886.50.  Look for buyers ahead of 5883 and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

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