If the overnight market in the ES can break out through 1140, we're likely to see a little bit of panic buying before the nonfarm payrolls report. I want to get bullish on the euro but the price action is not that great for going long. Crude oil has a technical break out that looks legit, and will likely march higher over the next few months. Also, oil sentiment is not overly bullish from what I am seeing.
From the lack of energy so far in the overnight session and the bumped up consensus for NFP, I see it as likely that we'll sell off on the news. We could get a very brief spike lasting 1 or 2 minutes, but that shouldn't last. More likely, we'll just selloff right after the news. By 8:45 AM, we should be lower than at 8:29 AM. Just a hunch.
Non-farm payrolls is huge: -85K, forecast is -25K, expectations is 0. What's the strategy? Selloff at open?
ReplyDeleteRU in it to win it dawg
ReplyDeleteStill thinking it over. 1134 is no man's land though, I will not buy or sell at that area.
ReplyDeleteThat used to be your target. I think the near term top is in till earnings
ReplyDeleteit's like top gun: if you think, you're dead
ReplyDelete