Friday, November 5, 2010

11/5/10 - Pre Market Futures

Pre Market

The CiL is open.

/ES

/ES- Closeup

151,000 jobs. What a nice surprise. One can only hope that is the beginning of something good for our future.

As far as the markets go, a very muted rise in the futures action on this better than expected announcement. The market now has to determine how the fed will balance this news with QE2.

Anyway, the chart above shows a pretty clear five wave move up. Alternation is also in play with a sideways 2 and a sharper 4 retrace.

This little pop in futures may coincide with my final 3 min and 1 min count from yesterday that requires the 5th wave to move just a tad higher.

EUR/USD

The EUR/USD pulled back overnight in what may be a wave iv down.


/DX

The dollar is finding a little green today.
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