Mr Top Steps Danny Riley talks about the 16% unemployment in Greece and how further debt concerns continue to way in on the S&P 500. Riley also talks about HL Camp (the program trading school) how the firms work show a larger sell off going into the end of June /July. Riley points out how the SPM and tghe ESM got down to Top NOTCHs 1276.25 weekly fib in GLOBEX , bounced up after the 8:30vopen to Top Notchs 128520 pound number and faild the first time up. Riley says Tim from Top Notch said “Bernanke’s comments threw cold water on the markets yesterday” and that the SPM is going to retend the 1274.30 level and if it fails there , all bets are off. Mr Top Steps Riley says the next area on the down side in the S&P is 1250 then 1185.
Tim Haefke, Top Notch Trading – The sky is not falling. Secondly, the switch is in full swing. The end of the 2nd quarter is in sight as the futures roll from June to September contracts. Down side target in the SP futures 1274.20 and the upside objective 1312.50. Bonds stuck in a upper end trading range and streamlining in a tight range.
Mr Topstep Tim “Top Notch” Haefke, Top Notch Trading – Nice technical breakout from the holiday weekend’s macroeconomic development in the Euro Zone’s Sovereign debt. However, this price action leads us to another question. Will the regular trading hours see a retest of the May 2nd contract / Bin Laden Globex highs of 1372.70?