June Future is front month today.
Unemployment numbers give new boost to the bulls.
I will be referring to June future from today which became front month yesterday and volumes rolled to that contract. I also had to go for an event last night so there was no market recap but my trades are commented in the trade plan or in the HomeWork page. Unemployment numbers were a positive surprise for the markets and promptly crushed Gold and lifted stocks. I would expect this to be the theme of the day.
Today I would expect to find support at 1541-38 area and resistance in 1549-51 area. I would be looking to see the reaction in the trading range before taking a trade. Market is looking to end on a bullish note.
In my hypothetical stock portfolio I will be reviewing various stocks from weekly close basis (that would be weekend work) and to balance the short position with some new longs at good levels. Recently I added MSFT and TOL and would look to complete those positions if possible.
The trend is still bullish and calling tops is futile. However please have a look at this post from longer term perspective which is keeping me cautious at these levels.
