Monday, February 21, 2011

Technical Picture - Index Futures Plunge on Escalating Mideast Tensions

Index futures plunged today as tensions escalated in the middle east. Fear of civil war in Libya after 300+ demonstrators were shot and killed have stoked gold and silver futures higher. Oil futures are also on the rise.

Expect increased volatility when markets open tomorrow.

This week's economic calendar

Day Trade - CLF offered another low risk shorting opp as it based along PDL. The only caveat to the setup was the rising 50 period SMA on the 15 min. chart above. The price/volume contraction at the base foreshadowed expansion. Worked better on Friday than Thursday because of the coiling.

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