Market Update - Jun 11th '09

Is it really worth writing a few lines today... ?
We see that same continuation of the trading range we've seen for about a week, with a potential breakout to the next price segment. We would then have a target in the high 960s. We also notice a reduction of the price range on the daily chart, confiming that any retracement would probably be limited. Again, the whole point is to know where and when this bull run will stop. Short term call spreads just above 1000 are pretty safe.

TF again shows more resistance in the 530s across time frames. Again, one might see TF reaching the 600 while ES goes to 1000 later one, but how long can the market sustain that same weak to moderate bullishness ? Put spreads are certainly however quite safe too...

( Posted 8AM UK )


NOTE: I will try and post a report tomorrow in between flights, even though one should not expect any "shock in the system" (some economic news today still...). As mentioned above, markets should just creep a little higher, so tomorrow's report may not be needed after all.