Weekly S and P Report Comments
By Sean Lusk, PFGBEST
1-877-294-7757
slusk@PFGBEST.com
May 25, 2012

E Mini S&P settles 1315.00 up 24.25
For the week ended (5/21-5/25)

Stock indices posted their first weekly gain for the month of May this week despite a lackluster finish on Friday. All three benchmark indexes posted modest gains as investors booked profits ahead of three day holiday weekend and before the end of the month which ends next Thursday. For the week the Dow gained 0.69 percent, the S&P 500 rallied 1.74 percent and the NASDAQ added 2.11 percent. European shares closed flat for the week as some traders looked to book profits as well on the back of a two day rally with fears over Greece still in the background. Despite a better than expected consumer sentiment number Friday morning which climbed to its highest reading since October 2007, stock futures finished in the red for the day. Worries over the Europe continue to dominate the headlines and have trumped any positive economic data in the U.S. Adding to the jitters, Spain’s Bankia asked the state for a bailout of 19 billion euros, more than double what the government had expected earlier this week. S&P downgraded  the bank along with four other Spanish banks Friday. Concerns continue over the health of European Banks over an ongoing  flight of capital from these financial institutions have investors on edge. The fears over a Greek exit from the EU has many thinking that it will start a domino reaction in which if Greece leaves, Spain will follow, then Portugal, Ireland, Italy, and on and on. The Euro currency itself continues to lose value on these fears versus the greenback and Friday broke the 1.25 level, nearing a 23 month low. The CBOE volatility index, widely considered the best gauge of fear in the market, ended the week near 22.
Going forward investors will continue to grapple with major U. S. economic data and the continued worry over Greece leaving the euro zone. As contingency plans are made for Greece’s possible departure from the euro zone, investors probably will not get any clarity on the matter until elections on June 17th.  Therefore economic headlines in the U.S. this week should steal the headlines on this holiday shortened week. Major releases include consumer confidence, GDP, and on Friday the May non-farm payrolls report. A surprise either way on the ever important jobs number will set the tone as we begin June. I will have pre- report guesstimates on this number later in the week. Corporate news is expected to be light, with the first quarter earnings season behind us. Any U. S. data in the coming week which points to an economy pulling out of the doldrums could divert attention from Europe and provide investors an incentive to jump into stocks, which have become cheap during the recent pullback. Market technicians have pointed to the 1275.00-1280 range in the S&P 500 as the key level of support the market could challenge as it is just below the 200 day moving average. My swing numbers next week for the mini S&P come in as follows. Support is down first at 1291.75 and then at the 1268.25 level. Resistance is up at 1334.25 and with a close over, 1353.25 the next level to the upside. Please call or email me at any time with questions and comments.

Daily Swing #s ESM2 (5/29)
R2-1336.75
R1-1326.00
Pivot-1319.00
S1-1308.25
S2-1301.25

Weekly Swing #s ESM2 (5/29-6/1)
R2-1353.25
R1-1334.25
Pivot-1310.75
S1-1291.75
S2-1268.25

Daily Swing #s YMM2 (5/29)
R2-12657
R1-12543
Pivot-12472
S1-12358
S2-12287

Weekly Swing #s YMM2 (5/29-6/1)
R2-12733
R1-12580
Pivot-12433
S1-12280
S2-12133
 

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

1-877-294-7757

slusk@PFGBEST.com
Thursday, May 24, 2012

E Mini S&P settles 1322.50 up 6.75

S&P and Dow futures contracts ended slightly higher on Thursday with the NASDAQ falling slightly. Today’s trade marked the third session in a row that the market made a late day swing, this time to the upside as the mini S&P and mini Dow futures closed at or near session highs in the last half hour of trading. The wild swings especially near the close this week demonstrates the uneasiness of investors and just how headline driven the stock indices continue to be. Earlier in the day, Italian Prime Minister Mario Monti and French President Hollande agreed to consider all measures to boost  European economic growth, including Eurobonds, according to a report. But Germany remained opposed to the idea. Meanwhile, some traders speculated that European Central Banks may be making plans to backstop the euro zone should the crisis worsen.  It was comments by Monti in the last hour of trading that provided the lift for the S&P and Dow to go positive. “There were more countries supporting the euro bonds than against them” said Monti on Italian TV at the EU summit in Brussels.
European shares closed higher, rebounding from the previous day’s losses, despite weak economic reading that indicated a slowdown in economic activity. On the economic front, weekly jobless claims edged down a mere 2K to a seasonally adjusted 370K, according to the Department of Labor. Meanwhile Durable Goods orders rose less than expected in April, gaining just 0.2 percent, according to the Commerce Department. Also U.S. manufacturing growth slowed in May to hit a three month low, according to a new industry survey from Markit. Going forward to tomorrow we have a reading on consumer sentiment as the only U.S. economic release before the three day holiday weekend. Traders will obviously have an eye on Europe and the euro itself as it made a new low versus the Dollar for this year. Please call or email me at anytime with any questions and comments.

Daily Swing #s ESM2
R2-1334.75
R1-1328.50
Pivot-1317.50
S1-1311.00
S2-1299.75

Daily Swing #s YMM2
R2-12643
R1-12589
Pivot-12489
S1-12435
S2-12335

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

1-877-294-7757

slusk@PFGBEST.com
Wednesday, May 23, 2012 at 3:57 AM

E Mini S&P settles 1314.75 down 1.00

Stock futures see-sawed around unchanged for most of the overnight and early morning hours then traded to new highs for the session after a better than expected existing home sales number that pushed the mini S&P up to 1326.50. Existing home sales for April came in at 4.62 million units on an annualized basis, or 3.4 percent higher from the month before. Sales were expected to be 4.61 million units annualized, or up 2.9 percent on the month. Economic data wasn’t all positive as the Richmond Fed Manufacturing index fell came in with a reading of 4. Economists had expected a reading of 11, which was three points lower than the month prior. All three benchmark indexes couldn’t hold morning gains and sold off in afternoon trading as fears over Greece leaving the euro zone ignited a selloff that had all three major indexes closing slightly lower for the day. Greek Prime Minister Lucas Papademos said preparations form Greece’s exit from the euro zone are being considered. Papademos also cautioned that dropping the single currency would have “catastrophic” economic consequences for the troubled nation and the rest of the EU. The euro extended its losses versus the Dollar off this news to break through 1.27 and near the lows made last week. European leaders meet tomorrow in Brussels to try to reach an agreement on a policy response for Greece and other troubled member states. Tomorrow’s economic releases include Weekly mortgage applications, and the FHFA home price index. We also have earnings highlighted Toll Brothers and Hewlett-Packard. We also have Fed Governor Kocherlakota giving a speech on the economy in which investors will be looking for any hints for more possible stimulus measures by the Fed. Please call or email with any questions or comments.

Daily Swing #s ESM2
R2-1335.25
R1-1325.00
Pivot-1316.25
S1-1306.00
S2-1297.25

Daily Swing #s YMM2
R2-12614
R1-12545
Pivot-12484
S1-12415
S2-12354

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Weekly S and P Report Comments
By Sean Lusk, PFGBEST
1-877-294-7757
slusk@PFGBEST.com
Monday May 21, 2012

E Mini S&P settles 1315.75 up 25.00

Stock futures rose more than one percent on Monday, with the S&P 500 snapping a six day losing streak in what looked to be short covering and profit taking across many commodity sectors. Investors have been watching the 1300-1290 level range on the S&P 500 as a strong support level, the lower end of which was tested late last week. The index has fallen 7.8 percent since the end of April, and the 1290 level coincides with the ten month moving average. Euro zone sentiment improved after G-8 leaders gave verbal backing for Greece to stay in the Euro and stressed that their “imper ative is to promote growth and jobs.” Greece is expected to hold elections after the country was unable to form a government following its most recent elections. Another factor aiding market sentiment today was the calling for additional efforts to promote economic growth by the Chinese Premier. This signaled to many investors Beijing’s willingness to take action after recent economic data showed slower upcoming growth for the world’s second largest economy.
The CBOE Volatility index, the best gauge of fear in the market closed near 22 today, after trading over the 25 level on Friday. There was definitely some bargain hunting going as investors snapped up beaten down stocks. Heading into tomorrow we have existing home sales and a 2 year note auction along with Atlanta Fed President Lockhart speaking as well. Please call and email me with any questions or comments.

Daily Swing #s ESM2
R2-1335.00
R1-1325.25
Pivot-1306.25
S1-1296.25
S2-1277.50

Daily Swing #s YMM2
R2-12617
R1-12553
Pivot-12429
S1-12365
S2-12241

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

By Sean Lusk, PFGBEST

1-877-294-7757

slusk@PFGBEST.com

Saturday May 19, 2012

E Mini S&P settles 1290.75 down 59.25

For the week ended (5/14-5/18)

Stock futures tumbled for a third straight week, pushing the S&P 500 index to its longest losing streak since last August, amid concern global economic growth is slowing along with prospects that Greece will leave the euro area. All ten S&P 500 companies fell for the week, led by Financial and raw material sectors which posted 6.5 percent losses. The S&P 500 tumbled 4.3 percent this week, its biggest one week decline since November. The index has fallen 7.7 percent over three weeks, trimming its 2012 gain to three percent. The mini Dow futures contract fell 453 points , or 3.5 percent to close at its lowest level since January 2012. The NASDAQ fell 5.3 this week, the biggest one week loss since September, extending its loss from a March high to 11 percent.

Global markets have been slumping as well, highlighted with the MSCI BRIC index that tracks stocks in Brazil, China, Russia, and India which has them entering into a bear market, with a drop of 20 percent from this year’s highs. Fitch ratings cut Greece’s credit rating on concern the country won’t be able to stay in the euro area after inconclusive elections left the country without a stable government. U.S.  economic report this past week showed mixed signals , with housing starts and industrial production topping estimates while manufacturing in the Mid-Atlantic region unexpectedly shrank. Faltering stocks prices, economic data that is tepid at best and the fiscal insolvency that is the EU is reminding many investors of 2011, one of the most volatile years on record as the S&P 500 dropped as much as 19 percent. Investors bracing for a retreat pulled $18 billion from U.S. equity mutual funds last month, the most since at least 1984, according to the Investment Company Institute. The CBOE Volatility index  or VIX, jumped 26 percent this week, the most since September of 2011, to close at 25.10.

Heading into next week, investors will have plenty of time to focus on the problems in Europe particularly Greece, as there are just a handful of earnings and economic reports scheduled to be released. Existing home sales Tuesday and Thursday’s durable goods and weekly jobless claims top the week’s U.S. economic reports. German and euro zone PMI is reported Thursday, as is HSBC flash manufacturing PMI for China. We also have Federal Reserve Governors giving speeches on a daily basis next week, where the topic of QE3 will be sure to be brought up on the Q&A portion. My swing numbers for the mini S&P come in as follows for next week. Support is down first at 1270.00 and with a close below, 1249.25. Resistance is up at 1331.25 and with a close over 1371.25 the next level to the upside. Please call or email me with any questions or comments.

Daily Swing #s ESM2 (5/21)

R2-1317.75

R1-1304.25

Pivot-1297.00

S1-1283.50

S2-1276.25

Weekly Swing #s ESM2 (5/21-5/25)

R2-1371.75

R1-1331.25

Pivot-1310.50

S1-1270.00

S2-1249.25

Daily Swing #s YMM2 (5/21)

R2-12539

R1-12436

Pivot-12377

S1-12274

S2-12215

Weekly Swing #s YMM2 (5/21-5/25)

R2-12963

R1-12649

Pivot-12483

S2-12169

S1-12003

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

by Sean Lusk, PFGBEST

1-877-294-7757

slusk@PFGBEST.com
Friday, May 18, 2012

E Mini S&P settles 1301.25  down 21.25

Stock futures extended their streak of losses as weak economic data coupled with continued worries about European banks particularly in Spain outweighed strong earnings results from Wal-Mart and Sears. The Mini Dow contract posted another triple digit loss while the mini S&P flirted with the 1300 level on the close. The Russell 2000, a widely watched benchmark of small-cap stocks, fell 1.6 percent, extending its drop from a recent high in March to more than ten percent. In economic news, jobless claims were unchanged from the prior week’s upwardly revised reading, suggesting the labor market is stabilizing but missing economist’s expectations for a decline. Also business conditions in the mid-Atlantic region unexpectedly contracted this month, according to the Philadelphia Fed’s manufacturing index. Hiring also turned negative in that region. In Europe, Spain’s borrowing costs rose. The country sold 2.494 billion Euro’s in bonds, near the maximum targeted amount, but at much higher yields than at previous auctions. Moody’s Investor Service told several Spanish banks that it will lower their credit ratings, according to Spanish media outlets. European markets were lower with the Stoxx Europe 600 down 1.1 percent, as concerns over contagion from Greece to other troubled euro-zone nations increased. Spain’s IBEX-35 slumped 1.1 percent. The only bright spot today were earnings results from Wal-Mart and Sears that topped analyst’s estimates, and in Wal-Mart’s case was the best earnings result since 2008. Investors are also awaiting Facebook’s IPO tomorrow morning. As of this post Facebook is said to price at $38, the high end of the $34 to $38 range that analyst’s were projecting. Besides the Facebook IPO, there isn’t much on the economic release docket. Investors should continue to watch for news out of the European Union. Please call or email with any questions or comments.

Daily Swing #s ESM2
R2-1341.00
R1-1321.00
Pivot-1310.75
S1-1290.75
S2-1280.50

Daily Swing #s YMM2
R2-12723
R1-12567
Pivot-12488
S1-12332
S2-12253

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

by Sean Lusk, PFGBEST

1-877-294-7757

slusk@PFGBEST.com

Thursday, May 17, 2012 

E Mini S&P settles 1301.25 down 21.25

Stock futures extended their streak of losses as weak economic data coupled with continued worries about European banks particularly in Spain outweighed strong earnings results from Wal-Mart and Sears. The Mini Dow contract posted another triple digit loss while the mini S&P flirted with the 1300 level on the close. The Russell 2000, a widely watched benchmark of small-cap stocks, fell 1.6 percent, extending its drop from a recent high in March to more than ten percent. In economic news, jobless claims were unchanged from the prior week’s upwardly revised reading, suggesting the labor market is stabilizing but missing economist’s expectations for a decline. Also business conditions in the mid-Atlantic region unexpectedly contracted this month, according to the Philadelphia Fed’s manufacturing index. Hiring also turned negative in that region. In Europe, Spain’s borrowing costs rose. The country sold 2.494 billion Euro’s in bonds, near the maximum targeted amount, but at much higher yields than at previous auctions. Moody’s Investor Service told several Spanish banks that it will lower their credit ratings, according to Spanish media outlets. European markets were lower with the Stoxx Europe 600 down 1.1 percent, as concerns over contagion from Greece to other troubled euro-zone nations increased. Spain’s IBEX-35 slumped 1.1 percent. The only bright spot today were earnings results from Wal-Mart and Sears that topped analyst’s estimates, and in Wal-Mart’s case was the best earnings result since 2008. Investors are also awaiting Facebook’s IPO tomorrow morning. As of this post Facebook is said to price at $38, the high end of the $34 to $38 range that analyst’s were projecting. Besides the Facebook IPO, there isn’t much on the economic release docket. Investors should continue to watch for news out of the European Union. Please call or email with any questions or comments.

Daily Swing #s ESM2

R2-1341.00

R1-1321.00

Pivot-1310.75

S1-1290.75

S2-1280.50

Daily Swing #s YMM2

R2-12723

R1-12567

Pivot-12488

S1-12332

S2-12253

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

by Sean Lusk, PFGBEST

1-877-294-7757

slusk@PFGBEST.com
Wednesday, May 16, 2012 at 6:47 AM

E Mini S&P settles 1328.25 down 5.75

S&P and Dow futures fell for the eighth trading day in the past ten on Tuesday as uncertainty from Greece gave investors another reason to sell. Stock futures fell to session lows in the last hour of trading as attempts to form a government in Greece fell apart, raising the possibility of a rejection of the bailout terms spelled out by the EU for the troubled nation. The mini S&P held near the unchanged mark at 1334.00  for most of the session, but as the euro was making new lows versus the greenback, investors sold into all three benchmark indexes to close lower. Today’s decline pushed the mini S&P 500 down more than 6 percent from its early April high. Concerns about the political and economic unrest in the EU weighed on energy and materials stocks, highlighted by U.S. crude oil down for its third straight day. In economic news, U.S. retail sales rose 0.1 percent in April, slightly below expectations. However, details in the Commerce Department report indicating underlying strength in demand and a rebound in manufacturing in New York State clamed concerns that the economy was stalling. Also business inventories gained 0.3 percent in March to a record $1.58 trillion, according to the Commerce Department. Going forward tomorrow on the economic calendar we have housing starts, industrial production, oil inventories ,and the minutes from the last Fed meeting. Please call or email me at anytime with questions or comments.

Daily Swing #s ESM2
R2-1355.00
R1-1341.50
Pivot-1333.50
S1-1320.00
S2-1312.00

Daily Swing #s YMM2
R2-12831
R1-12717
Pivot-12645
S1-12531
S2-12459

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Weekly S and P Report Comments

by Sean Lusk, PFGBEST

1-877-294-7757

slusk@PFGBEST.com

E Mini S&P settles 1350.00 down 12.50
For the week ended (5/7-5/11)

Stock futures fell for a second straight week, driving all three major benchmark indexes lower as political tension in Greece highlighted concern over Europe’s debt crisis while JP Morgan’s disclosure over a $2 billion trading loss shocked markets late Thursday while dragging down the financial sector. The S&P 500 fell over 1 percent this week and has dropped about 3.6 percent in the last two weeks, trimming its gain so far in 2012 to 7.6 percent. Global equities declined during the week as an inconclusive election in Greece left political parties struggling to form a government. The impasse reignited concern over Greece’s ability to meet terms of its two bailouts and the possibility the country will leave the euro. In France, Francois Hollande, who defeated Nicholas Sarkozy as president, pledged to curtail austerity measures. The European turmoil overshadowed U.S. data showing jobless claims falling albeit by a small margin and consumer confidence rising in May to the highest level in four years. J. P. Morgan shares sank 11 percent at the end of the week as CEO Jamie Dimon blamed an “egregious” failure in trading of synthetic credit securities for the trading loss. The firm’s chief investment office run by Ina Drew, took flawed positions on synthetic credit securities that remain volatile and may cost another $1 billion this quarter or next, Dimon said.

Heading into next week Europe will hold the market’s attention yet again. The newly elected French President Hollande will meet with German Prime Minister Merkel for the first time Tuesday, the day he is sworn in. The meeting and post communiqué is seen as important as the relationship for the two countries is vital for the future of the EU. There are also Italian and French bond auctions on Monday and Wednesday along with Greece scheduled to make a debt payment on Thursday.  G-8 leaders also meet in Camp David later in the week, and they will also be watched for comments on the global economy particularly Europe. Important data in the coming week includes the Philadelphia Fed and Empire State manufacturing surveys which are a good barometer for current activity. Retail sales data Tuesday will be an important look at the consumer. The Fed’s minutes from its last meeting will be watched, when they are released Wednesday, but they are not expected to reveal much new on possible easing. Even though the Fed indicated there is no further easing planned, the market continues to speculate that the Fed will ultimately carry out more quantitative easing, or bond purchases. In a much anticipated announcement, Facebook’s  initial public offering will be on Thursday and despite mixed reviews for its latest road show, it is expected to raise somewhere near $13.5 billion according to some analysts. Swing numbers for the mini S&P 500 come in as follows for next week. Support is down first at 1336.25 and with a close below here, 1322.25 the next target to the downside. Resistance is first at 1367.25 and with a close over here 1384.25 the next level to the upside. Please call or email me with questions or comments.

Daily Swing #s ESM2 (5/14)
R2-1371.75
R1-1361.00
Pivot-1352.50
S1-1341.75
S2-1333.25

Weekly Swing #s ESM2 (5/14-5/18)
R2-1384.25
R1-1367.25
Pivot-1353.25
S1-1336.25
S2-1322.25

Daily Swing #s YMM2 (5/14)
R2-12958
R1-12873
Pivot-12798
S1-12713
S2-12638

Weekly Swing #s YMM2 (5/14-5/18)
R2-13117
R1-12952
Pivot-12826
S1-12661
S2-12535

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.

Weekly S and P Report Comments

by Sean Lusk, PFGBEST

1-877-294-7757

slusk@PFGBEST.com
Thursday, May 10, 2012

E Mini S&P settles 1357.50 up 6.50

S&P and Dow futures posted small gains on Thursday while the tech heavy NASDAQ posted a small loss as mixed economic data along with ongoing investor jitters over the European debt crisis provided a choppy trading session for traders. S&P and Dow futures were mostly lower overnight but turned positive as European indexes went positive. There were persistent rumors and basically hopes that Greek leaders could form a coalition government to shore up its commitment to remain the EU. These rumors stopped the bleeding in the euro currency, and was reason enough for some recent shorts to cover their positions in the equities. On Wednesday, euro zone governments agreed to make a 5.2 billion euro payment in emergency aid to Greece, despite member opposition from some member states. If Greek leaders fail to form a coalition government, the country will revert to a technocratic government until new elections can be held.  Stock futures were also buoyed by the fact that jobless claims edged down by 1K last week to a seasonally adjusted 367K, which was in line with expectations. Also on the economic front, the U.S. trade deficit widened more than expected in March to $51.8 billion, the biggest gain in nearly a year. Fed Chairman Bernanke in a speech to a Chicago banking conference said the banking system and the financial sector have improved significantly but still have “more to do” to restore their health. Bernanke did not discuss monetary policy in his speech. Going forward to tomorrow we have PPI and Consumer Sentiment released in the morning. We could see some action overnight as China will be releasing their CPI and PPI numbers, as well as Industrial Production and retail sales figures for April. Please call or email at anytime with questions or comments.

Daily Swing #s ESM2  (5/11)
R2-1373.75
R1-1365.75
Pivot-1355.75
S1-1347.75
S2-1337.75

Daily Swing #s YMM2  (5/11)
R2-12973
R1-12903
Pivot-12822
S1-12752
S2-12671

There is a substantial risk of loss in trading futures and options. Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.