Weak Bounce Wednesday – Dammit Janet, We Need You!

“The Future is ours so let’s plan it 

If there’s one fool for you then I am it

I’ve one thing to say, and that’s

Dammit Janet, I love you!”

Will Janet Yellen love us back today?  We’ll find out if she still has the touch when she gives her semi-annual address to Congress at 10am but already the markets are up 1% in antici—–pation in Futures trading.  

Of course that means that, if you followed yesterday’s morning post (subscribe here for pre-market Emailings and LIVE intra-day commentary) you are already making a fortune as our bounce targets were set at:

• Dow Futures (/YM) long at 15,840, now 16,090 – up $1,250 per contract
• S&P Futures (/YM) long at 1,850, now 1,870 – up $1,000 per contract
• Nasdaq Futures (/NQ) long at 3,900, now 4,000 – up $2,000 per contract 
• Russell Futures (/TF) long at 950, now 972 – up $2,200 per contract 
• Nikkei Futures (/NKD) long at 15,900, now 16,050 – up $750 per contract

We took the money and ran early this morning in our Live Member Chat Room as I was worried Europe was topping on a 2.5% move up at their open and now we’re watching 16,100, 1,870, 4,000, 970 and 16,000 for signs to go back long (just grab the slowest mover when 3 break higher) and we will be keeping very tight stops if any of them fall below.  

While we fully expected an up day today we’re not going to be impressed if all we do is manage our weak bounce targets at 16,150, 1,887, 4,050, 1,000 and all the way to 16,640 on /NKD.  Of course that means /NKD is our highest beta mover – risky but fun! 

As you can see, we’re re-testing our January lows here and we had a lovely run back to 18,000 into the end of last month that was good for $10,000 per contract off the bottom,…

Provided courtesy of Phil’s Stock World.