Monday, July 4, 2011

7/4 5:15pm

Futures markets re-open at 6pm EDT. 
European markets fell off of their highs to dramatically underperform Friday's U.S. trading.  Friday-Monday DAX was up 125 points or 1.7% with SPX Thursday-Friday was up 2.4%.  I like to use the DAX to estimate trading sentiment going into the nightly futures session.  DAX closed up .23% but 23 points off of it's high.
Since SP and DJ have complete wave counts I'm short Sept YM futures at 12,519 stop.  SP futures closed the morning down 1 point, while NQ closed up 10 points in a 5th up.

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