Pre-Market Action (April 15)

The S&P 500 e-mini futures (ES M1) are trading lower by 0.75 to 1309.50 a contract. The highly followed Consumer Price Index (CPI) report was released this morning. The CPI for March was 0.5 percent and exactly what analysts had expected. In any case, the price action in the market is all that matters when it comes to trading. The major stock indexes are basically flat this morning.

Last night, the Asian markets were all basically flat on the session. The highly followed Shanghai Index (China) ended higher by just 0.25 percent. However, the Sensex Index(India) was lower by 1.57 percent. This decline could effect some leading India stocks such as Tata Motors Ltd. (NYSE:TTM), and the India Fund (NYSE:IFN).

WTI oil is trading lower by 0.75 cents to $107.37 a barrel. Nothing has really changed in the Middle East and Northern Africa. The region still remains in turmoil. Oil looks to be settling into this range at this time. However, any new outbreaks could cause a spike higher in oil at any time. The daily chart remains in an uptrend.

Gold and silver are trading slightly higher this morning as the European Union debt crisis is alive and well. Despite the lack of media attention that the European debt crisis is receiving their will be other nations that will need bailouts. Spain is rumored to be the next country in line for a bailout. As far as gold and silver go, as long as central banks continue to create money the precious metals can continue to climb higher.

This is an options expiration Friday, therefore, the market will usually get very quiet after the first couple of hours. Generally, on a Friday before the weekend we usually look for a somewhat flat to slightly higher trading session.

About Nicholas Santiago 576 Articles


Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.

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