Pre-Market

I'll get to specifics in the next post, but ES jumped up overnight from the 4 pm closing print of $1687.75 to a pre-market high just before Initial Claims came out at 8:30 of $1695.50, the reason?

The reason seems to be Chinese Exports and Imports which had a bit in it about Chinese copper demand up 52% over the last 2 months, but the headline data misses the "Devil in the details" which we'll get to later, but obviously (we saw this last night) we'll have a gap up this morning, I'll be thinking about what to do with some of yesterday's call positions that will be green.

 ES from 4 p.m. to 4 a.m. overnight rising off the Chinese data, Japan lost another 200 points overnight and even China closed red, futures however soared.

This is ES from approx. 9 pm last night to 9 am this morning, Initial Claims which we'll get in to later, didn't seem to move the market much.

We will gap up and it might be a good time to take some gains if you have them, I'll try to wait and see what early trade looks like,

 Don't forget the last 2 days the market pattern has looked like this off the open...

A gap down rather than up, but the pattern has been losses in the morning to the intraday low and a rally off that low. If that pattern holds, it would make sense to take gains on the gap up and look to re-enter the same longs as the market pulls back to a.m. lows, but again we'll have to see what initial data looks like and you'll have to see what your gains look like and if it's worth taking or giving it a little time.

I do believe the 5 min SPY chart suggests higher prices than we have seen considering this gap up.