Morning Es Trading

Monday's regular session didn't offer much in the way of surprises or volatility in the E-mini S&P 500 futures. Volume wasn't particularly heavy, volatility was quite low and buyers defended prices in the low-1450s the way we expected them to. The bottom line is this: Our immediate focus continues to be 1462.50 and, roughly, 1450. Despite Friday's closing dip and Monday's lackluster auction, the bulls still have the upper hand, and they should be given the benefit of the doubt. Further, as I discussed in Monday's trade report, I still believe a responsive posture near the low-1450s and low-1460s would make the most sense.

E-Mini S&P 500 Futures -- Five-Minute Chart Source: eSignal View Chart » View in New Window »

The economic calendar remains light throughout the remainder of the week, so aside from Wednesday's scheduled earnings reports out of Monsanto (MON) and Alcoa (AA), we really don't have much to look forward to until Wells Fargo (WFC) reports Friday morning. For those anxiously awaiting another blistering earnings season, your wait is almost over. The earnings floodgates open in a hurry beginning Wednesday, Jan. 16....263 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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