The big news in the markets this morning involves MF Global and their bankruptcy filing. We have seen many traders scramble to find a way to either initiate new trades in their accounts or close out positions. That prompted our Rule of the Day which is to always have a backup account. As far as the overall market goes, we are watching the 1262 and 1256 areas in the ES Futures as support and 1269, 1272, 1275 and 1282 as resistance. We also take a look at the intervention from the Bank of Japan and its effect on the Yen Futures in our Daily Report Video below:
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Disclaimer: Article written for traders and not English majors so please disregard any missing commas.
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