Tuesday, November 23, 2010

Morning Madness

Good morning everyone!

Well today we have a lot going on around the world.  Market is tumbling down because Korea is killing people and the world is still worried over the Irish debt.  It just goes to show you how flat this world really is.

GDP reports have been released with beating and matching expectations.  Probably won't see much effect in the market has the futures are still down +1.0%. 

We do have housing numbers to be reported later, plus the FOMC minutes going on later today. 

Currently all currency pairs are holding and bouncing off of their support.  Also the S&P futures, /ES, is still holding the upper trendline support.  Any drop below that support will mean the 50 day moving average is in play. 

Be nimble on days like to day.  Could be a good day to add some longs.  I won't be doing much buying or selling because I will be switching brokerages at the close of today.  However I will be watching for a momentum shift and day trade TNA if it gives a good signal.

Good luck today!

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