Wednesday, December 1, 2010

Morning Madness

Morning Bulls and Bears

Today we have a whole mess of economic reports coming out with the main one being the ADP Employment Report.  It was expected to come out at 58k and in fact it beat expectations with a huge 93k.  This has sent the futures market above +1% for the open, and it looks like it might remain that way.

The S&P has tried and tried again to get through the 1173 price level and has met with failure every time.  The market still need to close above the 1200 level before the bulls can celebrate another leg up.  Otherwise we will see the market continue to trace back and forth.

The currency pairs have had good bounces off of support so another run up is likely.  The futures market is currently coming up to the underside of a positive trendline, so we will see how that plays out. 

Looks to an up day today.  I sold some puts on NFLX yesterday and I will go into more detail about that later tonight.  I will also be watching for breakouts in SAFM, LOW, NVDA, and EFX today to go long.

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