Thursday, December 9, 2010

Morning Madness


Futures are currently trading in the green going into the open.  Market showed a lot of strength overnight but sold off into the morning.  Jobless claims reports both came out positive at:

Initial Claims: 421k vs 429k expected
Continuing Claims: 4086k vs 4240k expected

Market is seeing a slight bump from this positive news, but with the hit in unemployment people are still weary.  We also have POMO out today which will add to more market confusion.  Currency pairs are still acting in according to their trends.  EUR/USD hit resistance on the downward trend.  USD/JPY has a nice cup and handle forming.  GBP/USD sold off at a resistance line.  Continue to watch these pairs going into the market.

Yesterday the market claimed the 1227 level again, and has put this level back in play.  Dip buying is still going strong so continue to watch the strong buy backs (and hopefully enjoy some of them).  Don't get in on an overextended stock at the top, wait for the pullback before entering.  Bears still need to claim 1200 and then 1173 level before putting a hurt on this up trend. 

Careful of the whipsaws and chop..

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