Wednesday, December 15, 2010

Morning Madness

  • Futures are down slightly but not much movement so far
  • Lots of selling overseas do to more debt worries - Spain was downgraded
  • Bulls gave up all gains yesterday after FOMC, but still managed to finish the day in the green
  • Yesterday showed a bit more dip buying
  • Good economic reports across the board - CPI, Industrial Production, Capacity Utilization
  • The President will be speaking this morning
  • Looks like we are in an area of consolidation which is expected
  • Could see some light selling in the days ahead
  • Bulls need to hold 1227 level
  • Bears need to take 1227, 1200, 1173 levels
  • Currency pairs are bouncing off of resistance as the dollar gets stronger
  • Stay light and nimble moving in these markets

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