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