Thursday, January 6, 2011

Morning Madness

  • Futures are currently slightly positive
  • Jobless Claims came in at 409k vs 405k expected
  • Continuing Claims came in at 4103k vs 4070k
  • EUR/USD showing some weakness as it pushes below the upward trendline - now bouncing off of the 200 day moving average
  • GBP/USD is now back under the 150 day moving average also showing weakness
  • USD/JPY is bouncing nicely off of support and the 50 day moving average
  • A sell off here would create a double top in the S&P500
  • Bears still look to overtake the 1262 price level
  • Bulls need to continue to hold and push higher above the 1276 price level
Stock Watch

CSCO has formed a nice round bottom and is approaching its gap.  Would wait for a break of 20.96 before going long on this trade.  Could see a nice gap fill on this stock.  Also good to see the 50 day moving average now trading below the price action which will add extra support and a stop-loss point.

RIG is finally coming back from the BP disaster as it looks to fill the gap and continue the push up.  It has been on a nice run up since last June.  It looks to be leveling out here a bit for some consolidation before another push higher.  It follows the 50 day moving average nicely so look to that for added support/resistance.  Wait for a break of 75.34 before going long on this position.

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