Tuesday, January 11, 2011

Morning Madness

  • Futures are up moderately this morning
  • No economic reports due out today
  • Market found support at 1262 level where it was quickly bought up
  • Head and shoulders on the SPX 60min is still in play
  • Market could play out like on Sept. 1st and Dec. 1st bouncing off of support and a big breakthrough to the upside
  • EUR/USD is trying to bounce back at these levels - resistance at 200day moving average 1.307
  • GBP/USD still trying to get through the 150 day moving average - resistance at the downward trendline 1.562
  • USD/JPY showed weakness yesterday as it broke under support
  • Bulls still need to claim the 1276 to put this consolidation to rest
  • Bears are still looking to claim the 1262 level to drive this market down
  • Dip buying remains strong as we saw yesterday
 Stock Watch

ALKS has a nice gap to fill and has been consolidating nicely at this point.  Wait for a break of the 200 day moving average at 12.68 before going long and use that point as a good stop loss.  Good risk/reward in this trade.

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