Friday, January 14, 2011

Morning Madness

  • Futures are down slightly this morning
  • CPI 0.5% vs 0.4% expected
  • Core CPI 0.1% vs 0.1% expected
  • Retail Sales Ex-Auto 0.5% vs 0.6% expected
  • More economic reports due out in 20min
  • EUR/USD has enjoyed a huge run up and now is looking at resistance at 1.344 and support at the 50 day moving average 1.332
  • GBP/USD has also made a nice run after breaking the downward trendline and is now finding support at 1.58
  • USD/JPY is having trouble clearing the 50 day  moving average at 83.03 - will watch for a break of this level to determine direction
  • S&P500 has cleared the 1276 level and has started to pull back
  • Bulls need to continue to hold the 1276 level
  • Bears will look for a close below this level but more importantly shoot for the 1262 level
  • Bulls still have the market until we break the 1262 level
  • Dip buying continues so watch this market after the weak opening
Stock Watch

FSLR is forming a nice inverted head and shoulds pattern.  The neckline is right at the gap which makes the resistance even stronger.  FSLR has enjoyed a nice run so a sideways consolidation would be perfect here.  We should expect some kind of pullback or consolidation before pushing to much higher.

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