Monday, March 1, 2010

Stocks are a bit higher on a story that the EU is piecing together a bailout plan for Greece.  This would take some of the strain off the EU economy in the short run.  China’s PMI fell in January, while it rose in the EZ.  The Pound has tanked this morning on worries that the UK sovereign debt rating will be cut.  The US ISM report is out at 9 AM; it is expected to have fallen to 57.4 from 58.5 in January.

March SP:  Breakout setup (NR4 and doji). Friday’s high at 1107.75 is the first breakout point; the recent high at 1112.75 is probably more significant.

March NASDAQ:   Breakout setup (NR7), the recent high was 1833.

June T Bonds:  Sell Short day; so far there hasn’t been anything to get excited about.  It is trading around trend line support of 117-15.

June Yen:  Sell short day; the Feb. high at 1.1288 is resistance.

June Euro:  Exit breakout buys / Sell Short day.  The double bottom around 1.3450 is the downside target.

June British Pound: Friday’s range contraction and doji were a breakout signal of sorts.  1.5267 was Fib retracement support off the weekly chart.

June Canadian Dollar:  Sell day; regaining the 9500 area was bullish.  Tomorrow should be a Sell Short day.

April Gold:  Sell short day.  Friday’s high at 1119.50 was the reference price, and 1110.00 is first support.

May Silver:  Sell Short day; the 2/22 high at 16.595 was the reference price.

May Copper:  Huge volatility because of the Chilean earthquake (Chile produces about 1/3 of the world’s copper).  The 2/22 high at 338.80 is the reference price for a Turtle Soup sale.

May Sugar:  Will it finally get a Buy day rally?  Watch trend lien resistance at 23.89.

May Coffee:  Breakout setup; I’m watching Fib resistance at 132.70 as an upside breakout point.

April Crude Oil:  Friday’s inside day could give a directional move today.  The 2/22 high at 80.78 is the upside price to watch.

May Soybeans: An Oops sale today; breaking back under Fib support at 963-6 added to the downward pressure.  955 is first support.

May Soymeal:  Breakout setup (ID/NR7).  Thursday’s low at 266.20 is the downside breakout point.

May Wheat:  Friday’s big rally makes me think to day will act like a Sell Short day.  The 2/16 high at 523-2 is the reference price.

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