February 26th, 2010 Posted in Uncategorized
Good morning
It looks like a quiet open following yesterday's whipsaw in equities. Out this morning, Durable Good orders were up 3.0% vs 1.5% expectations. Ex-transport it was down 0.6% while expectations were for a gain of 1.0%. This isn't a good number.
ES H10 and TF H10 are both up about 1.00. Not surprisingly, DX H10 is also flat. This week has been volatile. Yesterday's reversal coincided with a intraday fall in DX H10. It's tough to say what will happen today. I wouldn't expect much one way or another however, I still feel there is greater downside risk than up. The move yesterday isn't such a surprise considering it comes at the end of the month where money managers usually pad stats for monthly statements. If true, that's great information but it doesn't help when trying to "ride" a trade. These markets are for the quick and nimble.
Trading Levels
| Daily Pivots | 2/26/10 | ||||
| EQUITIES | R2 | R1 | PIVOT | S1 | S2 |
| ES H10 | 1115.08 | 1108.67 | 1096.58 | 1090.17 | 1078.08 |
| YM H10 | 10418.00 | 10366.00 | 10269.00 | 10217.00 | 10120.00 |
| NQ H10 | 1836.92 | 1825.33 | 1802.92 | 1791.33 | 1768.92 |
| TF H10 | 637.60 | 633.50 | 626.00 | 621.90 | 614.40 |
| ENERGIES | R2 | R1 | PIVOT | S1 | S2 |
| QM J10 | 79.60 | 78.85 | 77.95 | 77.20 | 76.30 |
| QG J10 | 4.96 | 4.86 | 4.76 | 4.66 | 4.56 |