Mr Market is starting the new year with lots of firepower.....with the Dow up 110 in the first 30 minutes, after being up 75 to 80 over night. BAC has settled "put back" claims for 2.6 Billion, sending the stock up 4.5% to13.95. Reports over the weekend have European Manufacturing continuing to improve, while most European indexes were mixed. Asia mostly higher News this morning has the Construction up and the Manufacturing reporting the best levels in 7 months.
Oil is up 1, trading at a new recovery high of 92.37, and Gold up a few pennies at 1,421.8. Silver is trading at a new high of 31.06, while strength continues in the commodity complex. Treasuries are off, with the long bond down almost 1.5 points at 4.42% and the 10 year down almost a point, at 3.41. Yield curve continues to flatten, now at 1.01%. The Dollar is up a couple of ticks, as is the Euro.
Our momentum change reported for the Q's, generating a new Sell signal at 54.60 late last week is trading at 55.56. Our Stop Loss is at 55.69. If we get stopped out, we will watch for either a momentum change, or an opportunity to re-enter the Short trade. The Stop Loss for the QID is at 10.99.
We will post an update around 3:00pm....watching especially the Q's.. it is unlikely that a momentum change will occur today, but it is clearly moving against us at this time and we won't wait around for a momentum change.
Best to your Trading!
Bill
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