Thursday Morning

Not quite the day I was looking for.  After the good news on unemployment, new claims down to 415,000 after expectations of 420,000 and last week at 457,000 (of course after the usual upward revision) and only 120,000 falling of the back end if the 99 week UEC programs, I thought we would have an up day.  Only 4 killed in Egypt, cotton up limit the 2econd day in a row and at prices not seen in over 150 YEARS, and especially after the U.N. Food and Agriculture Org reported food cost rose 3.6% in January to levels previously seen in during the food riots in Mid 2008,  I thought sure the market would be up!

Commodity markets are surprisingly subdued this morning, with almost 50% of markets trading UNCH.  Oil is up .29 at 91.15, Gold is up 1.4 at 1332.9 and Silver is up a couple of tick at 28.35.  The Euro is giving up a little, trading at 1.362 and the Dollar is marginally higher at 77.66.  The 10 year Note is off nearly 1/2 at 3.534% and the Bond of 1/4 at 4.638%   Yields are back knocking on the December 2010 highs.

Momentum signals are still Bearish, in spite of the big rally Monday and Tuesday.  below is the SPY with the Bollinger Band buy and sell signals highlighted.  A close above the upper band, with a subsequent close back inside is generally considered a Sell signal, while a close outside the lower band and subsequent close back inside is generally considered a Buy signal.

Depending on the action this afternoon, I may have some trading ideas this afternoon.

Best To Your Trading!

Bill