Let's see...where was I? Oh, Yah! New Buy signals generated by the Proprietary Momentum Change indicators. After getting very close to new Buy signal on Monday, the market was able to hold the momentum into the close yesterday. I have Posted new trading ideas, listed at the right, and I will be tightening the stops this afternoon, and should be completed by the time this is posted.
Oil traded over 106 near the open, and is now trading at 105.96. Brent is 115.84. Gold and Silver have made new highs, Gold trading at 1447.9 and Silver trading at 38.07. The soft commodities are mostly higher, with Wheat again leading, up 3.25%.
The Euro is up, trading at 1.419, surprisingly, considering the collapse of the Portuguese government and Increasing doubt about the Irish resolve to accept the terms of the Bailout agreement negotiated by the previous government. The Dollar is off a little, trading at 75.57. The Yen has resumed it climb, trading 80.08 vs the Dollar.
Bond are down slightly, with the 10 year trading 3.388% and the long Bond trading at 4.477.
Domestically, the new unemployment claims printed about expectations, at 383,000, while Durable Goods surprised on the downside, printing at -0.9 for February after a revised January 3.6. Later this morning, the Bloomberg Consumer Comfort Index plunged to a 7 month low and the measure of the current economy slipped to a 15 month low. Higher food and energy prices are seen a driving consumer concerns.
In Japan, there are new reports of deteriorating conditions at the TEPCO plant, with previously unharmed units #5 and #6 now leaking radioactive waste, while the radioactive levels in seawater near the plant grow to levels deemed to be dangerous. There were reports last night that the dangerously high levels of radioactive debris will persist for some time, which at some point may raise those same levels in this country in water and farm land on the West Coast. What I had thought were misplaced concerns about fallout here may may have to be re-thought.
The SPY is struggling with resistance at 131, but momentum looks to be sufficient to carry through today or tomorrow.
Best to Your Trading!
Bill
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