Good morning and Happy New Year.
Stock indexes were higher earlier but have retreated somewhat. Near this morning's highs, the S&P's look just the opposite as they did Monday morning on the early weakness. I don't trust the early strength but if it ends the day up there, both the daily and weekly charts will look better to start next week.
Ten year notes finished '08 with a substantial sell off Wednesday but are rebounding this morning. They are again in a sell zone above 126'20 and offer an opportunity to buy puts if you don't already own them.
The Yen and Canadian dollar are near buy zones which would suggest buying calls.
Wednesday was very volatile with Crude oil taking it up to over $45 at one point. Both crude and Natural Gas look like they can rally again for the short term.
I don't have any futures trades set up yet this morning but will post as they develop.
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