Thursday, February 26, 2009

Market Update

The S&P's are going to open higher, currently the March contract is up 12 at 773.50.  Yesterday's high was 779.50.  There is still resistance there in the upper 870's and I think it is a good place to establish short call spreads if you don't have any.  

Ten Year notes are just the opposite with support under 121'10.  intra-day I think notes can be sold above 121'28 but would consider writing put spreads under 121'10 for a longer term trade.

The dollar index is mildly bullish with support at 87.25 and resistance at 88.60.

Gold has come way off its earlier highs and I will be looking for a spot to buy April under $840.

Crude has finally found short term support.  I see a possible move to 48.

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