good morning

Thursday, January 8, 2009

Good Morning. Yesterday afternoon I believed if we traded below 913.00 in the S&Ps we would test the 901.00 level. With the Wall-Mart news out this am, and WMT @ 50.85, everyone is bearish. Not so fast. Opions are like.... well you know, we keep talking about that. Support in S&Ps is 893-891 level, Resistance is at 915.00-917.00. A lot of the oil stocks have traded down to 120 minute -20ema support levels. Oils could find support this am, so keep an eye on those. Obahma got real negative last night lowering expectations, and WMT this am reinforces that tone. So watch the support levels. Also trades before 10:00 am should all be scalps. We do not usually get real direction till 10:15. Good Luck, Stay Nimble. Regards, Frank
posted by Frank Delaney