Morning Update: 2/2/2012

2:08 am….

The market indices had a very strong session, however a late afternoon sell-off really took the excitement out of it by reversing the gains in the last hour or so. The day started out with a  gap up, and then they pulled back sharply, particularly on the NQ, but not on the ES. That held very well, holding the 1317 support area. They then started a rally that stair-stepped sharply higher all morning and into the mid-afternoon. The NQ jumped from 2470 to 2492, and the ES  jumped from 1317 to 1327.25. They came down, bounced, formed a mini head-and-shoulders, and then broke late in the session. There was a little bit of a snap back at the close, but nothing to get excited about.

Olof Thomas
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