Morning Update: 2/8/2012

7:12 am…

The stock market indices had a positive session at the close, but it was quite volatile. The day started out sharply lower, broke support initially on the ES, but not on the NQ. When that occurred they rallied very sharply, taking the NQ from 2512 to 2535. The ES rallied from a low of 1332 up to 1344. They then backed and filled in the afternoon, consolidated, and later attempted a rally, with the ES reaching 1346, and change. It was a new high for the day, and for the rally, but the NQ was unable to confirm. They rolled over into the close only to bounce right at the bell.

Economic05:00 Brazil Jan FGV Inflation IGP-DI07:00 US MBA Mortgage Applications08:15 Canada Jan Housing Starts09:30 Brazil Central Bank Posts Currency Flows’ Data for Prev. Week09:30 Brazil Jan Commodity Price Index10:30 DoE Crude Oil/Gasoline/Distillate Inventories13:00 US Treasury’s 10 Year Note AuctionTBD Mexico Jan ANTAD Same-Store Sales (Expected release 2/8-2/15) TBD Mexico Jan Vehicle Exports/Domestic Sales/Production (AMIA) (Expected release 2/8-2/15)

I had two trades yesterday 6A, 6E

6E- was a swing short setup HCS that was stop out for a small loss

6A- was a swing short setup HCS that I was STOP out for a small loss

Stepping back and reviewing the hourly chart patterns, the indices were down early and sharply, but recovered very sharply to go to new highs for the rally, and then pulled back in the afternoon only to bounce into the last hour, and then pulled back in the last few minutes.  It was still a positive day in general for the indices as the rally continues.

Olof Thomas

 

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