The Local's Take: Mid-Day Market Commentary

Good Morning Traders and Investors,

Sorry for the late post, but the markets actually moved more than 10 points in one direction this morning.

I have a few charts and even a trade to post. I skipped out on heading to the Cottonwoods in order to trade. A mountain host tried to drag me there, but I had a feeling Monday would be a little selloff. Plus the snow can't be that much better over there.

The days are warm and long and the sun really destroys the snow quickly. Nothing wrong with the manicured groomers at Deer Valley though.

Let me digress, before the charts - I love this time of year. St. Patrick's Day (a Chicago tradition!), warmer temps, and March Madness. If any of you are looking for a pool, check out Fisch Madness as it is run very, very well with lots of side games available. You must have a referral, so drop my name if you are interested. I am off to Jacksonville this weekend, hope to catch the Dukies and then back home for the regionals in SLC at the Delta Center - sorry, it fits much better. If Pitt can make it to the sweet 16, you may see yours truly sitting courtside.

OK, back to the markets. I posted this week's calendar on last Monday's poste - D'oh! So not much to say, except, wait a minute, can you hear it....FOMC! Bernanke testifies on Wednesday and unemployment claims on Thursday. Friday is triple witching. BIG week!

To the charts and first up, the SPY:

The close is very important - if we close below 115.00, could the old resistance/new support level now be new resistance? It will be interesting to see what we do at this level. Also, we have been trading UP going into the previous few FOMC meetings - seems like the markets are daring the FOMC not to say extended. If we trade down today and tomorrow into the afternoon report, I don't know if we recover. I don't expect much from the Fed, but you never know, so stay tuned!

The second chart of the day is a day-trade - the EUR/USD and a Buffalo Bounce:

As far as my SRI play, I am still looking at First Solar (FSLR) and thinking it is around a downward sloping trendline, maybe time to take off our bullish play and implement a little coverage/insurance:




Remember to Be Environmentally Cool with Locals Have More Fun apparel and GO P-I-T-T!!