The Local's Take: Morning Commentary

Good Morning,

Just returned from Zion N.P. (still cleaning out the car) - probably one of the most beautiful places on earth and it is only 5.5 hours from SLC. The town of Springdale on the SouthWest side of the park has lots of cool B & B's, motels and hotels such as the Desert Pearl Inn. Try the Bit and Spur for Sangria, Margaritas and Mexican food.

Finally, before heading out on your adventure - whether it be mountain biking Gooseberry Mesa or hiking the Subway, Narrows, Angel's Landing, etc... stop into Zion Outdoor and ask for directions. You can also be environmentally cool and purchase Locals Have More Fun gear.

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Now that the ski season is over at Deer Valley (and yes, we made it to a 100 inch base the last week of the season, finishing with 114 for the year), I will be taking more time to post about:

• the local's lifestyle
• the markets
• trade updates

We have a very, very busy week with:

• earnings starting to ramp up
• Bernanke on the calendar
• retail sales
• claims
• consumer sentiment

With the Dow at 11,000 and the $SPX at 1200.00, the big question is will it provide the psychological resistance that all the shorts are relying on. Seems like that would be too good to be true and that again, more risk lies to the upside, so why not run these psychological stops.

We are also getting closer to that all important 61.8% Fib in the broad markets.


Sticking with our somewhat regular socially responsible theme (and as you will see a great segway into the forex markets), let's take a look at First Solar - FSLR. With support at 100 and stocks up, demand up, oil up, commodities up, why not alternative energy?



On the forex side, it seems like bottoms have been put in on the GBP and EUR and they would like to travel higher given the possible double bottom pattern.




The dollar has also lost ground to the CAD as oil prices have pushed higher. The USD/CAD is now trading at parity. Due to the runup in commodities, the AUD and NZD have stayed strong to the dollar as well. Or I guess you can say, due to the AUD and NZD staying strong, commodities are staying strong. Who is leading who?

Have a great day and I will be sure to update you with any forex day trade updates - but right now, we are pretty rangebound, hence the long article!