The Local's Take: Morning Commentary

Good Morning,

A really slow day (so far) ahead of:

• Bernanke tomorrow
• FOMC on Wendesday - look for any change in language
• Claims on Thursday
• GDP on Friday

Even though there aren't many intraday trading opportunities, there are a many longer term opportunities that are lining up.

We have a good amount of charts to look at that give us some interesting patterns using various technical indicators.

Let's start with the broad markets and SPY and the crucial 61.8%




Next, let's look at a financial stock - American Express - AXP. This is a great example of a breakout and a "second chance" look at the old breakout level. Will old resistance become new support? Regardless, it is a low risk, high reward location to go long.


Finally, our socially responsible stock play of the day - the water ETF, PHO (which happens to be a staple in Vietnamese cuisine).

Who thought investing in water could get you 100% returns in 13 months?

Overall, Forex is dead today. Even though the dollar is weak overnight, it seems like it has a little strength at these levels. If the market turns negative, we may see the dollar gain some strength, but too little, too late in the trading day to get too excited.

Get outside and get some "mental exercise" as it looks like cold weather is approaching the Wasatch!

Local Tip: Park City Follies at the Egyptian Theatre

Remember to be environmentally cool with Locals Have More Fun apparel.