Thursday, September 8, 2011

SPY: Fundamentals and Technicals



Good Morning,
No charts to post today - just a quick update on the fundamentals out there and a broad overview of the technicals.
Unemployment claims were just a bit outside expectations (above expectations) as usual. Not sure if this is good or bad for the equity markets (see QE 1-ongoing...) but it isn't good for your friends who are not being hired!
Bernanke popped onto the calendar at 1:30pm Eastern and then Obama speaks tonight. The fireworks continue each and every day, so be aware and trade with care!
Technically, the dollar is stronger agains the GBP (on support), the EUR (breaking support), the CAD and the CHF (see intervention). It is flat to slightly weaker against the AUD and NZD.
Equities are in the 112ish to 123ish range - roughly 10 points which is about a 10% move from top to bottom.  GLD is heading back towards its resistance level of 190 (will it triple top, fail or blast through?)
The VIX is on recent support in the low 30's and I am not using that as an indicator of future movement and/or direction. We still have 6 trading days until options expiration. Looking good for the risk mitigation to profit and the long portfolio to have an up month - but again, 6 days is a VERY LONG WAY AWAY in these markets.
Local Tip: Last night's webinar will be on Youtube shortly.
Local Tip 2: Follow intraday updates at IBFX's Connect

Happy Trading and Be Environmentally Cool
Coach Brian

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