2-23-10 am outlook : $ES_F GC_F $JY_F

23 02 2010

The markets are hovering around many key pivot levels waiting for an indication of which way we head next.  The Consumer Confidence # could be a tipping point today, but I suspect GDP on Friday will have greater impact.  I will be focusing on very short term plays until a clear direction emmerges.

$ES_F

A bounce up into the 1125 area is still a good possibility.  A naked VPOC at 1113.50 is an obvious magnet as well as a significant LVN at 11124-11125.

To the downside, there is major support in the 1094-1097 range.  If we can get through that area, 1090 and 1085 are the next likely support levels.

If we see another choppy day, 1103.75 to 1111.50 is the most obvious range.

$GC_F

Gold apears to be rolling over.  Looking to short gold in the 1120-1122 range.  Target 1100.

$JY_F

Shorting the Yen at current levels mentioned yesterday,  1.1040. Trendline resistance since 2/4/10 is providing a good backstop.

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