The futures are pointing to a lower open and the 900 level on the S&P is key. A close below 892 and we will be headed much higher. The bulls came out in force and defended the 900 level yesterday and I hope they can do it again. I will look to buy FCX if those levels hold, if not I will be in wait and see mode. If the bears appear to be winning the day, I will look to short some of the restaurants like CMG.
I still believe that the most tradeable theme is the falling dollar. It will be volatile, but appears that it has started its decline. Oil, Natural Gas, Corn, and other commodities are on my radar screen.
7:30am THE FUTURES ARE NOW GETTING HAMMERED---THEY ARE TRADING RIGHT AT THE KEY 892 LEVEL.
Today could change the trend---will update throughout the day.
Wednesday, May 13, 2009
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