Pending home sales were weak, and Bernanke’s testimony didn’t do anything to help sentiment.As is usually the case lately, the markets sell off when government officials are on TV. Geithner is supposed to be on to discuss Obama’s budget plan soon. It’s hard to see how that will go well for the markets. A guy with no credibility speaking about a budget plan traders hate.
March NASDAQ:So far it has held yesterday’s low of 1074.25. Dell said that January wasn’t down as dramatically as December.
June Treasury Bonds:Holding over yesterday’s high at 12514.5 would be bullish.
June 10 Year Notes:There’s trendline resistance at 12128.
March Japanese Yen:The recent low was 10132, look for that to get taken out.
April Gold:See my blog post here
May Silver: 1249.5 is the equivalent Fibonacci retracement level to the gold. I expect this to get taken out.
May Copper:A Chinese official was out earlier saying they expected their economy to grow by 8% this year-bullish for copper. It was a breakout day, see if it can take out last Thursday’s high at 160.50.
May Sugar:Broke yesterday’s low at 1268, there’s a Fibonacci retracement objective at 1238.
April Crude Oil:A close over $40 would be constructive.It’s a momentum buy day, it’s already tried to rally, now it might be getting late to take it up again.
April Hogs:First Trade or fade resistance was 6127; I’d look to buy if today’s high of 6132 is taken out later today.
May Soybeans:A move over 854 could see followthrough.
May Soymeal:There’s a little 3 day triangle forming; look for a breakout.
.gif "Midsession Comments for March 3")
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