Obama’s speech last night was good in the sense that he’s a good orator.On the other hand, he was short on details, as has been the case with his administration on things financial. He did sound a note of optimism at the end of the speech, something that had been sorely lacking in his oratory thus far. Today we have existing home sales at 9 AM Central, crude inventories at 9:30.I’ll be watching both-to see if housing can get any traction in the New Year, and inventories to see if they can help put a floor in energy prices. That would be a sign the economy is stabilizing.

March S&P:Inside day yesterday, momentum sell short day today.761.50 is support
March NASDAQ:1153.50 is support, 1182 is resistance
March Treasury Bonds:Momentum buy day today; 127-24 is a pivot point for the session
March Japanese Yen:Momentum buy day, 10253 is Fibonacci support.
March British Pound:Inside, narrow range day yesterday, and a doji. Look for a directional move today.14375 is support
March Canadian Dollar:Sell short day, 7990 is support
April Gold:950 is key support, momentum buy day
March Silver:Momentum buy day
March Copper: Momentum sell short day, 15250 is resistance
May Cocoa: Doji yesterday, move today?2447 is trend line resistance
May Sugar:Tested resistance at 1325, support is 1290
April Crude Oil:Breakout over $40, will they stay up?
April Live Cattle:Momentum sell short day today, 8567 is key resistance
May Soybeans, Soymeal:Look for a breakout move today

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