US EQUITIES CLOSE NEAR UNCHANGED AS MARKETS AWAIT FED DECISION

COMMODITY TRADING SCHOOL US EQUITY FUTURES REPORT 06/23/2009

US EQUITIES CLOSE NEAR UNCHANGED AS MARKETS AWAIT FED DECISION TO DETERMINE DIRECTION OF PERCEIVED RECOVERY.

US Equities posted a mixed session, with the markets recovering from tests of technical lows as weakness in the US dollar alleviated downward pressure on commodity prices, allowing energy and material stocks to move higher. Financials gained as speculation of the FOMC leaving its near zero rate policy intact for a longer period than had been expect only recently allowed that sector to thrive. The sector managed to hold onto its gains even as a report on existing home sales came in lower than expected. The apparent slowdown in the drop in Treasury prices may spur later buying as the rise in interest rates may be stemmed.

The biggest drag on equities today came from Boeing, as the aircraft manufacturer announced another delay of its anticipated 787 Dreamliner passenger aircraft. Technologies also moved lower as Rambus reported lower than expected earnings. The negative sentiment continues to pressure the technology sector, even as Apple reports better than expected sales of its newest I Phone. The sector recovered in the aftermarket after a mixed earnings picture from Oracle was released.

Technical Outlook- Sept S&P futures continue to initiate a pattern of lower lows. Next level of support should be found at 882.80, with a break of this level allowing the market to test key support level of 870.00, which represents a key Fibonacci retracement level. Upward recovery momentum should pick up steam if the S&P can break back through 906.75. Initial resistance for quiet range trade should set up at 898.00.

Prepared by Rich Roscelli & Paul Brittain.

Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Whitehall Investment Management, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.