ALARON LAS VEGAS US EQUITY FUTURES REPORT 04/21/2009

US EQUITIES REBOUND ON TREASURY SECRETARY COMMENTS REGARDING US BANK BEING “WELL CAPITALIZED”. MAJORITY LIKELY TO PASS GOVERNMENT “STRESS TESTS”

US EQUITIES rebounded from Monday’s pullback after early pressure from disappointing earnings abated. The turnaround was driven primarily by a positive series of comments from Treasury Secretary Geithner regarding the “well capitalized” positions of US financial institutions. According to the Secretary, preliminary readings for the government’s “stress tests” for US financial institutions are positive, with the majority of major institutions expected to pass the solvency tests set by the Treasury and government auditors. The complete results are expected to be made available on May 4th.

Additional support for equities resulted from higher than expected readings on investor confidence in the US and Europe. The renewed sense of stability helped the major averages all close near their highs of the session. Financials, Commodity, and Technology stocks led the equity recovery. A wide number of earnings offered a mixed picture today, with technologies earnings led by traditional outperformers IBM showing the most promise.

While the outlook for US financial solvency is apparently improving, it would not be surprising for traders and investors to begin to question the criteria and reliability of the government auditors’ findings. Look for a tie in between the current position and the ability for banks to provide future improved guidance. If that happens, a sustainable rally could be possible sooner rather than later.

Technically, June Dow Futures continued to trade within a range. Support is likely to be found at the 7820 level while resistance should be found at 8060. The narrowing range should be a prelude for a possible breakout to the upside test of 8160.

EQUITY RANGES

OPEN

HIGH

LOW

CLOSE

CHANGE

DJM9 (JUNE DOW)

7735

7930

7735

7923

+103

SPM9 (JUNE S&P)

824.00

848.50

823.30

847.70

+14.80

NDM9 (JUNE NASDAQ)

1303.00

1331.00

1303.00

1328.00

+14.50

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. Alaron Trading Corp. 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.