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THE FUTURES MARKET SUMMARY

WWW.WHITEHALLVEGAS.COM

 

WHITEHALL LV INVESTMENT MANAGEMENT FUTURES MARKET SUMMARY 01/25/10

 

SUMMARY OF UPCOMING DATA 01/26/10

10:00 AM- US CONSUMER CONFIDENCE (53.5)

10:00 AM- US HOME PRICE INDEX

1:00 PM- US 2 YEAR NOTE AUCTION

 

DATA RESULTS 01/25/10

US EXISTING HOME SALES-(545 K VS. 590 K)

EARNINGS

AFTER MKT CLOSE:  APPLE, TEXAS INSTRUMENTS

 

US DEBT REVIEW AND OUTLOOK

 

US TREASURIES pulled back from recent gains as risk tolerance returned to the trading arena after last week’s government sponsored water boarding of the financial sector. The long end of the yield curve moved back below support as supply concerns and option price activity for Treasuries suggest renewed pressure on the sector is likely. Treasuries failed to obtain much of a boost after a disappointing reading on US existing home sales failed to derail covering of long positions ahead of Tuesday’s $44 billion auction of US 2 year notes.

 

TECHNICAL OUTLOOK- The March 30 year contract hit a low of 118-02, which suggests that test of support at 117-30 remains likely. A break of this level could result in a test of 117-19. Expect this level to hold as support while the market continues to attempt the formation of tighter ranges. Resistance sets up at 118-29. A break of 119-14 should be viewed as a possible upside breakout, while a break of 117-04 should be considered as a significant downside breakout.

 

US EQUITY REVIEW AND OUTLOOK

 

The major stock indices staged a mild recovery on Monday, though enthusiasm waned as the major stock indices failed to breech their overnight highs. Technologies emerged as the early leader in the trading session, as the market awaited perceived strong earnings from Apple and Texas Instruments. That positive sentiment took some lumps early in the session after a report on existing US home sales came in worse than expected. Though the markets recovered from the initial downside pressure to near key support levels, the enthusiasm for recovery appeared to be waning. The market made several attempts to break out of its uncertainty, eventually closing near the bottom end of the day session’s trading range. After market reports by Apple far exceeded expectations, however the initial gains faded as a growing sense of uncertainty continues to grip market sentiment. What will the foundation of revenues be based on in the coming monetary and regulatory environment appears to be a question that has no easy or seemingly pleasant answers.

 

 

 

TECHNICAL OUTLOOK- March S&P futures came close to testing a key support level at 1086.00. A break of this level could set the market up for testing downside targets of 1071.00 and 1064.80.  Continued range trading in the contract may result in a near term rebound up to the 1102.00 level as near term resistance.  A break of 1108.00 may result in a move back toward initial breakdown level of 1118.00.

 

 

US DEBT FUTURES

OPEN

HIGH

LOW

CLOSE

CHANGE

US H0 (US 30 YRS)

118-19

118-23

118-02

118-10

-17/32nds

SP H0 (S&P 500)

1138.00

1138.30

1125.30

1134.00

-11.70

 

 

 

 

 

 

 

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Prepared by Rich Roscelli & Paul Brittain.

PLEASE VOICE YOUR MARKET OPINIONS, THOUGHTS, AND QUESTIONS. EMAIL TO RICH@BINVSTGRP.COM  

Additional Information can be found at WWW.WHITEHALLVEGAS.COM

 

                                               

 

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.