TFP letter for Wednesday January 30, 2013 | $GDP $RIMM

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1 min ES_F showing GDP PRINT

Overnight Musings

S&P 500 futures traded into the 1506 metric overnight Euro FX futures or 6E as the contract is known broke out over the 1.35 level to trade as high as 1.3567.

Currently the S&P 500 future is lower by 1.50 points to 1503.75 which puts support at 1502, below = 1500 test, below 1500 its 1498 so on and so forth. Top end will get wound out over 1510 in both SPX and ES_F. 1498.25 traded on the POOR GDP print as we were writing this.  under 98 means 95 
Our idea last night per the TFP_insider twitter feed was to look for a breakout over 1.35 in the euro, sure enough the yen weakened, dollar weakened and the euro strengthened adding to the ‘risk’ bid. 
5 min ES

Bond futures are lower with the 30 year bond futures trading as low as 142’19 before retracing the drop back to 143, currently the 30 year is @ 142’30 down 0.35%. 

REMEMBER FOMC today at 2:15 pm ET. 
Commodities 
Commodity speaking crude broke over the 98 metric to place a high of 98.24 after 97.50 support held late in Tuesday’s session. Today look for 98 to be retested before cash open with 97.75 as the first line of defense under 98, over 98.24 means 98.50 and onward to 100. 
6E 15 minute 

Gold futures pushed back over the 1665 metric again though failed at the 1670 level to where where they are now 1664.80 or +2.10 points or 0.14%. 1651 is the low to watch for from monday if the 1660 level were to fail intra day. A break under 1651 means 1645, a break over 1670 will carry you to 1576.50.  

Silver futures stalled under the 31.50 metric which makes that intra-session resistance to lok for buy stops over, currently silver is +.32% @ 31.28.
15 min ZB 

Copper futures are acting out in the face on further YEN weakness as the contract is currently up 1.44% to 3.7475, which puts support at 3.735. 

Stocks
With copper on the move we will be looking at the 35.50 level as a target off the open , 3.35 is the high from last tuesday following earnings; currently FCX is @ 35.28 pre market up from 35.01 close tuesday. 
Apple shares are lower to 455.48 after closing @ 458.27 Tuesday, would like to see 455 hold to provide a base to push over 460 intra-day for a possible swing up to 480 if momentum is with it. 
By this point most probably know AMZN reported EPS after the close yesterday and shares of the company soared into a new all time high of 290.49 before settling out @ 282.02 where it currently resides, 280 pre market resistance. Under 280 could get weak into 275, over 290.49 means 300. 
Watch for a break over 758.48 in GOOG for trade opportunity to ride it over 760+. RIMM shares may be in play today if the 16 level holds as support as Blackberry 10 is being demo’ed today for the first time.
GDP SHRINKS on defense spending. 
Michael Dell to use personal funds to take Dell private 
Euro tops 1.35 
 

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