TFP morning letter for Tuesday February 5, 2013 | $BBRY $DELL

5 min ES_F

 Overnight musings

In keeping with our k.i.s.s. theme here at TFP lets get right to the point, the S&P 500 futures are higher by 6.25 points or 0.42% to 1499.75 after trading as high as 1501.75.  Resistance in the ES will be at the 1504 level if 1502 can be converted to marginal support before the opening bell.

Russell 2000 futures are higher by 3.20 points or 0.35% to 902.20 after trading as high as 903.60, 901 is current support 905 resistance.  Nasdaq futures are are higher by 11 points or 0.40% to 2722.50 after trading as high as 2725.75, thus resistance is at 2726-30 with support at 2712.

YEN weakness is helping to drive the commodity complex higher as the aud/jpy cross is higher by 0.70 points to record level of 97.103.  DX futures are unchanged at 79.55 after trading into 79.815 resistance in late monday trading with 79.50 being support.

15 min 6E

After falling to a low of 1.3462 where buyer s stepped in around 3 am ET Euro FX futures have recouped a bit of their losses from yesterday to trade as high as 1.3571 before falling back to 1.354 where it sits currently +0.13%. The 30 year bond future is notably lower by 0.35% to 142’13 after trading as low as 142’31.

Our look for Tuesday when taking into account the positive overnight currency trends as well as the current bond weakness the ES could see 1505 in the first hour if 1500 can be converted to support with conviction. If the ES fails to break over 1500.25 and 1497.75 fails we will see 1494 as support before the important 1490.25 level. Under 1490 means 1485.

Commodities

5 min CL

Crude oil futures are higher by 0.42% at 96..57 after trading aas high as 97.01 before falling a quick 45 cents after 97 resistance held firm. support is 96. Thus the trade is simple, play a break up over 97.05 for a trade into 97.50 or wait for a break under 95.95 for a short into 95.47.

Gold futures are high by 0.02% to 1676.90 after trading as high as 1683.40 putting support at 1673. wait for a break up or break under.  Copper futures are unchanged at 3.769 with support at 3.76 and resistance 3.78

Stocks

Shares of YUM are lower to 59.29 after the company reported disappointing EPS after the close Monday, looking for 58 as support under the 59.29 low.

BBRY 5 min

Shares of BBRY are higher to 15.89 after the company received a positive response to its new blackberry 10 devices in the UK.  A break over 16 could covert into 17.38 resistance, 15 support.

DELL shares are higher to 13.40 from a 13.27 close Monday as the company is said to be nearing a buyout, thus shares could be active with 13.75 as resistance.

Shares of MGH are up off their Monday lows following news the company is being sued over is its S&P units ratings of subprime bonds pre 2008 crisis. Look for 52 to be a target intra day today with 49.20 as support.

 

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