Anyway Obama is a great speaker and can really get a crowd to believe in what he is saying even though there is a 90% chance he will not follow through with.. It sounds great coming out doesn't it?
Anyway... As for the futures they, as expected; ran up to highs ahead of and during the State of The Union. We put in highs on the spooz os 1290.75 before giving back some of the gains, though we are still up 1.75 handles in the AH session. Upside lines in the sand are of course year highs of 1296.25, 1300 and beyond!
|US dollar futures 1 min. at 78 level|
Downside 1287 and 1280 followed by a very tricky 1278 where the PPT was hiding today. Notice from the chart above every time the 1280 level was breached 1278 was where a majority of the buy volume was hiding.
The US dollar index DX is bouncing off the all important 78 level, if this level does not hold we will see equities move higher and more than likely a little bounce in gold as an inflation hedge/trade.
Remember tomorrow we have FOMC rate decision and the following numbers:
Jan 2607:00MBA Mortgage Purchase Index01/21NANA+5%Jan 2610:00New Home SalesDec280K300K290KJan 2610:30Crude Inventories01/22NANA2.62MJan 2614:15FOMC Rate DecisionJan0.25%0.25%0.25%