Tuesday, February 26, 2013

The Trade for Profit Letter for Tuesday February 26, 2013

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There is not much change in the ES from our Monday evening post as the 1485 level remains support and 1492 resistance.  Currently the S&P 500 is 1491.0, 4.25 points or 0.29% following disappointing Italian election results. 

When looking at support, 1485 is the last defense before >1481 becomes fashionable, Resistance is 1492.25 which a trade over could mean small pinch attempt into 1500.

The Nasdaq is trading similarly as it is positive by 5.50 points to 2708 after the 2704 level held assupport, 2710 is resistance. Over 2710 or under 2700 should be what you wait for if looking for direction off open of cash. 

5 min ZB
Bond prices with the 30 year higher to 144'09, ZB melted into a fresh high of 144'26 late Monday as 6J increased in value against DX and other major crosses. This push higher is what pushed ES into 1484.50 before the pressure relented. Thus major weight placed on 1484-85, under = test of Monday lows.


5 min GC.. up against resitance
Gold futures traded over the 1600 metric into a 1602.30 high in early Tuesday trading, though this exuberance has chilled out now that bonds and currency markets have settled down. 1588 is support under the 1590 level down into 1585. 

1 min CL. 
Crude oil is lower 0.64% to 92.46 though is off its low of 92.08 during the throws of the YEN strengthening period of the early morning. Below lows means 91.50, over 92.60 could possibly see 93 but highly doubt it. 


Shares of Apple are higher to 444 from a 442.80 close Monday though i would not trust the stock with bonds still on the up and up. 

Home Depot shares are higher to 65.10 after the company announced a share re-purchase program. 66 is resistance, 64.50 support.

APOL shares are lower, along with its other for profit education peers; after the education commission asked university of phoenix to be put on probation due to practices. This names move big, downside clearly welcome. 

Be weary of a reversal back to lows if the YEN starts to strengthen off the open like yesterday, patterns repeat themselves sometimes, but not always. 

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