Monday, March 4, 2013

TFP Morning Letter For March 4th 2013

5 min ES
S&P 500 futures are @ 1515 -1.25 points up from a -10 loss around the 1508.25 low around 12am last night. The weakness across the risk complex came from fears over the Chinese real estate market overheating blah blah blah. Anyway support in the ES is 1511 followed by 1508.25, resistance is 1518 into 1520.

NQ 5 min 
The nasdaq is under resistance of 2750 though above support of 2733; currently the NQ is @ 2743.25 down 5.50 points. Over 22744 should mean a test of 2750 which is CYAN resistance.

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15 DX showing latest pinch
The 30 year bond future is off its overnight highs over 144'29 currently @144'17 +0.13% which means below 144'13 sell stops lurk. They could be popped heading into cash open IF the machines are wanting to trigger a squeeze.

The DX is again green though 82.53 remains resistance and 82.30 is suport with the major up-trending support @ 82.05. If the DX moves over 82.55 ES will surely be offered @ the 1510 level which is last defense before 1507-1505 becomes bid.


SI 5 min 
Silver and gold have still not made a new high following early Sunday session strength associated with the risk off scenario in Asia and Australia.

Currently Silver futures are higher by 0.39% at 28.6 though resistance is 28.80. Silver seems to always suck traders into a mirage of sorts, which last night was them squeeze into 28.80 then about face fall of .80% to 28.58.

5 min GC
Gold currently resides @ 1576.20 +3.50 points off its high of 1583.40 and up of its low of 1571.60. Above the high means 1585 and below the low means 1570, pretty simple. Gold sucked in buyers on a late sunday evening squeeze as well and spit them back out on lows.

Crude futures are higher to 90.84 up from a 90.11 low, resistance is 90.90 with target being 91over 90.90. A move under 90.60 will trigger some stops into 90.20 is my guess. CL pretty much melted down all evening then hit support and melted up fairly orderly.


5 min ZB
Shares of LVS are lower by 5 percent in pre-market trading to 50.66 up from a low of 49 after the company disclosed it is under investigation for corruption. Under 50 could scalp it short into the 49.. over 51.50 would move back over friday's close.

Shares of apple of course are lower to 428 down from a 430.47 close, under 428 its 425 easy. A move in apple over 432.50 will def cause a pinch into 435. Though at this rate this stock is nothing but cannon fodder for HFT and other games.

RIG shares are higher to 53.90 after the company reinstated its dividend following the deepwater horizon accident. 55 is our target if the momentum holds off the open.

GOOG shares are up off their low over 802.50 with resistance at 806 potentially giving way into a 807.50 break out for a 810 target.

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