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Thursday, January 27, 2011


Think about this. We're at 12,000 on the dow industrials, 1300 on the S&P, and 3.40% on the 10 year. The fed meeting is out of the way. Earnings are in full swing. And i'm frankly tired of calling for a pullback in the market of some kind. We seem to have outlawed down days. And any intra day selling lately is met with buyers that take it right back.

These 2 rate charts however, loom large over the markets though they may not know it yet. I think 3.50 on the 10 year is extremely important both technically and psychologically. The chart to me is setting up for a breakout upside move in interest rates. And my guess is that if 3.50 goes on a closing basis the markets will pay attention. MLPS gave a hint of that last week in a big one day sell off, which btw we've gotten all of that back. The index was up well over 3 points yesterday and we sit near new all time highs. We can't keep going up forever.

Teekay Offshore LP (TOO) ups the payout and is buying the rest of Teekay Offshore Operating LP that it doesn't already own. That's news leftover from last night. No headlines so far this morning and no upgrades or downgrades.

Stock futures are flat for the most part. The dollar is higher and bond yields are higher ahead of economic numbers this morning at 8:30am. Crude is down as it continues to move away from 90 bucks. Nat gas is a little lower ahead of storage numbers at 10:30am. The support held yesterday and we did another reversal. Bullish numbers could send nat gas back up in a hurry and the weather pattern is favorable into mid February.

Another snowstorm to dig out of this morning here. Got 13 inches last night making this the 3rd 1 foot plus snowstorm this winter and all in the last 31 days. UGH!!!

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