|5 min ES|
That was quick, ODP buying OMX for $1.2 billion; and we have gold below the 1600 level as the stair step lower pattern continues as macro data improves.
Fueling the equity bid are the 613,000 U.S. single-family homes started in January, the most in more than four years. Housing starts dropped to 890,000, less than forecast.
Currently the S&P 500 futures are slightly lower by 50 cents @ 1527.50, support is now 1526 with 1524 and 1522.25 as supportThe high for the S&P is 1530 which we were looking for last night @ the TFP Insider. The spooz needs to get back over 1528.50 before it has a chance to move into and over 1530. If
Currently Nasdaq futures are unchanged @ 2780.75 after dipping into 2777.72 as the AAPL headline hit. Support is 2775 and resistance is 2786.50. Over 86.50 = 2800 below 2775 = 2760. The apple headline i am referring to is, “Foxconn Technology Group is freezing recruitment amid falling orders for the iPhone5.”
The 30 year bond future is lower by 0.24% to 142’23 with the low to watch being 142’19, under this level you can bet there will be sell stops. The DX is higher by 0.17% which is straight up off the 80.36 low from last night.
|1 hour DX|
The high in the DX is 80.755 and support is 80.61, the dollar ‘s pattern is rather peculiar and weak if you ask me on the 5 min primarily because the dollar has been exhibiting a similar pattern for all year but always melts back to morning levels as the US session progresses.
Crude oil futures are lower to 96.89 down from a 97.75 high which failed miserably in typical fashion about a hour ago. Support is 96.75 below .75 we have 96.50 and 96.25 as support over 97.24 menas a test of 97.50. IF the high is broken we could see 97.75-98 again.
Gold and silver futures have been smoked once gain continuing last weeks pattern of stair stepping lower. Currently gold futures are lower by 13pts to 1590 with the low being 1588 to watch for sell stops under into 1575.
|4 hour GC|
Silver futures are lower to 29.065 a decline of 1.20 percent, the low is 28.95 with a 28.50 targe under that low.
Copper futures are lower by 0.40% to 3.635 making this the 5th session in a row where copper has seen declines as equity markets remain firm.
|30 minute HG|
Office Depot is buying Office max for 13.50c a share. Those March 6 ODP calls have open interest of 5,000 contacts, pretty funny whomever owns those had a very lucky bet.
Apple shares are once agin lower on a headline Foxxconn is slowing down hiring due to smaller iphone 5 orders. Earlier in the pre-market apple dipped into 451.25 before recovering back to 456.70, Apple shares closed 459.99 Tuesday.
FCX shares are lower with metals weakness, under the 33.92 low could see 33.50. over 34.40 could squeeze a bit.