Morning Commentary for Monday, November 8, 2010

by Steven Chanin on November 8, 2010

Good Morning SOM traders…There is not much to write about last week that hasn’t already been written and over analyzed. All that needs to be said is that the S&P was up 3.6% for the week and the 3 major indexes made new highs from October 2008. Looking forward…there are thankfully only two economic announcements that could be market movers this week (all announcements are pre-market at 8:30am unless indicated and all times are EST) – Wednesday: International Trade and Friday: Consumer Sentiment (9:55am). Overnight the Asian markets were higher and at the time of this writing Europe is lower and the US index futures are slightly lower indicating a slightly lower opening today.

Technicals…Here is what I see for technical support/resistance:
DJI: support $11,139 (20 EMA) resistance $11,905 (prior swing high)
SPX: support: $1,185 (20 EMA) resistance $1,235 (61.8% Fibo)
NDX: support $2,062 (prior swing high), resistance $2,234 (2007 swing high)
RUT: support $671 (20 EMA), resistance $749 (prior swing high)

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An orange coral fungus - Clavulinopsis sulcata

An orange coral fungus - Clavulinopsis sulcata

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