Daily Futures Commentary January 22, 2010

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Friday, January 22, 2010

U.S. equity markets could feel downside pressure if President Obama’s plan to end trading by financial institutions becomes a law. Investors feel this proposal will have a negative
impact on bank earning’s which could weaken their stock prices. In addition, the proposal is making the Dollar less attractive.

Technically, the March E-mini S&P 500 changed the trend to down on the daily chart with its move through 1109.75. A retracement level at 1105.00 stopped the slide, however.
Holding this level could trigger a retracement rally to 1126.00. A break through 1105.00 could send the market to 1100.00 then 1095.00.

Demand for safety is helping to lower yields and boost the March Treasury Bonds and Treasury Notes. The March Bonds penetrated a swing top at 119’08 but failed to attract
follow-through buying. This market is currently trading inside the retracement zone of the 123’00 to 114’16 range. This zone is at 118’24 to 119’24. Profit-takers could come in if stocks begin to
strengthen.

February Gold is still trading down despite the weaker Dollar. It looks …

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