{"id":9964,"date":"2011-02-16T08:37:05","date_gmt":"2011-02-16T13:37:05","guid":{"rendered":"http:\/\/www.smbtraining.com\/blog\/?p=9964"},"modified":"2011-02-16T08:38:43","modified_gmt":"2011-02-16T13:38:43","slug":"morning-thoughts-21611","status":"publish","type":"post","link":"https:\/\/www.smbtraining.com\/blog\/morning-thoughts-21611","title":{"rendered":"Morning thoughts 2\/16\/11"},"content":{"rendered":"

Good morning traders,<\/p>\n

Word equity markets show a generally positive tone this morning.\u00a0 Asia is up roughly a percent (Taiwan and South Korea are down, however) and Europe is up about half a percent.\u00a0 S&P futures, Japan, and the UK made new 52 week highs overnight.<\/p>\n

In currencies, the GBP is weak, with big moves in GBPCAD and GBPAUD.\u00a0 AUD is generally strong, but smaller moves there.\u00a0 US Dollar index stands basically unchanged, at the high end of its overnight range.<\/p>\n

Treasury Futures are set to open flat to slightly higher.<\/p>\n

Metals are flat overnight.<\/p>\n

A little strength in energy overnight, with the products being much stronger than Crude.\u00a0 This is what we have been talking about for many weeks — strength in the Crack is persistent.\u00a0 Refiners tend to be less well hedged to the Crack than many other commodity stocks are to their underlying, so it is reasonable to expect this strength to carry through to individual refininers (VLS TSO WNR etc) on a swing trade basis.<\/p>\n

New York softs are strong in early trading, with Cotton putting in yet another impressive session.\u00a0 The exception here is Coffee which is off slightly this morning.<\/p>\n

Chicago grains had very weak closes yesterday.\u00a0 Watch for potential followthrough today.\u00a0 In the bigger picture, these markets have intact uptrends, but volatility is to be expected here.<\/p>\n

Essentially the same setup as previous days in the broad market.\u00a0 Expect more tight ranges.\u00a0 1325 held as support yesterday, and 1330 has established itself overnight as key inflection for today.\u00a0 Do not fade strength today, and expect the pattern of “every dip is bought” to be in play until you clearly see otherwise.\u00a0 It is also worth noting that, although the broad market has been unimpressive recently, there has been good play in individual names.\u00a0 Trade accordingly.<\/p>\n

\"Follow<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning traders, Word equity markets show a generally positive tone this morning.\u00a0 Asia is up roughly a percent (Taiwan and South Korea are down, however) and Europe is up about half a percent.\u00a0 S&P futures, Japan, and the UK made new 52 week highs overnight. In currencies, the GBP is weak, with big moves in GBPCAD and GBPAUD.\u00a0 AUD … Read More<\/a><\/p>\n","protected":false},"author":388,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[943],"tags":[],"class_list":["post-9964","post","type-post","status-publish","format-standard","hentry","category-adam-grimess-blogs","no-post-thumbnail"],"yoast_head":"\nMorning thoughts 2\/16\/11 | SMB Training<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.smbtraining.com\/blog\/morning-thoughts-21611\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Morning thoughts 2\/16\/11 | SMB Training\" \/>\n<meta property=\"og:description\" content=\"Good morning traders, Word equity markets show a generally positive tone this morning.\u00a0 Asia is up roughly a percent (Taiwan and South Korea are down, however) and Europe is up about half a percent.\u00a0 S&P futures, Japan, and the UK made new 52 week highs overnight. 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