Wednesday, January 20, 2010

Morning Briefing for January 20th: Themes in Gear

Note how we're retracing much of the multi-day trading range in the ES contract, responding to the themes identified in my earlier post.

We had earnings news and election news that could not put this market above its range; that is telling. I continue to watch the "safe" currencies (USD, yen) vs. euro and Aussie dollar, and I continue to watch Treasury rates (another "safe" play) and commodities. So far, all the themes are in gear, contributing to the bearish sentiment we see so far in today's NYSE TICK.