The holiday is over. All that remains of the President's Day cake is George Washington's left ear and Lincoln's hat. Copper is key this morning as shown in the prior charts. Watch JJC 46.50 as a bull-bear line in the sand. The broad indexes will sell off if JJC loses 46.50 which appears to be on tap. UTIL 468.08 is also important today. If both the JJC 46.50 and UTIL 468 levels fail, Keybot the Quant, Keystone's trading algorithm, will likely flip short. Keybot has been long since 12/31/12. For the SPX today, starting at 1520, the bulls need to create a new intraday high for 2013 today at 1524.69, if so, the upside will accelerate to test 1531. The bears need to push under the strong 1514-1515 support level to accelerate the downside. Friday's action tested this critical support and the SPX bounced. A move through 1516-1523 is sideways action. The 10-year yield is 1.99%. Under 2% is equity bear-friendly, above is equity bull-friendly. WTIC oil is testing the important 95.50 level (reference last weeks chart; type 'WTIC' into the search box above) this morning and has now bounced and sits near 96. Up oil = up markets. Down oil = down markets.
The Housing Market Index hits at 10 AM so markets may experience a stutter step. As mentioned on the weekend, the housing sector is uber important this week and will likely decide if the broad indexes top and roll over, or, if the upside continues. There are several companies reporting earnings this week in the housing sector so their guidance forward is key, the earnings will surely show blowout numbers. The Housing Starts are the most important economic number this week at 8:30 AM tomorrow. DELL and HLF earnings will provide drama today after the bell. Pay attention to the copper (JJC), utilities ($UTIL), volatility ($VIX) and retail (RTH) sectors today. The Sequestration is only ten days away. President Obama will make a speech this morning concerning the automatic spending cuts, using the firemen as props.
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