U.S. Markets: Sold off … again … NQ down 8th day in a row … AT&T sold off around 10% on statements that it sees slowing consumer spending before closing down “only” 5%. Countrywide Financial down 28% as bankruptcy rumors fly. Today morning we see a tiny bounce on Clinton and McCain wins in primaries. Alcoa to kick off earnings season later in the day.
Asian Markets: Slightly up after early selling, seemingly waiting for a bounce in New york, to trade up
Commodities/Currencies : Oil bounces before release of numbers, Gold trades new All-time-high, corn trades 11-year high. Yen weakens slightly.
Events: US … Mortgage Applications, Crude inventories, FED’s Poole to speak Europe: Industrial Production for Germany
Ideas/Strategy: Expect to see a retest of yesterday’s low … if not broken, expect short covering rally before Bernanke speaks on Thursday.
supports: 7835/40 … 7820 … 7760/70 … 7720
resists: 7890 … 7925 … 7940/50 … 8000/8005 … 8040