State of the Union Tuesday

Yesterday traded very slow. A pensive market, perhaps. In the RUT, I look for a break out above Friday’s high, 914.15. A touch near 910 without sustained follow through may indicate a turning point and probable victorious reversal attempt at breakout from the recent range. The Fed is buying 2.75-3.5 billion in treasury coupons today; Esther George speaks at 8:30AM PST. The President of the United States speaks to Congress this evening.

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Update 5:51AM PST

Overnight Russell futures went to 909; now they are trading above last week’s/ all time highs. The S and P 500 and Dow Futures are also trading up. Bonds are down, and the EURO is trading stronger than the USD. If it wasn’t options expiration week, I might judge that we’re definitely going higher. As it stands, the 20 day simple moving average is near 900. Anywhere close to that is a likely buy.

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