Keybot the Quant remains long. The algo is active today printing two numbes thus far. As it turns out, CRB is printing a 306 handle well under the 311.75 that market bulls need. Ditto the SOX which printed a 411 handle after the open now at 413, well under the 418.50 level. The surprise was the drop in copper. The dollar is stronger sending CRB and JJC lower but the drop in JJC was strong. Keybot is scanning the JJC 48.30 level which is a bull-bear line in the sand. It failed this morning but then recovered. The failure at JJC 48.30 ushered in the market selling that resulted in the SPX losing the 1396 level (1395.73 specifically).
The fight today is for JJC 48.30, watch it like a hawk since this one item will show you broad market direction today. Markets go up if JJC rises above 48.30, markets will tumble lower if JJC 48.30 fails. Note that the algo number came within four ticks of the signal line after the open. The market bears are trying to make a move and it would start with JJC 48.30.
5/6/12; 7:00 PM EST =
5/4/12; 9:00 AM EST =
5/2/12; 10:40 AM EST = +46; signal line +27
5/2/12; 10:00 AM EST = +30; signal line +26
4/30/12; 7:00 PM EST EOM = +46; signal line +25
4/29/12; 7:00 PM EST = +46; signal line +24
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