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Daily Market Notes

Bank etfs fall below major support levels
February 11, 2016

Market Notes (2pm ET): Gold jumped again following recent consolidation. The gold etf $GLD is closing in on $120 resistance and a close above that level would be an indication of continued bullishness. However, the rally could come to an abrupt halt should oil ever decide to reverse course.

A lot of rotation today out of energy producers and banks and into REITs, media, auto parts retailers, and restaurants. Three bank etfs ($KRE, $KBE, $IAT) all breached major support levels as many individual names plunged to new yearly lows ($C, $BAC, $WFC).

1:50 pm ET: Intraday support/resistance:
SPX 1813/1847
DTX 680.6/695.4
DJIA 15470/15900
Nasdaq 4202/4268
RUT 939.1/958.9
VIX 27.7/29.3 (falling VIX is bullish but VIX over 20 means bears are in control)
Trin range: 0.85 - 1.2 (neutral)
Average VWAPs: +90/-100 (rotation out of energy producers & banks; into REITs, media, auto parts retailers, restaurants)

Yen continues to soar
February 10, 2016

Market Notes (1:55pm ET): Bullish strength appears to be waning midday. Calculated support levels indicate there's a lot more room to move to the downside before the close.

Oil etfs $USO & $OIL are retesting recent lows with no capitulation in sight, unfortunately. The Yen ($FXY) continues to soar against other currencies, up 1% today and up 6.25% since 1/29.

1:40 pm ET: Intraday support/resistance:
SPX 1848.4/1881.6
DTX 698/710
DJIA 15930/16200
Nasdaq 4298/4370
RUT 962.5/983.5
VIX 24.65/26.85 (falling VIX is bullish but VIX over 20 means bears are in control)
Trin range: 1.05 - 1.8 (very bearish)
Average VWAPs: +117/-68 (bullish but bears are still in the picture)