The DJIA is trading at two week lows around 12,750 (DJIA 12,678 is both uptrend support from OCT lows and the 50DMA.) Kraft foods is the only DOW stock trading in the green today. ES futures are down 21 pts or 1.5% at 1343.5. Also, EUR/USD is trading at session lows around the 1.31 level. The Long End of the yield curve is flattening out which means risk ahead? Are we still pricing in QE3? Crude Oil is trading at session lows around $105 as the Iran threat is disappearing. Defense Secretary Panetta states, “the US will take military action to prevent Iran from using Nuclear Weapons.” S&P VIX SOARS and is up $2.84 or $20.84 level.
“iPad 3” media event to be held in San Francisco on Mar 7th. iPad hype consists of 4G LTE that will boost video watching capability, high resolution retina display screen, and a rumor that iPad3 will have SIRI support. Total iPad shipments are expected to grow by roughly 20 million units in 2012. Apple is trading way off of its $516 daily lows at the $529 level.
UNUSUAL OPTION ACTIVITY:
A customer sold 37,624 XOP April 50 Puts for .81; this could be against a long stock position.
By Greg Zimny