Morning Rage 3.21.2012

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Metals, (Silver and Gold) are finally trading in the green this morning after a few days of heavy selling pressure. Gold is trading at the all important support 1652 level and Silver caught a bid at the 31.75 level as investors want to own Gold rather than the Euro. Crude Oil is showing no sign of weakness and is staying above the 106 level for the time being. Their is a lot of risk premium built in Crude as speculators think a Middle-East war is inevitable.

Economic Events:
UK BoE Minutes and 2012 Budget Data
Bernanke will be lecturing on Monetary Policy at George Washington Univ.
Existing Home Sales

Cam at the Close 3.20.12

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Tomorrow bring us more housing data with Existing Home Sales at 9:00 AM CST and an important Oil Inventory Number at 9:30 AM CST. The important levels in the S & P 500 Futures for tomorrow will be 1391.75 and 1393 to the downside and 1408.25 and 1411 to the upside. I am bullish and always look to get LONG on dips. Have a great night guys.

Halftime Report for 3.20.2012

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ES is currently trading in a tight 14 point range. Crude Oil is down $1.76 or 1.7% at 106.25. Perhaps the “SPR (strategic Petroleum Reserve)” is priced in WTI. Also, Saudi Arabia will help with any shortages of Crude/Brent Oil. Also, Saudi Arabia reported that the ideal price for a barrel of oil should be around $100. BHP Billiton, the world’s largest miner, expressed concerns regarding the possibility of a slowdown in the demand of metals in China.

Todays Economic Events:
Bernanke speaks at 11:45CST

Wednesday’s Economic Events:
UK Bank Of England Minutes and 2012 Budget.