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April 8 AM Equities Commentary: Todd Horwitz

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Good morning. This is Todd Horwitz from averagejoeoptions.com coming to you from the floor of the CME Group in Chicago, taking a look at Tuesday's opening in the equities area. And markets are basically flat. They've tried both sides of unchanged, but basically we're sitting around the flat line. And we can look at the 1840 level as last week we were looking at the 1880, 1890 levels, a resistance level. Today we can look at the 1840 level as a possible support. I would look for some sort of a dead cat bounce in the overall general markets here as we have been under some pretty good pressure. Look for a little bit of dead cat bounce, but I think now the top appears to be in, somewhere around 1880 to 1890, so we look to be a seller of this market at every opportunity. Watch the 1840 level closely as if we break below there then I think 1800 is our next objective. Gold has had a little bit of a rally this morning off of the bottom, and look for gold to hold over 1300, and look for gold to continue to rally. Crude oil, once again, due to some fear and some unrest, in the Mideast and in Russia, continues to rally higher. So the overall picture is look for the equities to probably bounce somewhere off the 1840 S&P. But looking for a spot to sell—probably my first sell target would be 1860. Markets look weak. Earnings start today with Alcoa. Let's see how they trade, but we're looking to get to the short side. This is Todd Horwitz from averagejoeoptions.com, coming to you from the floor of the CME Group in Chicago. [disclaimer] [disclaimer]

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Duration: 1 minute and 34 seconds
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Language: English
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Views: 29
Posted by: cmegroup on Apr 8, 2014

April 8 AM Equities Commentary: Todd Horwitz

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