Seeing the ads on CNBC for NutiSystem's newest lowest prices ever, make me think we can solve all of the Middle East and emerging market's problems by shipping them some cheap, great tasting food!!!  Hurry now and you can have it in time to watch the Super Bowl on Sunday!!

Seriously … with proof of food inflation all around us and with shipping costs sure to rise (fuel costs!!), how is NTRI going to avoid margin compression?  Bernanke and his buddies tell us not to worry that the slack in the job market and the miracles in productivity will save the day … will it save NTRI?

Cheers … Leaf_West

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I was doing work on NUE back in the middle of Jan when it was trying to break the $45 level … I think with the numerous signs that the economy is picking up, the break over the past few days is just the start to several weeks of out performance.

Going to try and swing this trade in both my trading accounts and macro accounts.

Cheers …. Leaf_West

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I know I beat the FCX and Copper horse pretty senseless but they are great market indicators and FCX is a great trading stock.  I blogged about the strength of copper over the recent past and today the ETN broke to a new high.

Is this the final wave 5 move?  Watch internals for clues as the ETN's (or futures chart)  price pushes higher into the expected wave 5 targets.  I have those at $61.60 for the 61.8% and $65.10 for the 100% target.

What is FCX doing as copper is making its push?

FCX is still well below what we thought at the time was the wave 5 high/top.  As noted, FCX is now above the daily 20/50 EMA's ($112.33 / $110.48).  It appears that FCX should fill the Jan 20th gap and get to $114.70.  the 61.8% retracement from swing high to low is at $115.80 … price could make its way up to that point and still be "officially" still in a retracement off of the low.

Keep your eyes on FCX/Copper to have a sense as to the strength of the equity markets.

Cheers … Leaf_West

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We are breaking above the important 10:30am eastern benchmark/pivot area … looks like a TREND DAY in the making

Volume so far today is supporting the move higher …

 
Cheers …. Leaf_West

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Wow what a day … the market that was looking for a reason to correct and got it in the form of Egypt's public protests.  I guess we know why the US gov't keeps extending unemployment benefits, food stamps etc.  It doesn't seem possible but without these programs, the scenes from Egypt could very well be coming from Chicago or Detroit or …..

After that pleasant thought, let's review the day's action in the SPY …

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