Monday, March 9, 2009

Market Notes as of close 06 Mar

Dollar gap lower to 26.40- Buy Response and gapfill as expected- Value Area Lower

USO continued consolidation at supply- Open Interest neutral and volume declining- Value Area slightly Higher

SPY/IWM auction lower-Buy Response into close-Value Area Lower

10Yr Bond consolidation- Increasing bearish skew at longer term demand (120)- Value Area Sideways

TF
414 Supply/435 Overhead Supply
385 Over/Under
342 Demand
Options show put bias

USO
28 Supply/ 30 Overhead Supply
26.05 Over/Under
24.10 Demand
Options show neutral bias (net long)