ECB on a rescue mission again.

Once again US economic data showed sign of weakness right from housing to Industrial production, but US stock market made a huge come back with Dow rallying 194 point and S&P500 rallying 21 point. Spanish 10 year yield was above 6.10% but it looks like ECB has intervened one more time and now its back to 5.88%.  Same way Italian 10 year bond yield also dropped 2% to 5.47  

Market like free money whether its from Fed or ECB. Since Fed closed the door temporarily market was looking at ECB action and they were happy to see ECB priting money after Spanish and Italian bond yield were raising again. ECB again carried their fine tuning operation after some few week gap. You cannot fight FED or ECB printing money. So either stay away from the market or just follow this market.

The first level to check for tomorrow in Dow for upside is 13164 followed by 13197 which is important break point for the upside. While for the downside, Dow needs to break 13049 followed by 12974.

The first level to check for tomorrow in S&P500 for upside is 1395 followed by 1399 which is important break point for the upside. While for the downside, S&P500 needs to break 1382 followed by 1379.

There is no economic data coming out tomorrow except oil invetories at 10. 30 EST. A positive inventory means bearish sign, while a decline in inventory means bullish sign.

For Earning watch out EBAY, YUM, AXP, QCOM, PNC, VMW, ABT.

For Day Trading watch out PCLN, AAPL, GOOG, FAS, FAZ, TNA, TZA, SVXY, UVXY, TVIX, XIV, IBM, INTC. (Remember volatility should be played on daily basis and its not a good long term investment)

For Long term play watch out INFY, NOK, PCX, WLT, ILMN.

Overall stay away from this market or play on daily basis.