EUR/JPY…128.60 ish can reject the first time up. As long as this remains over 126 we’re looking for a test of 132 , however 128.60 is our first tgt level from the 123.30 weekly breakout when we said this could go 5 figures for a start. FYI…that was Thursday.
GBP/JPY…when we said not to fade this cross above 148 on Friday we meant it. This has the potential longer term to go to the mid to high 160’s.
CAD/JPY…the 97 level we spoke of last week seems to now be lining up with 128.60 EUR/JPY.
CAD/JPY maintaining above 97 is price positive.
30 yr. Bonds…147.20 now becomes a key pivot. Closing over 148.10 will lead to higher prices. Only a close below 147.10 ish will be negative. By remaining over 147.20 and closing over 148.10 we would expect to first see an attempt at 149.15.
Gold…needs all new sustained price action over 1593 for higher. The daily charts show that 1577 is a necessary hold level for price action to maintain over.
Oil (WTI)…needs over 94 for higher which was last weeks ORL #.
Brent..the upside retest level is 106.80. Closing over 108 would start to turn the daily charts positive.
Natgas…put in an ORH week. As long a this holds 3.95 on breaks it can go much higher.
IYT…was the key technical hold anchoring Friday’s rally. All new strength over 108.35 close is needed for higher
Copper…held our downside level last week. There is small daily resistance right here @ 338.30 ish, however the big level is 343 for resistance and upside closing momentum.
General Comments…
The Italian Bonds are being bought again today, following through from last weeks upside breakout, against the Gilts, Bunds, and U.S. 30 yr.
The Nikkei qtrly chart shows this as a potential resistance zone, however this is the only time frame that shows potential trouble.
Once these trends start to run they can be difficult to get on board.
Look for mid-week contra trend moves for trade location.
While the Spu’s and Nasd missed our downside levels buy a couple of points in Friday, we were very emphatic about not selling that weakness.
There is always another trade and you’ll be around to do that trade if you don’t attempt to initiate and chase
markets in the wrong areas. Missing something is Ok, there will always be another trade.
The lead months in the metals are JUNE (M) Gold…July (N) Platinum…
Short Term View…
Don’t fight the money printers.
It’s the first days of a new qtr., use the 3/28/13 closes for your short term pivots in everything!
Medium Term View…the qtrly update is out. This update is provided exclusively to current subscribers and will not be posted on our site until mid-June for general review.
FYI…Anytime you wish to look up levels, go to the website (Click on Pro Tips…add the instrument you are looking for in the box…) Everything I’ve written for the Month will appear.