Gold…needs over 1486 or under 1440 for a new signal. 1536-39 isgood low risk resistance. Lower retests are 1420 followed by 1400.
Silver…24.30 is resistance and the upside pivot. Buy stops are 24.80 which could lead to another dollar higher. Small sell stops reside @ 23.23.
Copper…32475 is first resistance. 330-332 is the best level for price rejection.
30 Yr. Bonds… 147.12 & 146.28 are my 2 downside buy levels. This is the only place I’m interested to buy the Bonds. They might not get below 148.04 but this is a day to put in those off the market orders just in case.
Oil…94.61-70 is the only place to look for price rejection. Below 92.80-90 Crude is vulnerable again.
EUR/AUD…126.75-127.00 is still the hold area. This level will be pivotal and run the next swing.
Spu’s…1596 or 1607 are the 2 early levels for resistance and price rejection.
I need price action back under 1581 for downside momentum.
Euro…129.70 is support and the downside pivot.
General Comments or Valuable Insight
Today is typically more about the Bond and Metals action.
This will be one of those days that you just have to respond to the price action,hence I’ve picked a couple of off the market levels, that if filled, have the potential for a good reaction the first time in.
I’m not Carnac the Magnificent, these orders are not a reflection of how I’m handicapping this data. I am simply placing orders at technical levels that would be overextended, giving me the opportunity to then react to a fill.
Trade of the Day
TLT…Place an order to Buy @ 120.90.
This should match up with my 30 Yr. downside buy levels.
Yes,if we get filled on these, the Spu’s would more than likely be 20 points higher.
Today is one of those days that I like to put in orders way off the market. If we get hit we’ll then react to the position.
Gold…1539 is where the Yellow metal broke down from last month. You won’t get hurt by placing an order to sell @ 1536. This is one of those levels that should reject the first time up and give you good opportunity to make some money.
I look at these off the market #’s as Lotto levels. If you don’t place the order (Buy the ticket) you won’t have a chance to play after the fact.
SDS….We are still Long SDS and will not be trading them in pre-market.
A follow up stop will be sent out before the NY opening.
Short Term View…
Use the 4/30/13 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.