Oil…94.60 is resistance
Euro…buy stops are 130.15. We’re only looking at this in relation ship to EUR/AUD as to which currency leads the cross higher. We’re looking for another couple of figures to go before running into resistance.
Nikkei…has failed.
DAX…closing under 8217 means Europe is done as well with an ORL week.
AUD/USD…needs to breakout of last nights range one way or the other for another move.
General Comments or Valuable Insight
It’s already started, Investors are hitting the exit for the weekend. The pattern retests failed yesterday into last night confirming an interim high in the Equity Indices.
Full Moon Trading…Trend changes happen.
Bull markets die hard, and every prudent investor should be buying protection on individual names.
I would look for two capital flows today, the first of which is happening now started in Asia and saw profit taking spill over into London. The second will happen late NY dominated by the computer programs.
The blind grind up is over as the short sellers return. You’ll now have company when you sell rallies in the Equity Indices.
Have a safe holiday weekend.
Note…we always write a stop with any instrument we‘re interested in. As the instruments become profitable
those stops should be raised to your entry level so you don’t lose money.
Short Term View…
Use the Chicago openings to help guide your trading.
Use the 4/30/13 closes for your short term pivots in everything!
Current Positions
Short 30 Yr. Bonds 145.05 144.05 139