Stocks..

RIO…Rio Tinto is bottoming on a monthly chart. We’ll buy this on a break
@ 44.60-70  given the opportunity before month end.

PAAS…the chart pattern looks good as long as there is no close below 12.40

SLW…23.40 is the near term hold level. Maintaining above 23.40 will lead to a test of the resting buy stops @ 25.18.

MCP…has broken out to the upside on the weekly charts. The daily shows closing above 7.45 keeps this on a buy. This should test 8.25 which is also the monthly closing break out level.

X…18.30-50 is the lowest risk buy zone. We’re looking for this to
test the 20 area.

PSX…60 is resistance. A close above 60 will lead to another 2 dollars.

TSO…as long as Tesoro holds 54 short term traders should look for a test of 56. A couple of closes are needed above 56.30 to take another run higher.

CAT…has to hold 84.90 to avoid lower.

Bonds…

TBT…72.43 is the qtrly close. Like the 30 Yr. @ 135.27, this is the only level
short to intermediate traders should be focusing on.

They are both “go or no go” levels.

FX…

AUD/USD…the resting buy stops are 93.00-25. Aussie tried to rally twice last night over 93.00 before breaking. 92.22 is the daily ORL # with all new weakness under 91.50 needed
for lower.

USD/JPY…99.29 is the macro pivot. ( App 100.87 Futures)

YCS…64 +- a few ticks is the corresponding level.

Commodities…

Oil… Use 106.90 as your short term pivot.
108.50-75 is resistance. One must use very tight
Stops selling @ resistance since closing over this level will lead to a test of 112.

USO…38.64 is resistance and the upside pivot.

General Comments or Valuable Insight

Time Frame Trading will be the order of the day.

Short Term View…

Summer time trading is here with thin bot driven trading. Many markets are extremely overbought.

Trade instruments off their own technical s

Working orders….

Buy RIO @ 44.70

Sell Sept. (U) Crude Oil @ 108.70