Stocks..

Spu’s…put in an ORL and has followed through this A.M.
1671.75 is point & figure support. A Friday close under 1665.75 would
have me believe this could turn into a good correction.

SDS…37.80-90 is the first resistance level. Closing over 38.50 would lead to
another run up.

Bonds…


FX…

AUD/USD…92.25 should be used as your near term pivot.

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

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

Commodities…

Gold…1300 +- 5 dollars will be the next level for the Bulls to have hold.

Silver…Point & Figure charts show 19.40 is the near term hold level. Price action
below this area would leave room for a good break.

Oil…use 104.90 as your short term barometer today. 104.27 was the last low for the run to the recent high. There will be resting sell stops below this level.  By staying below 105
we’re looking for a test 103.00.

General Comments or Valuable Insight

Time Frame Trading will be the order of the day.

Spu’s need to hold the overnight low and close over 1686 to go higher.
Today is the day that will decide whether we hold and rally into month end or not.

Short Term View…

Summer time trading is here with thin bot driven trading. Profit taking is setting in
across a wide array of asset classes.

With the Fed meeting mid week next and August Unemployment following on Friday,
most investors will be happy to clean off their desks and hit a beach Aug. 2

Trade instruments off their own technical s