Stocks..
Looks like most of the world has deemed Congress irrelevant, however the emerging markets look open for business.
RSX (Russia), VNM (Vietnam),PIN (India) all have great chart weekly patterns.
OIH & XLE are the two etf’s to keep on your radar for early Monday. By holding early and starting up this week, your going to want to get on board.
Spu’s…1664 will be a pivotal hold area, below more downside into the mid 50’s.
FXA… use 93.80 stop on close for Longs. Targets are 95.15/ 96.70.
Bonds
FX…
EUR/JPY…131.42 is support. Weekly stops are below 131.35.
AUD/JPY…sell stops are below 91.27 . The support zone is 90.30-50.GBP/JPY…shows a monthly and qtrly double top @ 160 as well as an ORL week. If the pattern proves out, look for downside follow through to the 154.40’s to start.
USD/JPY…96.63 is the 200 day today (app 103.48 Futures)
Commodities…
OIL…102.50 is support. 103.50-60 is resistance. Look for an initial dollar either way out of this range.
General Comments or Valuable Insight
The stop in the AUD/USD is wider than I usually like. The pattern shows a daily double bottom from Friday @ 93.88. I’m actually surprised how well it’s held up in the face of weak U.S. Equity Indices overnight.
Short Term View…
We’re in a game of picking the next low for an attempt back to the highs in the U.S. Equity Indices. Right now individual stocks look to be an easier read based off their own technical s.
Go with the flow. Use the 9/30 closes as your macro pivots. Trade the opening ranges and early time frames.
Today’s Working Orders…
Sell 1/2 AUD/USD @ 95.14.
Sell 1/2 FXA @ 95.10.
Current Positions….
Long AUD/USD 94.32 93.70 Close 95.25/96.75
Long FXA 94.31 93.80 Close 95.15/96.70