Stocks...
Spu/Bonds…have two negative patterns that followed through to the downside, followed by yesterday’s positive formation which is now retesting the breakout.
Be very patient to let the board play out today.
Bonds
30 Yr. Bonds (H)….135.15 is resistance and a potential double top with the macro Buy stops @ 136.08
FX…
USD/JPY…is going to struggle to get through 101.20 (app 98.80 Futures). This is today’s OR level along with the commensurate stops.
If elected, look for a test of the 200 day @ 100.37 (99.63 Futures).
The Equity Market has to go Risk Off to see this level. Yen traders who’ve been waiting to sell can try it here with a tight stop to see how much of a reaction you get.
AUD/JPY…91.85 is the pivot. Good above/negative below.
EUR/JPY…140.66 is the 50 day mvg avg and today’s ORL # with stops below. I would not be in a hurry to fade this price action.
Commodities…
Wheat…6.90 will act as resistance and the upside pivot. 6.65 is first support. A failure here would lead to another 20 cent sell off.
Soybeans…13.70-76 is the key closing pivot level for a 30 cent swing either way. 14.12-14 is resistance. Closing over this level can lead to a test of the recent highs.
Corn…4.87.90 is resistance and the upside pivot. Maintaining and closing above the pivot should lead to another 15 cents.
JJG…48.60 is resistance and the upside pivot. Once above, 50 is the first tgt.
General Comments or Valuable Insight
Yesterday was just one more day where instruments ripped from support to resistance in a very short time and then stopped.
Opening Range Time Frame Trading again today.
Short Term View…
Keep trading to make money. The opportunity will be in individual names.
Individual stocks look to be an easier read based off their own technical s.
We are Neutral Equities.
Current Positions….
Long BAC March 14 18 Call .11
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Today’s Working Orders
No working orders
