Stocks...
Spu’s…(M) 1871 will act as resistance. 1857 is the February close, which will act as a short term pivot.
Nasd (M)…3691 will be resistance. 3700 is the February close, which will act as a short term pivot.
3615 is mvg avg support.
QLD…put in an ORL day. 110.98 is mvg avg support
Russell TFM…needs sustained recovery over 118800 to stay firm into qtr end.
PCLN…needs price recovery and a close back above 172.50 for higher.
NFLX…390-400 is support.
GOOG…has been holding the 50 day mvg avg support on breaks.
1178 is today’s #.
Resting sell stops are @ 1172 targeting 1155 as next support.
ALXN…put in an ORL week and closed on support near 156.
Once convincingly below, look for another 13 dollars.
IBB…put in an ORL week, 233 is first good support with monthly sell stops below.
Bonds
30 yr. Bond (M)….132.27 is today’s 200 day mvg avg. 133.24 will be the lowest risk sell #.
TLT…109.60 is resistance the first time up.
FX…
AUD/USD…is in the middle of a 150 point range. 90.00-91.50.
USD/JPY…101.90 is short term resistance (app 98.14-20 Futures)
Commodities…
Wheat…needs to hold 6.93 support for higher.
GOLD…the sell stops are at 1320.80.1299-1302 is major mvg avg support, the confluence of the 50 & 200 day mvg avg.Closes below this level can open the way to 1265.
SILVER…weekly sell stops are @ 19.91. Recovery over 20.60 is needed for higher.
General Comments or Valuable Insight
I’m looking for a trade in the Bonds. This is not something I’m married to.
Long Gold/Short Copper has topped as seen in the chart.
I’m not looking to trade copper until next week.
In the meantime you could see more profit taking in this spread going into the end of the qtr., which means it will be tough to get rewarded selling Copper at these levels.
It looks to be the wrong way on the spread.
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.
We’ve included our medium term view from the beginning of the year so you can get a sense of what’s happened and where the markets are now.
Current Positions….
Long GDXJ
Short Oil (K)
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Today’s Working Orders
Sell 30 yr. Bond Futures @ 133.16
Sell GDXJ @ 41.80 OCO 39.
40 Stop
close
BUY Oil @ 97.80 OCO 100.20 Stop intra day
