Stocks...
MMM…141.50 close is support and the risk for new longs. Closing over 143.40 leads to more upside. A close below 141.00 is needed for a correction of a few percent.
Bonds
Bunds (M)… 146.55 will be resistance and the upside pivot
Bunds (M)… 146.55 will be resistance and the upside pivot
FX…
EURO…136.47-61 is mvg avg resistance and the upside pivot
Commodities…
Grains…last night’s lows in the Wheat and Corn look to be descent levels for a bounce.
JJG…46.70 is the 200 DMA and a low risk buy level.
OIL…103.45 is short term resistance. Price action above here is needed for an attempt at the low 104’s.
Brent…109.60-80 is resistance.
General Comments orValuable Insight
The Equity Indices are treading water after this recent month end rally
awaiting the ECB tomorrow morning.
Managers that want more exposure should look to Germany & Spain later today.
We’ll take a look later in the day for Calls in near strikes (48) for expiration June 6 or 13.
JJG looks to be the most attractive instrument to trade. It’s had a good sell off with the Corn & Wheat being very oversold.
I’d rather just be long the ETF than play the options since the expiration’s are for June 14 followed by July 14.
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.