Stocks...
VIX…12.66 is the 50 DMA resistance and the short term upside pivot.
13.62 is the 200 DMA.
Nasd 100…4080 is the first exit level for this swing. 4160 matching the 2000 semi annual high is the second tgt.
Tech and Biotech are not done. At some point NASDAQ will trade those levels and higher.
Bonds
TBT…needs price action and a close over 58 for escape velocity.
FX…
GBP/USD…166.77 is today’s 200 DMA & last night’s high. Only closing over 167.30 is short term positive.
EURO…has lower targets, however it is trading oversold. Sell rallies not breaks.
USD/JPY… is quietly going higher. ( breaking down against the Dollar.) 102.45 (app 97.65 Futures) is a low risk place to sell Yen and buy Dollars.
Commodities…
Crude…Sept. Expires today. 96.42 is momentum resistance followed by major mvg avg resistance @ 97.51-63.
Sept and Oct look different. The Oct. (V) contract could rally to 95.00 while the Sept contract needs over 97.50 for higher.
General Comments or Valuable Insight
Welcome to the Mid-Week Shuffle. Let’s see if today precipitates one of those mid-week breaks to nowhere in the Equity Indices.
Today will get busy when the Fed minutes are released @ 1:00 P.M. CDT.
Managers have been playing the Vix Mid Week to buy portfolio insurance without selling stock.
This has been a low risk strategy, provided you kick out the insurance once you see a trad able low in the Indices.
