Stocks...
DXJ…56.87 is this years high with resting buy stops above which should test 57.50-75, the 2014 high.
Nasd 100…there is a potential weekly double top @ 4441, however once above do not fade.
DAX… A close over 12,070 is mvg avg resistance will lead to more strength.
Bonds …
30 yr Bonds…I need to see a close below 162.23 for the Bond to rollover.
FX…
CAD/JPY…has been trading either side of the 200 DMA @ 97.51 for the past few days.
maybe the oil can break it loose from the level today.
A big rally in the Oil should be price positive Canada.
Commodities…
OIL…CME (K) May Crude Futures expire today. The past expiration days have been
opening range trading affairs of the N.Y. Pit opening.
opening range trading affairs of the N.Y. Pit opening.
June (M) needs sustained price action under 56.50 to weaken.
General Comments or Valuable Insight
China Mobil was a standout mover yesterday taking back a weeks worth of profit taking ( app 7%) in an hour.
It’s a risky name to hold overnight, however it’s proved to be a good barometer for risk on.
Japan is the low volatility trade. It’s back to the April highs matching a similar pattern in the Nasd 100. DXJ is a manageable name. We’ll keep this on our radar for a possible trade today.