Stocks...
DAX…11,860 is resistance and the upside pivot.
SHCOMP…put in an ORL last night down 6.5%. This is a big topping pattern right into 4617 first support.
Bonds …
10 Yr. Bonds…127.10 is the 200 DMA. This is support and the downside pivot.
Trade the level. Good above/negative below.
127.30 is momentum resistance.
FX…
USD/JPY…Yen elected the 2007 stops above 124.25 USD/JPY.
EUR/JPY… 135.70 + a few is resistance. 137.17 is the 200 DMA.
AUD/USD…76.25-40 is support. Closing below this level would be needed for a new leg down.
GBP/USD…151.55 is support and the weekly momentum level for more downside.
Commodities…
OIL…57.00-57.25 is the support zone and the downside pivot.
Copper…(N) needs a close over 2.86 to start a rally.
Natgas…(N) 2.80 will be pivotal.
Gold…1183.00 is the pivot for the yellow metal. Below, look for an initial $40 move.
General Comments or Valuable Insight
I took a position in mainland China yesterday. I’ll look at the U.S. ETF after the opening.
The Dollar could be done for a while. We’ve come far enough in a lot of different currencies to go into a consolidation pattern.
Trade the price action. I have no good ideas
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Current Positions…. Entry Stop TGT
Long MCHI 63.00
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……………………………………………………..Working Orders…No working orders
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