Stocks...
Spu’s…2065.50 is the weekly ORL # and today’s 50 year line. Do not over trade this level. This will be an end of day game to see if the chart patterns can be saved.
Nasd 100…4620 is the weekly ORL #.
DAX…10,867 is the weekly ORL #.
NEM…Newmont is trying to turn up. Keep your eye on this if the Gold can hold today.
Bonds...
Should trade in the opposite direction of the Euro in the near term.
FX…
Euro…the major levels coming down will be the same as those going up.108.00-25..107.40..106.90. These are levels to cover shorts and only look for small bounces.
Yesterday’s high @ the 2 P.M. pit close was just shy of the 50 day matching the same levels in the Swiss Franc.
Euro traders should be focused on EUR/JPY & EUR/AUD for the next move.
EUR/AUD breaks down under 148.20, it’s 200 DMA.
EUR/JPY 133.22 is the 50 DMA, below it weakens again.
NZDUSD…the Kiwi looks like the best outright long commodity currency, however it needs a close over 67.35 for continued strength.
Commodities…
Oil…41.68 ( the monthly close) is the 50 yard line today.
Everybody is short the oil. I prefer to wait out the OPEC news
General Comments or Valuable Insight.
You could tell from yesterday’s action that the Long dollar crowd was parking all that dough in the long end of the curve.
Everybody has been putting out higher targets for the Euro @ 111 and then the breakdown level of 112.00
Euro doesn’t have to go any higher than it did yesterday. There is certainly nothing that says we don’t go all the way back to retest the weekly breakout @ 106.90 before another attempted rally.
EURO…daily
EURO
KIWI
EUR/JPY
EUR/AUD
Euro 25×3 Point & Figure
