Stocks...
Spu’s…1933 is as good a # as any for a short term bounce.
Nasd 100…4265-75 is the next oversold bounce level.
AAPL...94.77 is semi-annual trend with macro stops below 92.
XLE…54.26 is the 2011 low. Ultimate fib support is closer to 50.
NFLX… 119.11 is closing resistance.
AMZN… 620 yesterday and bounced. It’s still a key closing level.
Bonds...
30 Yr. ... 157.15 -158 is the level to look for the bonds to print.
Price action around 155.24 200DMA will be telling
FX…
EUR/NZD…broke out last night above the 50 & 200 DMA cross and is putting in an ORH week. This is reflective of the Equity turmoil and commodity slump.
Commodities…
OIL…ran the long term stops last night. This is the minimum price action I was looking for to start paying attention for an oversold bounce. I’ll wait.
Gold...long term P&F broke out to the upside yesterday above 1089. The breaks into the low 90’s have been holding.
General Comments or Valuable Insight.
Nasdaq & Spu’s both looked like they would hold yesterday after the late day sell off.
Both looked as though U.S. buying would put a positive spin and bid for Asia.
Not to be. Direction has been set between 7-8 P.M. CDT since Sunday. This is when to look for signs of a market hold or fold. It’s all about China right now.I’ve seen this movie before in 2000 with the Nasd 100 top.
Look for failed rallies to participate. I still have road rash from buying the first break after the Nasdaq topped.
You’re going to get big oversold rallies off these China driven breaks in the U.S. session,
however owning any equity should be seen as a speed date vs a marriage.
Until I get a buy signal on my weekly maps I don’t advise buying and holding.
Equity markets are a long way from historical trend.
OIL & Canadian Dollar…both are getting to oversold levels with the Canadian short specs at record levels. Everybody is one way.
Currently there is no bounce to either. They should line up together for a bounce at some point. I just don’t think it’s there yet.
I’d rather be late than early. No bottom fishing just yet.
The Equities and Energy will likely be a tandem event when world Equity markets stabilize.
Nasd 100
GOLD
EURO/New Zealand Dollar
