Stocks...
Spu’s…near term sell stops are under yesterday’s last night’s low of 1928.50.
Nasd 100…4265-75 is the next oversold bounce level.
XLE…54.26 is the 2011 low. Ultimate fib support is closer to 50.
XOM…the pattern is hardly an advertisement to buy Oil with an ORL day, although it’s getting the same oversold signals as the rest of the board. Be patient for signs of an Oil low before getting sucked back into the names.
Bonds...
30 Yr. ... 157.14 is the level to look for the bonds to print with a big drop in the Indices.
This fills the gap on the U.S. session chart.
FX…
EUR/JPY…put in an ORH day matching up with the general oversold condition of the entire board.
The yen crosses AUD/JPY & GBP/JPY are all having oversold bounces.
With a Risk On board they will continue to bounce
Commodities…
Gold...needs to hold an initial sell off after the unemployment data.
A close over 1112 is needed for upside weekly momentum to continue.
Always a big day for the metals.
GDX
General Comments or Valuable Insight.
Deja Vu
The board, from a technical viewpoint, looks eerily as it did for the Oct 2 unemployment.
The same oversold condition with an attempted rally Thursday night, followed by a 50 point drop on the #, only to hold and have a rally for a few days.
Other traders must be having the same flashback since the Spu’s dropped 15 points since i started writing.
That unemployment low was 1886 in the Spu’s.
Just be careful of selling weakness given the oversold readings regardless of what transpires @ 7:30 CDT.
The only dog I’ve got in this hunt is a small GDX position.
If the initial reaction to the data is risk off I’ll use the strength to exit most of the trade.
Spu’s
NFLX
AUD/JPY
Crude
