Stocks...
DAX, Euro Stoxx et al expire this A.M.
You could get two capital flows today. One up into Europe’s close.
Then we’ll see if our indices keep getting bid up into our close.
I’ve attached charts to show that many instruments are now flashing overbought.
This does not mean I have a sell signal, it just means you should not chase strength.
Spu’s could trade 30 points higher.
Trying to pick a market top on a Friday against positive weekly flows is unwise.
Bonds..
Bund…have a big gap that they want to go fill.
FX…
GBP/USD…163.35 is support. 165.60 is Plaza accord Fib resistance.
Commodities…
Crude...anything over 40.99 should not be chased the first time up.
Next week we’ll have new targets and levels.
My next # set in Oil starts @ 45.72.
Energy and the related names should be firm into Tuesday without a firm rejection
after N.Y. Pit opening today.
General Comments or Valuable Insight
Silver and Copper are beginning to gain on Gold.
Silver shows monthly closing resistance @ 16.17.
Equity Indices retested yesterday’s highs with potential double tops on the P&F charts. Sustained price action above yesterday’s highs will have the indices doing the overbought creep higher.