Stocks..
Spu’s…the first set of sell stops are under 1735. Closing under 1730
will have us looking for a break.
Bonds
30 yr…by holding 135 look for the Bonds to move up to test 135.27 next.
Bunds…140.87 is the next area of interest with stops above. 141.70 is the longer term tgt.
TLT…maintaining and closing above 108.15 will lead to a run @ 110.
FX…
AUD/JPY…95.85-9605 is resistance.
USD/JPY…97.27 is the 200 day mvg avg. ( app 102.80 Futures)
this is where you would look for the Yen rally to stop, however the longer term charts show a deeper correction might be setting up.Yen bears should not give this level more than 30 points to see how much of a reaction you get.
this is where you would look for the Yen rally to stop, however the longer term charts show a deeper correction might be setting up.Yen bears should not give this level more than 30 points to see how much of a reaction you get.
AUD/USD…is seeing the expected price rejection off the 200 day mvg avg. Today’s ORL# is 96.41 with 95.80 being 1st support.
GBP/USD…Sterling is unchanged on the year after putting in an ORH
day. Now the Pounds are attempting to reverse. 161.13 is the ORL #.
day. Now the Pounds are attempting to reverse. 161.13 is the ORL #.
This level has to hold on a closing basis for the chart pattern to remain short term Bullish.
Commodities…
Oil…We’re initially looking for a low in crude today for a bounce.
97.60-80 is the pivot. 96.50-24 is mvg avg support.
This will be a price action trade off the pit opening range.
The support level is an area that is a free out for shorts to see how high it can bounce.
General Comments or Valuable Insight
Today is a contra trend day. Short term traders must make up their mind if they think the party can continue or not.
We have only a token long equity position in specific names with defined stops.
Use the Chicago Pit opening ranges to match up your technical levels with short term capital flows.
Short Term View…
Individual stocks look to be an easier read based off their own technical s. The Equity Indices seem stretched at these levels.
Go with the flow. Use the 9/30 closes as your macro pivots. Trade the opening ranges and early time frames.
Today’s Working Orders..
Current Positions…
| Opened | Price | Stop | |||||||||||
| IBM | Equity | Long |
10/17/13 |
174.5 |
169 |
||||||||
| GS | Equity | Long |
10/17/13 |
158.1 |
154 |
||||||||
| VIX | Equity | Long 14/16 call spread |
10/18/13 |
40 |
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