Stocks...
Spu’s…1990 is the 50 DMA. The talking heads will all be focused on it today.
Low 1970’s will be initial support. A close lower on the day today would be needed to turn the herd.
Bonds …
30 Yr…156.06 is pattern support.
Bund…155.59-66 is mvg avg support.
FX…
GBP/USD…153.14 is the 200 DMA. Sustained price action over this resistance is needed for another figure.
Commodities…
Oil…50.16-35 is near resistance. 51.10 is the 200 DMA. Weekly moving averages show closes over 50.50 is needed for another leg up.
General Comments or Valuable Insight
Oil is driving the bus. Today I’d be looking for a rally to stop the first time up with the Oil printing over 50 while the Spu’s probe into it’s 50 DMA @ 1990.
This will be an exit zone the first time up and should provide a wiggle back down.
Having said all that the Spu’s have hit my upside projection from Friday. This is an area to lock in profits. That’s a full 100 points off Friday’s low which means it’s not a place to get all bulled up.
Given the day of the week and distance traveled day traders should be able to scalp from the short side and make money at the above levels.
Private wealth guys that are long a lot of stock or have high concentrations in individual names should look at their respective puts which should be relatively inexpensive.
Spu’s
Crude Oil
30 Yr. Bonds
