Stocks...
Spu’s… 2040 is today’s support and downside pivot. 2061 is resistance.
A close over 2067 is needed for higher.
NFLX…has rallied 18% from Monday’s low. 118.80 is extremely overbought. It’s also a retest of the weekly breakdown # from Aug 10th. 115.25 has to hold on retraces to maintain the current bid tone. 125 is in the cards if it maintains into year end.
Bonds …
30 yr. Bonds...short covering begins above 154.04 resistance. Look to be a seller @ 155.10. It would take a close over 156.00 to turn the Bonds up. anything above 155.10 the first time up I’ll look to fade.
FX…
Euro…has a double top and a double bottom on the daily chart. Buy stops are above 106.93-Sell Stops below 106.34.
Euro might not get any higher than the early London high of 106.93.
Trend resistance is 107.69.
Which ever way it resolves I’d be cognizant that either breakout might not follow through.
Commodities…
Gold…had one intra day 50% retrace bounce yesterday into 1073. 1972.30 is the qtrly ORL#. Gold remains weak below targeting just below 1000. Short covering begins above.
I need to see Gold stay under 1073-4.
OIL…(Z) sustained price action is needed over 42.20 for any attempt higher making 41.90 (the high of value on the Point & figure) as good a place as any mid-week to look for a high.
The December contract expires on Friday. January is now front month with a $1.10 premium over DEC.
General Comments or Valuable Insight.
It’s the mid-week shuffle with all eyes awaiting the Fed minutes this afternoon.
Don’t chase early direction in the Indices up or down.
A hawkish Fed will see the Dollar rally and the Gold sell off.
Gold..
December Crude
