Stocks...
Spu’s…could go as low as 2046 and hold up.
Midcap…14,300-14,320 is support and the closing downside pivot.
DAX…10,000-10,050 is the resistance zone and the closing upside pivot.
Airlines…Follow the oil. The Airline stocks have come a long way and are a little rich up here.
Bonds …
30 Yr. Futures… we’re back at 144.14, which has been a pivotal level for the past few quarters. Give this a little time this A.M.
FX…
GBP/USD…157.30-40 is short term resistance and today’s ORH level.
Commodities…
OIL… 69.50 is resistance. Only price action above this level will hurt the long term Bears.
Copper…it only took three years to get the stops and some follow through below 2.95.
2.74 is bounce zone the first time down.By remaining under 2.95, Copper could trade to 2.53. Sell big rallies/ not breaks.
Wheat…has been keeping the JJG firm. 5.85-7 is key closing resistance, which we’ll monitor for our JJG long.
General Comments or Valuable Insight
Let the board set up this A.M. We’ve seen some big moves over the holiday weekend in the Metals and Oil.
The Metals & Oil are stabilizing for now after overnight swan dives, awaiting NY traders to come back to their desks.
The Rouble is imploding with Oil prices with the Pound seemingly the beneficiary.
A general rule of thumb is to use Friday’s closes for your pivots and general market tone.
I took a couple of small bets via the options in the metals for a possible upside breakout.
I’m just going to leave them alone to expiration and be very happy I didn’t have a futures position on.
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Current Positions….
Long Ford (F) 14.19 14.00 Close
Long GDX 5 DEC 14 21 Call .36
Long JJG
Long SLV 12 DEC 15 16.50 Call .16