Stocks...
The big cap momentum names have put in topping patterns which we didn’t see in the earlier year sell offs.
AMZN…sell stops are @ 620 with 612 being first support.
Bonds...
30 Yr. Bonds…156.02, old resistance, is now support and the downside pivot.
TLT…124.28 is mvg avg resistance and the bottom of the weekly cloud
FX…
Euro… caught between the 50 day (109.45) & the 200 DMA (110.33)
The Spread to March Futures is currently +26 ticks.
EUR/AUD…151.88 is the 50 DMA.
Commodities…
Natgas…is currently running the macro sell stops under 1.90. This is not something i advocate trading, however price action back above would trap the near term shorts.
LNG or GPOR would be worth a look if you want to bottom fish for a short term pop.
Gold…the mini range is 1060-2 (the unemployment low) and 1079. Sustained price action above 1087 is needed for an upside breakout.
OIL…33.20 is the 2009 low. Be on your toes for a short covering rally with the Running of these stops.General Comments or Valuable Insight.
Currency expiration are @ 9:15 CDT with the exception of Canada which expires tomorrow at the aforementioned time.
We witnessed the same type of price action in the Spu’s during the Mid-November sell off.
The downside target was 1965-70 then as it is now.
November, we got a Sunday night low and a big rally.
Given the Fed on Wednesday and the general reticence to add risk going into the mid week event, we could get there.
Last night’s rally is waning into the U.S. session with the Oil fading and the DAX failing to hold.
Euro
EUR/AUD
Natgas
Crude
TLT
