Stocks...
Spu’s…it’s all about the close today and price action Sunday night into Monday. We keep rallying to unchanged on the week and failing.
The Dow and Spu’s both need to hold the breaks today and start higher into Feb. “Sunday night” for stabilization.
Nasd 100...i don’t see the catalyst for this to rally 60 + points to close higher on the week after AMZN bombed.
Nikkei...is showing a bottoming pattern, however I don’t trust it.
Better to wait for Sunday night and the start of a new month to see if
the pattern is real.
Bonds..2 yr. notes …are coming into 200DMA resistance.
This needs some work to get through this area.
The longer end of the curve looks to have an easier path higher today
even though all duration’s are getting overbought.
Money never sleeps…Cash has to go somewhere.
TLT…is firm over 126.40
FX…
USD/JPY…5 minutes to go to negative rates wiped out 6 weeks of Yen buying.
The Dollar low was right back to the 200DMA. The move is over.
AUD/JPY & CAD/JPY are very close to their respective 50 DMA’s
Commodities…
OIL…went to perfect resistance and rejected yesterday.
it will take a close over 35 for higher.
Short term Point & Figure range is 33.10 support…34.40 resistance
It needs to sustain above or below to go anywhere.
Hogs..(J)…this has been in an uptrend since November.
We’re close to the original 71.23 breakdown level from November.
I wouldn’t be looking for much more upside without some price consolidation.
Gold…looking at the spreads the easy money on the rally is over for a while.
Time to let this gestate.
General Comments or Valuable Insight.
It’s month end and everybody is exhausted.
I have no great insights or ideas.
We’re in a 50 point range in the Spu’s. Until we break out it’s a sell the rally buy the break affair.