Euro…130.60-30 is first near term support. “131.66” is the key level to focus on. Closing below this level Friday
puts in an ORL week.

USD/CHF…has the same pattern with 91.84 being the cash level to close over.

GBP/JPY…below 140.56 this cross can easily correct a couple of figures.

USD/JPY…There is a potential double top working @ 87.35 ( double bottom @ 114.53 Futures).
86.53 is the OR # for USD/JPY ( App 115.56 futures).

30 Yr….we think the bonds have to rally back to the 147 level before you start looking for a low in
the Equity indices to buy.

General Comments…

The correction in the currency crosses was led by the Euro yesterday, primarily EUR/JPY & EUR/AUD.
Yesterday the Suisse futures  put in an ORL day, however the cash did not. This disparity in the charts
was created by the CME , in it’s infinite wisdom!!!!, to not have Globex open on New Years Day. Supremely Bloody Stupid!!!!!!!!

Equity Indices & Individual sectors and instruments….

All the chart patterns are virtually the same, ORH days on Monday with the commensurate follow through yesterday.
The game will now be where and how these instruments hold on breaks.

Everything now is simple risk management. Those that wish to be short should do so against yesterdays close.
Bulls should be patient to see how the market reacts to a re-test of the Gaps left from Monday into Wed. A.M.

Now that everybody is all in LONG, can the markets maintain higher on the year?
The game is as simple as that. Time will tell.

Model Trading Portfolio……………..
Stop Close                         Profit Points
Long Feb AAPL 550/575 call spread
AAPL is a 20 % position.

Short Term View…

We are using Friday’s closes in everything for our trading bias for the qtr since all trading is bench marked against these closes.

Medium Term View… updated qtrly

These are static levels that do not change.

The Medium Term View will be included as a courtesy for our clientele in the A.M. Look. It will no longer be available in our archive section until the end of the qtr.