Stocks...
Spu’s…1990-92 needs to hold on the P&F for another bounce.
Closing under 1980 leaves way for a much bigger correction as laid out in the qtrly update.
Nasd 100… 4550-75 is resistance.
Bonds...
30 Yr. …bonds can lose steam anywhere into 155.00+- a couple of ticks.
TLT…is caught between the mvg averages. 121.32 50 DMA & 122.27 200 DMA
FX…
GBP/JPY…174.87 is where the macro sell stops are. This cross has potential for a sustained move with a Risk off board.
DXE...99.36 is the closing level needed for more gains.
Commodities…
Oil... 34.50-34.00 is support. 38.99 is resistance.
GDX…needs a close over 14.20 to start attracting buyers.
General Comments or Valuable Insight.
There were a few names that peaked my interest yesterday, HUM in healthcare and
the Natgas infrastructure names GPOR,LNG,GLNG & CBI.
NOV & HAL both have bottoming patterns.
This Natgas infrastructure group is trying to bottom. Right now it seems more of a dating affair than a marriage.
While I think the metals are trying to bottom some intrepid souls are bottom fishing in the miners. I need to see how the Equity Indices hold after the U.S. opening and whether or not the Funds decide the miners and the energy patch is the lowest risk place to park money.
Last night China intervened with the Spu’s trading on their highs just as London was opening. They obviously didn’t think much of the PBOC efforts.
Time Frame Trading…the board was Risk off and Dollar friendly right into London’s close yesterday.That capital flow ebbed with high volatility in thin conditions before the bots took the market down one last time into the final 30 minutes of trade so they could load up to front run the MOC buying.
The level will be just as important as the timing to get rewarded.
SHCOMP
S&P 500 25×3 P&F
S&P 500
TLT
GDX
HAL
