USD/JPY…point & Figure shows a double top ( Bottom in Futures) @ 94.40.
Our downside tgt of 106.20 futures/ 94.16 USD/JPY has been reached.
105.32 Futures is the next level of interest.
EUR/AUD…as long as this remains over 130.40 this remains firm. But stops rest @ 131.92- ish
Euro…could rally as high as 135.20 without giving a new signal.
Crude…put in an ORH day yesterday after putting in a potential double bottom pattern on the weekly chart @ 95.
96.50 will be pivotal.
Gold…price action above 1653 will run out the new shorts.
Silver…below the 200 day 30.34 is next support ( last years close). Below we’d look for another 80 cents.
General Comments…
Yesterday we sold our Long Nasd futures for a call spread in BAC.
This is a market where you have to look for value and momentum.
The equity indices have no momentum. If it’s not working look for something that
has potential.
Japan…The Nikkei and the Yen have been highly correlated over the past couple of months.
No company has benefited more from the Yen depreciation than Toyota (TM), which is now 2/3rds of the way back
from the 2007 high @ 106. Keep your eye on this level and the Yen for the next move here.
Silver…we’ll be making a decision today or tomorrow about the remainder of our Puts. Time is running out and these expire next Friday. This means there will be an inordinate amount of time decay associated with the position.
We’ll be looking to either take them off or doing a calendar spread / rolling them into April.
Model Trading Portfolio……………..
Stop Close Profit Points
Long April BAC 12/13 call spread
Long Silver 30.50 (H) Puts
Long Feb AAPL 550/575 call spread
FYI…Anytime you wish to look up levels, go to the website (Click on Pro Tips…add the instrument you are looking for in the box…)
Everything I’ve written for the Month will appear.
Short Term View…We are using Monday’s closes ( 12/31/12) in everything for our trading bias for the qtr since all trading is bench marked against these closes.Use 1/31/13 closes as your short term pivots in everything.Time frame trading today.
Medium Term View…updated qtrly
These are static levels that do not change.
The Medium Term View will no longer be available in our general archive section until the end of the qtr.