EUR/JPY…is in major profit taking mode after USD/JPY printed the 94.16 tgt.
122.35 ish then 120.65 are the significant Fibs coming back on the year, with
120.65 the low risk buy zone.
Yen Futures…108.60-70 is mvg avg resistance. A close today above 108.66 futures will put in an ORH week app 91.98 USD/JPY. This formation would have us looking for a substantial move in the other direction.
107.77-85 will act as the downside pivot in the Futures.
AUD/JPY…95.78 will be pivotal. Look for 94.95 next support.
GBP/JPY…maintaining below 143.60 tgt’s 142.60. This looks to move a figure at a time in retrace mode.
CAD/JPY..92.05 is next with weekly stops below. Next good support is just above 91.
30 yr. …macro stops rest app 144.08-13
Spu’s…sustained price action below 1508 can get the lemmings running.
Oil…needs back over 97.70 for higher
General Comments…
ANR is in play with potential ORH week. 8.80 is the key hold level.
CAT needs closing price recovery over 96.70-90 to not avoid further profit taking.
Stock Indices have run out of upside momentum. Midcap 400 has a potential double top from last night.
Let’s see who pulls the plug before the G-20 meeting this weekend.
Why so much about the Yen?
The Yen and it’s crosses have led the entire Risk On rally.
It made an assault on the 92 USD/JPY level last night.
Many times the players with the strong hands will paint the tape avoiding
certain chart patterns.
The easier game today will be in the metals.
Cat & TM ( Toyota) have mirrored the Yen in retreat. Now the game is afoot!
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
AAPL is a 20 % position.
Silver…this is down to a 5% position
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.
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.
All current clients have received this. New clients will be provided a copy.