Stocks...
Spu’s….the pain trade for the shorts is on. I’m not picking a high.
We’d need back under 1912 to weaken.
This has been one of the biggest uninterrupted moves in a couple of years
with no reversals for the past 125 points.
Nasd 100…4228 is first resistance and the same type of level that 1912 was in the Spu’s yesterday.
IWM…101.25 matches 1912 is the Spu’s. Above there is more room to
the upside.
Bonds..
FX…
Euro…111.60 is today’s resistance. Remaining under this level keeps the Euro on it’s heels.
Any prints into 11050’s (200 DMA) and Fib clusters is a cover until taken out on a closing basis.
Commodities…
Gold…has to close over 1211 for higher. Failure to hold above this level
would signal more risk on.
Closing under 1198 would signal the rally is over.
Gold is trading inverse the Spu’s…
Oil…10:00 A.M. CDT EIA petroleum report.
General Comments or Valuable Insight.
I have no good plan for today other than to let the day set up.
The operative question is where the rally peters out.
Bears need to be patient. The rally could take out the Jan Unemployment high of 1964 in the Spu’s before trapping new Bulls.