A.M. Look 2/23/11

Euro…137.45 is the last high we broke from. This level will now act as an upside pivot for a possible another 100 points. Eur/Jpy is still the firm cross with short term tgt’s another 4 figures up. For those tgt’s to be realized Eur/Jpy needs a couple of closes over the 114 level.

Metals…we cashed out yesterday because the tgt’s had been hit in the Silver. We were looking for 416 in the yellow metal. Gold was a $70 dollar trade and we decided to take the money.

Grains…Rice is looking interesting. A close below 13.365 “Monday” would put in an outside reversal month to the downside. Macro stops are under 12.97.  The Soybeans already have this pattern going as well as the Wheat. JJG.. I’ll revisit this ETF somewhere in the high 40’s.

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