Euro…sustaining under 135.10 can lead to the 134.40 Fib.
USD/JPY…hit our tgt last night. Ok it was 10 pips off, 94.16 (app 106.20 futures)
We’ll start monitoring the crosses and the straight dollars to see if this can begin a retracement form this area or 100 USD/JPY is in the cards.
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Welcome to the midweek shuffle.
AUD/USD…103.11 is the 200 day in the cash which is app (102.80 Futures today)
Oil... 96.14 is the near pivot, sustaining below can lead to 95.10
General Comments…
ORH days… EUR/JPY & AUD/JPY…put in these chart patterns yesterday as did the 30 Yr. Friday with an ORL.
When a market is directionally challenged…meaning very overbought or oversold, on most time frames, we always treat the pattern with suspicion, and Do Not chase the direction, as the probability of follow through is not high enough for our taste.
I.E… Friday’s Bond pattern “ORL” ( which was very oversold) reversed and flushed out the shorts. These are patterns that are best used to try contra trend moves in picking highs or lows.
Model Trading Portfolio……………..
Stop Close Profit Points
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.
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.