Stocks...
Spu’s….are a two way time frame trade. Closes below 1929 is needed to break.
Bonds..
30 Yr…164.05 is today’s ORL # in June Bonds. They are weak by remaining below.
FX…
EURO…108.61 is the 2015 close, matching the .618 retrace for this past big swing.
Euro needs to do some work to get through this level.
Once convincingly through it can start another leg lower.
Directional trades held since the beginning of the year have been unwound over the past couple of sessions. GBP/JPY…EUR/JPY ect.There is room for more of a correction.
Commodities…
Oil…I prefer buying the hard breaks.
Gold…is presently the only consensus long among worldwide traders.
Gold didn’t back off yesterday when the Spu’s were rallying and then gained momentum when the Indices sold off.
Trade location is tough because you have to risk 20 dollars to be long.
General Comments or Valuable Insight.
I don’t have anything to add other than don’t chase anything.
I’ve been looking at the board for a couple of hours and have little to say other than let it gestate.
There is a lot of data coming out this week.
Spu/Bond spread looks like it can work higher ( Long Equities/Short Bonds) although you have to be patient to buy weakness not strength in the Indices.