Stocks...
IYM…72.35 is the 200 DMA
XLY...is struggling at it’s 200DMA
Bonds..
30 Yr….164.05 +- a couple.
Bund ( March) expires today along with the rest of the European debt instruments.
Bund (M)..
FX…
Euro…is currently stuck in a figure range. With the 200DMA capping rallies @
110.43.
110.43.
Commodities…
Crude…yesterday I put out 38.50 as an eventual target. 38.99 was the high of the last rally 12/9/16. This is the exit zone for longs. It will take all new closing strength over
40.50 to rally another 6 dollars making anything above 39 into 40.50 no mans land for new buyers.
I’m a buyer on a retest of the weekly breakout @ 35.
General Comments or Valuable Insight
Spu’s, Midcap and many of the individual sectors are all trading around their respective 200DMA’s making adding risk problematic since all the sectors and indices are trading overbought.
Today’s feature is the European Debt expiration s which have kept a bid undertone to the U.S. treasuries as well.
Be very careful selling treasuries going into Thursday mornings ECB meeting.
The path of least resistance looks initially higher (Lower rates) for European debt.