SPU…sustained price action below 1557 will signal another about face in the index.
SPU/BONDS…are coming back to the 18 day again, which we’ll be monitoring for follow through.
30 yr.Bonds…we’re trading at our first exit zone again of 146.17-20. 146.04 looks to be the lower
extreme for the day.
We’re right back at our original exit level from yesterday. Pay for your trade!
This is still a contra trend trade and we’re looking for the mid 145’s for an exit.
Oil…Brent double topped last night @ 106.50, I don’t see it going under 105.30 if it’s going to hold and rally.
WTI…same game plan…Don’t turn it into a loser. Raise the trailing stop to 93.20. The next resistance and profit level is 94.75.
Silver…needs all new sustained price action over 28 for another 80 cents. 27 is support.
AUD/USD…by maintaining over 105.00 Aussie is attempting an ORH week. The next level of interest is the year high
@ 106.
General Comments…
The free lunch seems over in most markets. We’ve pretty much had a one way trade for 4 months,
and now it’s time to trade what you see and keep taking your profits. Trade location will be everything going forward.
You can try whatever you fancy, just don’t turn it into a loser after if it starts going your way.
Trade location and proper stop management will be the watchword going forward.
Singles trading will be more rewarding than being a home run hitter in this environment.
We’re coming into earnings season, which means you need to stay on top of the daily calendar for
the stock du jour.
Shoot me, I was 3 ticks off the low in the 30 yr. yesterday and 10 cents off the high in the Brent.
Those of you who’ve been following me for a long time should know that I’m usually good enough with my
levels that when I miss by a couple of ticks the hair on the back of your neck should start to twitch, and if you bend over and look through your legs, you’ll see a Drill Sergeant with a size 14 shoe ready to drop kick your behind.
Old pit axiom “Don’t be a Dick for a Tick” We’re trading levels!
Short Term View…
Don’t fight the money printers.
It’s the first days of a new qtr., use the 3/28/13 closes for your short term pivots in everything!
Medium Term View…the qtrly update is out. This update is provided exclusively to current subscribers and will not be posted on our site until mid-June for general review.
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.