Gold…has hit our downside extreme just shy of 1380.
Silver…22.65-75 is a 12 year retrace level that can bounce, however the better level to buy Silver is around 21.50.

USD/JPY…97.50 is first dollar support ( app 102.45 ish in the Futures)
AUD/JPY…101.77 is a pivotal level. Sustained price action under this level will lead to more profit taking.
CAD/JPY…has broken down under 97.00. 95 is the first retrace support.
USD/CAD…needs to maintain over 102.30-40 for more upside.
EUR/AUD…126 +- 10 is resistance. 124.50 is closing support.

OIL…87.50 should bounce the first time down. 89.33 is an important Monthly closing level for market tone.

30 Yr. Bonds…147.24 ish is point & figure resistance. Maintaining and closing over 147.17 is price positive. Closing over 148.10 starts another swing up (meaning more Risk Off)

General Comments or Valuable Insight

The metals and Oil are clearly the feature after China’s PMI #’s last night.

Friday we were looking to buy some upside in the Gold, via the options, if we saw these implosion levels intra day last week. We’re here today.

Due to the severity of the sell offs in the Metals and the Oil, I’d “try buying them before I sell them ” at or near the aforementioned support levels for bounces.

Options Traders, nibbling at some upside strategies is the way to go here since they have now crushed volatility. The liquidity will be much better after 7:20 CDT when the futures open in NYC & Chicago.

Time frame trading today!
Trade what’s in front of you.

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…)