Spu’s…need to maintain over 1556.50, yesterday’s break down level, to reverse up.
Spu’s need to go 1548 sellers again and remain offered to achieve the 1530 1st macro support.

30 yr Bonds…147.18-21 will remain pivotal. This instrument still needs closing strength over 148.10 for higher.

USD/JPY…led the panic with short covering late yesterday into early Asia. As long as the Futures close under 104, you can look for places in the crosses to short Yen and buy the Continentals or Commodity Currencies against it.

Oil… WTI over ran my buy area, however the Brent stopped @ 98 confirming the low for now. 89.33 will act as the upside pivot.

Gold…1400-1411 will be resistance the first time up.

General Comments or Valuable Insight

Enclosed are Gold & Silver charts to show that when it gets wild, like it did over the past 36 hours, options can be a great way to take a directional punt.

Gold over ran our first buy level and Silver, which is generally the better indicator, stopped 50 cents shy of our buy level last night in Asia before reversing. It’s not that much slippage on a ten dollar break.

The Annual Silver chart shows it was well within the area for completing a major retrace on a 12 and 20 year look. In other words, it came close enough!

No we’re not going to step out and buy this rally, however we will monitor the price action to see how it holds the next break.

SPU/BONDS…let the 30 year be your guide today for the next wiggle in the Equity Indices.

It’s good to keep in mind that a big part of what you saw in yesterday’s price action was event driven. Attacks on the mother land are Risk Off events.

9/11 was overdone to the downside because NYSE was closed. Yesterday’s event saw the panic ensue into early London, when cooler heads prevailed.

Most traders fail to realize that sometimes it’s better to miss something than get run over.

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…)