Stocks...
AAPL,FB Delta report today.
GILD…is up a couple of bucks in pre-market. Investors who are long this name should pay for their trades.
GDXJ…36.35-50 is resistance and the upside closing pivot.
Bonds
30 yr…the current range is 133.18-134.10. Sustained price action through either side is needed for follow through.
Ten year... TYM…sustained price action over 124 will have investors selling equities.
FX…
AUD/USD…93.20 is mvg avg support. 93.95 is short term resistance.
GBP/USD…Buy stops are @ 168.46. This is a potential weekly double top area.
GBP/JPY…is attempting an ORL day. 171.15 is first support. 170.60 should be a level to produce a good bounce.
AUD/JPY…same pattern as GBP/JPY. I’m not willing to pick a low , however I wouldn’t sell it here.
Commodities…
OIL…(M) 101.55 will act as the downside pivot. 100.35 is support and where I’m going to look for a reversal in direction.
Price action above 102.15 is needed for another $1.00 up.
Gold…Needs price action over 1288-90 to attract buyers.
General Comments or Valuable Insight
The Index trade has been directional with daily tone set in the first few minutes of the day.
The only question is when you get the reversals.They either materialize after the London flow has ebbed or very late day when everybody is loaded up one way, about an hour before NYSE closes.
This is when you see the algos kick in to drive out short term traders.
Focus should remain on individual instruments and their particular technical s.
The Equity indices are basically unchanged on the qtr with individual names having big daily swings.
Opening Range Time Frame Trading again today.
Short Term View…
Keep trading to make money. The opportunity will be in individual names.
Individual stocks look to be an easier read based off their own technical s.
We are Neutral Equities.