Oil…we got to 92 a little faster than I expected. All new strength is needed over 92.25 is needed for more upside.

Brent…102.25 is Fib resistance. 102.90 can reject the first time up with the next good resistance and tgt @ 104

USO…Oil Fund…32.82 is next. Anyone initiating new longs between 32.86-33.29 will have a really long day. This is an area that only very seasoned pros should be dabbling with.

Gold…our original resistance level was 1460. We’re moving that area up 10 dollars to anything just shy of 1479 as resistance the first time up. Point & Figure support is app 1427 today.

GLD ETF…the app matching levels 139.70 for initial price rejection. 143.50-144 is major closing resistance and the upside pivot. Like the Gold, buying strength in this area will be problematic.

GDX…never elected the macro stops under 27.15 where we were looking to go bottom fishing. Reason being that ETF’s aren’t 24 hour markets and the time to buy the metals or exit shorts both came in early Asian trading. 30.48-32.11 is the death Zone for buying strength in this ETF. Meaning, if you do, you will have to sit through a lot of pain to be right.

Euro…131.25 is closing resistance today. Closes under 129.60 are needed for lower.

GBP/USD…maintaining and closing over 154.40-50 should lead to the next good resistance level and tgt of 156.

EUR/GBP…needs under 84.35 monthly stops for a bigger move.

AUD/JPY…needs to recover over 102.50 for an attempt @ 103 upside pivot.
101.30 is the best daily support.

General Comments or Valuable Insight

Don’t trade in the middle today.

The metals & the miners are playing the gap game. They are back filling areas from the breakdown 2 weeks ago. Don’t chase direction.

The metals are best bought on weakness Not strength.

The Dollar is weak against all the Continental currencies this A.M. making the Metals and Oil attractive.

The SEK & the Ruble are flirting with their respective 200 day mvg avg’s., while the Pounds are at 1st Fib resistance.

This simply means I’m eyeballing these currencies for signs that the Oil and Metals can back off.

Daily Game Plan…Day Traders

Oil @ 92 shows the most risk definition.
Let the “Pit” opening range be your guide.
Look to sell the oil against 92 with a very tight stop looking for an initial 80 cents.

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

Short Term View…

Use the 3/28/13 closes for your short term pivots in everything!