Once again the global game of chicken with the Fed is being played out in the currency markets. It’s all about the Yen crosses!

Yesterday’s close in the 30 yr Bonds was unchanged on the year, right where the Fed seems to like our rates. “Money for Nothing” Exactly what the Dollar is becoming, worth nothing!

110.31 AUD/USD is the keno # in the straight Aussie which will complete a fib swing from 1974.

AUD/JPY…maintaining above 88 ish is trying to breakout on a multi-year pattern.

Spu…1349-56 is the key closing area today. I want to see a couple of daily closes above this level to get excited about putting a lot of risk back on. This is certainly not a great area to buy strength the first time up.