A.M. Look 5/6/24

Get out your Rip Van Winkle sleeping hat, the models saved themselves last week which means we should go back to a boring trade.

That means buy hard mid-week breaks.

Indices are all trading above their respective qtly pivots with the exception of the Nikkei.

Yen retested its breakout Friday with all the U.S. indices holding at the same time.

Metals…look at your sheet.

Copper looks to retest its previous high.

Gold and Silver are not high enough. Look to the FX spreads for trade location.

Buy breaks not rallies. Opportunity will be during the mid-week shuffle.

Russell/Bonds is leading.

Spoo will require a print into the mid 5180’s for a breakout on the 100.

150X3 shows a move back to 5250 is possible.

As long as the rate cut fantasy is strong risk assets can be bought on hard breaks.

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