USD/JPY…needs under 101.85 “app 98.15 in the June Futures” to see much profit taking.
30 yr. Bonds…sell stops are143.16. The next set of macro sell stops are @ 142. As long as the Bond rallies fail just over 144 we’ll maintain a bearish bias.
Gold…our downside tgt is 1260. As long as the Equities remain firm you’ll continue to get oversold bounces.
Silver… got close to our original downside objective of 20.50. Last night’s low @ 21is a good place for an oversold rally to materialize. This is not only the Fib .618 since the start of the Bull market in Precious Metals but it also matches the 2008 high.
General Comments or Valuable Insight
We saw some news driven price action in early Asia from comments from a Japanese Economic Minister.
The metals have come down to some levels that can initially hold. We’ll sit on the sidelines for a bit.
The board is still Long Equities/Short Treasuries (Bonds) and Long Dollars.
Note…we always write a stop with any instrument we‘re interested in. As the instruments become profitable
those stops should be raised to your entry level so you don’t lose money.
Short Term View…
Use the Chicago openings to help guide your trading.
Use the 4/30/13 closes for your short term pivots in everything!
Open Trades…………….. Trades initiated after 5/14/13
Long JJG 50.60 5/17 49.85 51.50&52.50
Long TBT 39.17 5/17 63.90
Short Euro 129.45 5/14 129.70 127.60
Futures Traders..
Long July Soybeans 14.40 14.34 14.74 & 15.05
Short 30 Yr. Bonds 145.05 145.05 139
