Stocks...
Spu’s…very short term…2122 resistance/2112 sell stops.
Bonds …
30 yr..follow the Bonds for they will lead the currencies and metals.
151.28 is the closing downside pivot for more weakness.
TBT…remains firm over 48.70, the 200 DMA. Sustaining over 50 is Bullish.
FX…
Commodities…
OIL...60.70 is Point & figure resistance.
Brent…66.25 is resistance
General Comments or Valuable Insight
When you don’t know you don’t have to trade.
The only thing I knew for sure yesterday was that I was not getting sucked into chasing any direction.
Today will be a short term bot driven time frame trade.
The Oil should reject the above levels the first time up.
The simple fact that Oil hasn’t gotten low enough after the past two expirations
to break down will keep me on the sidelines.
Short term traders should trade from a side at the bigger levels with very tight stops to see what develops. Don’t risk more than .30 cents off one of these areas.
The action continues in select pharma names, with most participants throwing in the towel ahead of a long U.S. holiday weekend.