Stocks...
IYT…this needs a couple of closes below 151.80 to break down. The Long term # is 150.90 the June 2014 close.
SHCOMP…with just one week week of correction since the beginning of March, this is still vertical with higher targets.
Bonds …
TLT…120.00 is support. Above look for continued strength.
FX…
EUR/JPY….135.25 is today’s momentum #. Above, look for a test of 135.75.
Commodities…
OIL…needs sustained price action below 60 for lower retests.
Natty..2.94 will be pivotal all day. Much below, look for a retest of 2.80.
General Comments or Valuable Insight
Yellen speaks @ 1:00 EST.
The U.S. Indices should be on hold until the Yellen speech is out of the way.
Investors will be waiting to see if she tries to talk down Equities. A hold in the Indices after the speech will be a green light for the rest of the day.
Early trading should be supportive of the Bonds given the height of our Indices + trepidation about the content of her comments.
Keep your names focused on the widely held Fund names : ACT,GOOGL,AAPL ect.
Individual names are trading much better than the associated sector ETF’s.
Enjoy the holiday weekend. As for me It’s time to recharge and refocus.
June will be a very busy month!
Mortimer is turning off the power.
