Stocks...
Spu’s...(Z) 1919-22 is support and the closing downside pivot. Short term Spu’s weaken under 1944. 1964 will delineate the upper band today. Do not fade price action above.
Nikkei…weakens under 17945
NBIX…seems to have run it’s course on this rally.
Bonds …
Bunds… will remain firm above 154.75.
30 Yr. Bonds…keep holding the 50 day on a continuation chart.
FX…
Euro...remains bid over 112.90.
Commodities…
OIL…would take a close under 43.00 to weaken. The top of the range is 47.00
Trade the range.
General Comments or Valuable Insight
The game is in the names with many newsletters recommending longs in FB,AAPL, GOOGL,UNH,Kite & GILD late last week.
They’ve all had good runs and they can squeeze a little higher going into Thursday.Then I’d look to sell some calls against these holding to lock in some profit or buy some puts 1-2 weeks out to turn the position into a call and protect yourself going into qtr end if you’ve a longer time frame hold in mind.
I’m looking for the equity indices to remain range bound until Thursday afternoons Fed release.