Stocks...
DXJ…gains upside momentum over 50.10.
XLE…the energy SPDR is looking good. This has room to run to close to 100.
Bonds …
30 yr. Bonds...140.21 is first support. The point & figure chart has room for a move to 139.06 in the Sept.
FYI...I will be writing and trading off the Sept. into the end of next week.
TBT…this could easily bounce to 55.75.
FX…
EURO…130.20-45 is the next qtrly support level. This area will need work to get through.
USD/JPY…105.50 is the next big area to retest. (App 94.85 Futures)
104 will be the first near term Dollar support (96.15 Futures)
CAD/JPY…Long Canada/Short Yen is looking good on the weekly and monthly charts.Traders wishing to be short yen will be using the crosses as a surrogate to an outright Yen short.
CHF/JPY…is another cross at critical resistance which will act as the upside pivot.
AUD/JPY…put in an ORH month. We’ll monitor this on a pullback later in the week for a Long.
EUR/AUD…a close below 140.30 is needed for more downside. 141.90 is first resistance. 142.55-85 would be an ideal place to sell this cross with a tight stop.
Commodities…
OIL...96 +- 10 ticks will be pivotal. 94.25 is today’s support.
USO…35.20 is support. 36.20-30 is mvg avg resistance and the upside closing pivot for higher prices.
LCV (October Live Cattle)…1.5250 is resistance and the upside pivot.
General Comments or Valuable Insight
Today will be an opening range trade in most instruments.This trade started off in last night’s Asian session with the Dollar catching a bid against most currencies.
Use the opening range and Friday’s close for your bias. Above it instruments remain firm, below weak.
Grains are trying to bottom. A close above 38.65 will have us buying the JJG for a trade.
Don’t fight the flow!!…………………………
Current Positions….
Long TQNT
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