Stocks...
LNKD…big picture 192 should bounce the first time down.SLB…maintains upside momentum by holding over 92.90.
RIO…by holding 44, look for a move to 48.20.
Spu/Bonds…it’s pattern integrity on the break yesterday.
Spu’s...have to close under 2065 for lower. 2089 is mvg avg resistance.
Closing back over 2095 will put the index back on positive footing.
Bonds …
TBT…45.72 is first resistance and the bottom of the gap. Closing over 46.20 starts another move up.
FX…
EUR/JPY…135.00 is mvg avg resistance. Once convincingly above there is room for another 2 figures.
Commodities…
OIL..is now starting to trade overbought. Buy the breaks /not strength.
I’m friendly to the monthly pattern in USO.
Gold…looks like it can be putting in a potential right shoulder on a weekly head & shoulders pattern. If this pattern plays out upside should be limited to 1214.
The bottom of the range is 1175. A good break below and it’s adios for the gold.
Copper…2.8950 is 200 DMA resistance. 2.95 should initially cap the rally.
General Comments or Valuable Insight
Keep it simple. Use the monthly closes as your short term pivots.
Markets will be thin today and Monday.
Follow the lemmings for they will lead the way.
The Equity Indices went to cloud support yesterday on the lows.
Monday is a full moon.
Nasd 100
S&P 500
