Midday Missive

OIH…48.25-30 is the big macro closing resistance area.

GOOG…897 is the closing pivot. As long as this remains above
you can see a rally towards 950 going into month end

IBM…looks cheap compared to a lot of the board. This has to maintain closes
above 192. Weekly resistance comes in @ 197 and only a close over 200 will start another leg up.

LNG…won’t break. As long as this maintains above 29.75 there is not much downside. Only a close under 27.50 would lead to a correction before month end.

SLW…23.72-24 is the next resistance area.Closing above 25.20 would be needed for another leg up.

DXJ…47.00-30 is first support.

Spu’s…initially need sustained price action under 1682 and a confirming close below 1675 for a top.

So far all we’re seeing is more stock rotation and an early flight out of the dollar. The Equity Indices still look stuck.

GBP & Aussie are both trading at near term resistance. Do not buy strength in the currencies and expect to get rewarded, this is a time frame trade.

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