Midday Missive

The board should stay Risk Off through London’s close.
30 yr. Bonds…are now at levels which is an exit zone for longs, however closing over this area will be very negative equities
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Long Gold/Short Euro…is moving to new yearly highs.
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Gold…trades opposite the Equity Indices. You’d need to see a 10 point rally in the Spu’s to get another break in the Gold.
After the Pit close today this could run with a weak afternoon Equity session.

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Weak Spu’s will elicit oversold bounces in the Euro & Pound. They rallies should be short lived.

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