The markets are little changed from Friday morning after rallying initially after the German LFO and Retail Sales from the US but then quickly came back to being unchanged in the late afternoon. The Euro is a little weaker after the first round of the French Elections. This is also an important week as we have the FOMC meeting followed by US GDP. The market will eagerly await any news re QE3.
NOTE: All comments below refer to the June Futures Contract in each instrument
S&P 500
The S&P rallied into my sell area on Friday and I went short at 1378. I will lower my stop to 1380 and I will look to take profit at 1364/1368 – I will still look to buy on any pullback to 1350/1354 with a 1348 stop.
FTSE
I am still long the FTSE from Friday at 5690 because it just missed my target sell area at 5740. I will leave a breakeven stop in place and I will take profit on any move back to 5730/5740. I will also look to go short in front of 5760 with a 5780 stop.
EURO
The Euro had a nice up move on Friday and closed above the important 1.3200 level. If we can build value above here I will look to buy for a move back to 1.33. I will also look to buy on any move back to 1.3130/1.3150 with a 1.31 stop.
Bund
I am still short the Bund so I will lower my stop to 141.00 and I will look to take profit in front of 140.20.
GBP/USD
I shorted the cable at 1.6120 on Friday and, as we are at the top of the Bollinger Band, I will leave a stop at 1.6160. I only took a small position and I will look to cover on any move back to 1.6050.
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