The rollercoaster in markets continued yesterday as Equities rebounded from Monday’s steep selloff. This rebound was helped by better US Home Sales and better than expected results from Apple. All eyes will be on the FOMC tonight and a quiet day is expected ahead of this announcement and whether we get any news of QE3.
NOTE: All comments below refer to the June Futures Contract in each instrument
S&P 500
The S&P had a nice bounce off my 1354 level and I was able to take profit at 1370 – I am now flat ahead of the FOMC. I will sell on any rally to 1385 with a 1390 stop and I will look to buy in front of 1360 with a 1354 stop.
DAX
The Dax had a nice bounce off the key 6500 level and I am still long and will raise my stop to 6550. I will hope to take profit from 6620/6650 before tonights FOMC. If I am taken out of my long I will look to reset on any move back to 6500/6525 with a 6480 stop.
Euro
I took profit on my long at 1.3200 and I am now flat. I will reset my long on any break of the 1.3200 level looking for a test of 1.3300. I do not want to short the Euro at this time.
GPB/USD (Cable)
I was stopped out of my small short position at 1.6150 and I am now flat. I don’t wish to have a position until we get the FOMC out of the way.
FTSE & Bund
I will leave the same guidelines as yesterday for both of these markets as I want to see how we trade after the FOMC tonight.
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