The Euro Finance Ministers Meeting continues today as they discuss Greek political developments closely and potential implications for the Euro should Greece leave the Single Currency in the wake of another election. Not only is Greece seemingly unable to form a new government but there are contagion risks to other periphery economies for investors to fret about. The markets had a wild day yesterday and all Equity markets finished on their lows. However this morning we had better GDP No’s from Germany at +0.5% versus the 0.1% expected and this has led to a strong opening across the board. Today we have CPI, TIC data and the Empire Survey from the US.
NOTE: All comments below refer to the June Futures Contract in each instrument
S&P 500
The S&P had a nice rally from the 1335 level when the US opened, only to run into trouble at 1345 as worries from Greece led to a late sell off. I am flat here and I will look to sell from 1351/1355 with a 1358 stop. I will buy the market if we close last night’s Gap from 1333/1336 with a 1330 stop.
IBEX
The IBEX sold off to my buy level yesterday at 6660 after the spike in Spanish yields following its poor auction. I have taken profit this morning at 6780 and I will look to reset my long from 6700/6720 with a 6650 stop.
Euro/USD
The Euro traded down to 1.2820 overnight and I am long from 1.2850. I will raise my stop to 1.2830 and I will take profit from 1.2920/1.2950. I do not want to be short the Euro and I am a buyer on dips in the market.
Bund
Finally some luck in the Bund as we traded up to my entry level for a short at 143.70. It has already moved into profit and I have locked in 2 ticks with a stop at 143.50. If we trade down to 142.80 I will look to cover here. If I am taken out of my position I will look to reset from 143.70/144.00 with a 144.10 stop.
FTSE
The FTSE traded down to my buy level at 5450 and I will leave a breakeven stop. I will look to take profit from 5495/5510. If I am taken out I will look to reset my long from 5450/5460 with a 5420 stop
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