A very quiet day yesterday with many markets on a long weekend. The Spanish PM called for the EU to calm market tensions and reiterated that Spain would not require an EU/IMF bailout and that they did not need help with the banking sector. Unfortunately the market did not believe him, raising the spread between it’s Sovereign Yields and Germany to record levels as Bond Yields surged to over 6.5%. To compound matters, Spanish Retail Sales were released this morning and are down 9.8%. In other news, the four major banks in Greece received €18bn in stability funds, which was expected.
NOTE: All comments below refer to the June Futures Contract in each instrument
S&P 500
The S&P traded down to my buy level and I was able to go long at 1322. I will leave my stop at 1319 and look to take profit at 1330. I still want to go short from 1335/1340 with a 1345 stop.
FTSE
After I shorted the FTSE yesterday at 5390, the market fell in late trading and I was able to take profit at 5340 and I am now flat. I will leave my sell level the same and I will look to short on any rally to 5400 with a 5425 stop.
USD/JPY
No change from yesterday as we are trading at 7950 and I am still long from last Friday at 7960. I will leave my stop the same at 7925 and I will still look to add to my position on a break of 8000.
EURO/USD
I bought the Euro yesterday at 1.2550 and I was stopped out at 1.2525. My stop was too tight and we are now back at 1.2550. I have gone long again at 1.2550 in small size and I will leave a wider stop at 1.2495 as I look for a test of the important 1.2620/1.2650.
Bund
The Williams ‘Percent R’ has given me a short term sell signal and I have gone short this morning at 144.20 with a stop above the previous high at 144.50. I will look to take profit from 143.30/143.50.
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