The markets had a reprieve yesterday as Greece of course is still in the Euro. The latest opinion polls suggest that their electorate may be pulling back from the precipice. All eyes will be on tomorrow’s EU Leaders Summit and we are bound to get more headlines and speculation. A case in point is where the FT newspaper quoted a European Official as saying that the Greek crisis had spurred parallel discussions on crisis fighting measures, such as using previously rejected Eurobonds, and this helped to lift the Equity markets yesterday. Today we have CPI from the UK and Home Sales from the US.
NOTE: All comments below refer to the June Futures Contract in each instrument.
S&P 500
We had a nice rally off the 1294 low and I was able to take profit at 1315 and I am now flat. The 1320/1325 level which was previously big support will now act as strong resistence initially and I want to sell in this range with a 1327 stop. If I open a short I will look to cover from 1307/1310 and then will look to go long in front of 1300. It is amazing every time the McClellan Oscillator drops below -300 it always leads to a nice rally.
EURO
The Euro traded down to my buy level and I went long at 1.2730 and as the market is now trading at 1.2800 I have taken profit here. I will look to trade the range and I will sell from 1.2840/1.2870 with a 1.2900 stop and I will buy from 1.2730/1.2750 with a 1.2710 stop.
IBEX
I have taken profit on my IBEX position this morning at 6550 as I am disappointed that the IBEX did not have a stronger rally. I will look to buy on any dip to the 6400/6430 level with a 6350 stop.
FTSE
The FTSE did not quite make my 5370 level and I have covered my long position at 5345 this morning. The 5400 level is strong resistance and I will look to sell from 5370/5400 with a 5420 stop.
GOLD
I went long Gold at 1582 yesterday but I do not like the way we are trading this morning and I have covered my position and I want to see how Gold trades over the next 24 hours.
BUND
The Bund is testing the key 14300 level and if we break below it I will go short with a tight 14330 stop
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