It was wild day in markets yesterday. The LTRO got away as expected with an injection of 529 Billion Euro which was well received. However this all ended when Bernanke’s acknowledgement of a better US labour market triggered a market reversal with a huge sell off in commodities and a strengthening of the Dollar. Today we have the all important Weekly Jobs from the US at 1.30pm.

S&P 500

The market tested our 1378 level and reversed sharply lower. I’m looking at a sell at 1367/1372 levels with a stop at yesterday’s high of 1378. My target will be 1358 and I will look to reset shorts on a break of 1350.

Gold

Gold just missed my target level of 1800 and then fell 100 Dollars. I am now looking to buy Gold on any dip from 1650/1675 with a 1640 stop.

Silver

Silver fell 10 per cent yesterday from high to low as all the recent longs in the market got crushed. I will look to buy from 33.70/34.10 with a 33.40 stop.

Bund

I am staying in my short position with a break-even stop.

Dax

The Dax just missed my sell level with a top of 6970. I am looking to short from 6910/6940 with a 6980 stop. There is huge resistance in this area and the market is still trading heavy.

EURO

The Euro has good support at 1.33 and I want to see a close below here to go short. I will also consider a short on any move back to 1.345.