The Equity Markets continue to rally as the S&P closed over 1400 for the first time since June 2008 and the Dow is on course for its best 7 day gain since July 2010. The fall in US Weekly Jobless numbers to 351K and the rise in The Philly Fed Index to a better than expected 12.5 helped the mood. Today we have US CPI and the Michigan Consumer Confidence numbers
S&P 500
The June S&P continues to eye 1400 and I still want to sell at 1402 with a 1407 closing stop. The McClellan Oscillator improved slightly but is still negative at -15. If we do get a correction I will be an agressive buyer from 1375/1380.
Euro
The Euro had nice move up yesterday to 1.3120 and we are now back at 1.3070. I took profits at 1.3100 and I will buy again on any dip to 1.30 with a 1.2970 stop.
DAX
The Dax has rolled to June from today with a 15 point premium. The market is short term overbought and I have gone short here with a small contract at 7170 with a closing stop over 7200. Like the S&P I will be a strong buyer on any move back to 7020/7050.
Gold
Gold got its expected bounce last night and traded up to 1667 and ran into strong resistence. I cut my long postion at 1664 this morning and I am now flat. I will go long again on any move back to 1625 with a 1610 stop.
Bund
After the big move in Bunds over the last few days we are now oversold and I want to buy in front of 13570 and sell on any rally to 13710 with a 30 point closing stop if I get hit.
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