Another rollercoaster day as markets, having been up in the morning on the
back of the Spainish Auction, reacted badly to the poor US Economic data released
in the afternoon. Equity markets were lower especially the IBEX and the CAC
which is the French market. Despite the weak markets the USD is struggling to
rally against the Euro. Today we have the G20 IMF/Finance Ministers meeting and
the funding for Spain will be closely watched.We also have the IFO out of
Germany and Retail Sales from the UK. Yesterdays Weekly Jobless from the US were
disappointing at 386K verus 370K expected. On Sunday we have the French Elections.
S&P 500 – June Contract
The rally in the morning allowed me to take profit on my long position at
1390 and I then went long at again at 1380 and was stopped out at 1377 after the
US Jobless Nos were released. I am currently flat and I will sell from 1375/1380
with a 1385 stop. I am nervous ahead of all the data and G20 today and I
will only trade in a small position. I will look to cover any short in front of
1362 and I will look to go long on any pullback to 1350/1355 with a 1347 stop
FTSE
My short in the FTSE worked well and I was able to cover at 5700. I went
long at 5690 in small and I have a stop at 5660. I will take profit and go short on
any move back to 5740 with a 5760 stop which is just above yesterday’s high.
Bund
Yesterday’s sell off in Equities allowed me to finally short the Bund at
140.70 and I have a stop at 141.20. I am trying to build a short position and I
have only done small size here.
USD/JPY
I was also able to take profit on my long as we traded up to 81.80. I
will look to buy on any pullback to 80.90 with a 80.60 stop or if the market
breaks 82.00
Euro
The Euro traded up to to 1.3170 and I took profit on my 1.3100 long – I
am currently flat. The Euro should be lower but keeps bouncing off
the 1.3070 level. I will buy again in front of 1.3070 with a tight stop of
1.3040
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