Despite poor GDP No’s out of Europe, markets have broadly range traded and consolidated. There is little data scheduled in the near term which may allow this to continue into next week but the warning signs are there of a softening of the global outlook. Equity markets are a lot stronger this morning on the back of stronger consumer confidence out of Germany. In the latest polls out of Greece, the austerity party Syriza has the lead despite 85% of the population wanting to keep the Euro. Later today we have University of Michigan Report out of the US.
NOTE: All comments below refer to the June Futures Contract in each instrument
S&P 500
After another roller coaster of a day, the S&P traded down to my buy level at 1308 and then after another late day rally, the market traded up to 1324 where I went flat. The market is well up again in the last hour and today I want to sell in front of 1340 with a 1345 stop. I will also look to buy from 1319/1323 with a 1315 stop.
EURO
The Euro traded down to my buy level at 1.2530 and then traded up to 1.2620. I went flat at 1.2600 and I bought again at 1.2530. I like the Euro and I will leave a break-even stop. If the the Euro trades up to 1.2620/1.2640, I will sell my long here. A break of 1.2650 will be short term bullish. The market is still well short the Euro and I do not want to be short at this time.
GOLD
No change, I am still long from 1540 and I will raise my stop to 1550. I will still look to take profit from 1585/1595. If I am taken out of my long position I will still look to buy from 1535/1545 with a 1525 stop.
FTSE
The FTSE just missed my buy level and then rallied 100 points. Today I will look to sell from 5380/5410 with a tight 5425 stop.
USD/JPY
I am impressed that the Yen has not managed to strengthen on the back of the global sell off of risk assets. I have bought USD/JPY this morning at 79.60 with a 79.25 stop as I look for a move back to 81.00. If we break 80.00 it will be short term bullish and I will add to my position on this break.
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