The markets continue to be volatile and are trading with a softer tone. There is perhaps some relaxing of tensions as we await the next Greek Elections on June 17.The ECB said that there will be money available soon to re-capitalise the Greek banks and the latest opinion poll has the anti-austerity Syriza Party having the most support. The FOMC Minutes released yesterday show an improvement in the US economy and some members saw more easing if recovery faltered. US Housing Stats were better than expected, as were the UK Unemployment numbers, but the BOE revised GDP lower and inflation higher. Today we have the Weekly Jobless No’s from the US at 1.30pm.
NOTE: All comments below refer to the June Futures Contract in each instrument
S&P 500
The 1320/1323 level that I have mentioned over the last week has acted as a great level to buy the S&P for a bounce and having traded there yesterday morning we traded all the way up to 1339 before coming back to this level again last night. I took profit on my long at 1335 and I re-entered long at 1322, last night. I will leave a 1315 stop on this position and I will look to take profit from 1333/1338.
Euro/USD
The Euro just missed my buy level and then rallied 70 points. I will now look to buy it from 1.2690/1.2720 with a 1.2650 stop. I am trading in a smaller size with a larger stop due to the volatility.
IBEX
I want to buy from 6400/6430 with a 6350 stop again in small size as I look for a move back to 6550/6600.
GOLD
I have not traded or mentioned Gold for the last month but we are back to the lows of late December. I will look to buy from 1530/1550 with a 1510 stop. Again I am only trading in small size and I have to leave a larger stop due to the high volatility
FTSE
The FTSE just missed my buy level yesterday and then traded up to 5430. I will raise my buy level to 5350/5370 with a stop below yesterday’s low of 5330 as I look for a move back to 5450/5500.
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