Markets are back in the black this morning as news that the Greek Debt Swap will be completed this evening. The recovery in the last 24 hours tends to support the view that the sharp sell off in risk assets was more about profit taking than any fundamental change in Global outlook. Later this morning we have policy decisions from the Bank Of England and the ECB where no change is expected. At 1.30pm we have the Dragis news conference and the Weekly Jobs numbers from the US.
S&P 500
I was stopped out of my small short at 1358 this morning and I am standing aside now. If the market trades up to 1370 I will go short again as we are now back into the 1350/1370 range. If it trades back through 1350 it will be bearish.
Euro
The Euro is back to the key 1.3220/1.3250 level. I will go short in a small position here with a stop over 1.3280. Below 1.3100 is the key level to watch as we need a break here to see a real move down in the Euro.
Gold
I have taken my profit in Gold this morning at 1700 and I don’t want to be short here. If Gold trades back to 1675 I will go long again with a 1650 stop.
Crude
I took my profit to early at 106 and we are now trading at 107. I will go long again on any decent pull back as we are still in an uptrend.
Dax
This market has been very frustrating to trade this week and I am still convinced that we are putting in a top. I have no position and I will try a short from 6820/6850 with a tight stop.
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