All changed as the market swings from problems with Spain to the Dutch Government falling! It is also very nervous about the possibility that Hollande will be the next French President. The CAC was hit badly yesterday and in fact, the last time we had a socialist in power it fell 25%. Surprisingly the Euro held up reasonably well and the market is now looking towards the FOMC to see if there are any signs of QE3. Today we have US House Prices and Consumer Confidence Reports.
NOTE: All comments below refer to the June Futures Contract in each instrument
S&P 500
The S&P had a nice sell off and I was able to take profit at 1366 on my 1378 short from last Friday. It then dropped down to my buy zone at 1354 and I am long with 1350 stop. The market tends to rally into the FOMC and I will take profit on any move back to 1370.
EURO
The Euro dropped into my buy zone so I am long at 1.3140. I will leave my stop at 1.3100 and I am impressed the way the Euro is holding up, especially the way Equities traded yesterday.I will look to add to my long on a break of 1.3200 looking for a move to 1.3280/1.3320.
DAX
I have not mentioned the DAX for the last week as I was waiting for it to hit my buy level at 6500/6530 which we did today with a 6505 low. I am now long at 6530 and I will leave a stop at 6500 just below today’s low. I will take profit on any move back to 6620/6650.
GPB/USD
I am still short at 1.6120 and I will leave the same stop at 1.6160 as we are still at the top of the Bollinger Band and overbought. I am planning to take profit on any move back to 1.6050.
BUND
I was stopped out of my short position today at 141.00 as Equities fell hard and traders moved into the Bond markets for a safe haven. I will look to sell on any move up to 141.40/141.70 with a 141.80 stop.
FTSE
I was stopped out of my long position for breakeven at 5690 and I am now flat. I will buy on any retracement back to 5590/5610 with a 5570 stop.
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