A relatively quiet day yesterday, as the UK continues to celebrate the Queens Golden Jubilee. Currencies squeezed higher versus the USD. Equity markets eked out small gains and Oil was higher while periphery yields were lower. There was little news but markets are taking comfort from some easing of Germany’s tough stance. Overnight the Australian Central Bank cut rates buy 0.25 percentage points to 3.25%. All eyes will be on the G7 telephone conversation this morning and, given the easing of European tension, the talk of QE3 weighs on the USD. The EU says there is no master plan to save the Euro and are working on a plan for greater integration which is likely to be unveiled at its summit at the end of June.
June S&P 500
The S&P just missed my buy level yesterday and then rallied to 1280 overnight. Today I will raise my buy level to 1265/1270 with a stop below yesterday’s low at 1263. If I am taken long and then stopped out I will be a strong buyer in front of 1253 which is the gap left from New Years Eve. I will also still look to go short from 1285/1290 with a 1292 stop.
June EURO
The Euro worked out very well as we traded up to 1.2545 overnight. I took profit at 1.2525. Today I will look to reset my long from 1.2420/1.2450 with a 1.2395 stop as I look for a retest of 1.2500/1.2530.
June CABLE (USD/GBP)
The Cable has traded down to my buy area this morning and I have gone long at 1.5340 in small with a 1.5280 stop. I will look to take profit in front of 1.5440.
June DAX
The Dax worked out very well yesterday as I was able to buy at 5960 and take profit at 6020 and I am now flat. Today I will look to reset my long position from 5940/5970 with a 5920 stop.
June Gold
Gold traded down to my buy area at 1610 and I will leave a 1598 stop on this position. I will look to take profit from 1630/1640.
Recent Comments