Global growth worries have returned and the markets are on the back foot. Equity markets are in the red and the Vix Index is higher. China lowers its growth target to 7.5% for 2012 from 8% and UK Services PMI slides to 53.8 from 56.
S&P 500
The S&P is trading at 1354 and I am covering my shorts here. We have a closing Gap of nine handles from last night and I am buying small here against the 1350 level, looking to close at least some of the Gap. Again if we break and close below 1350 we will have a short term sell signal.
DAX
The Dax did not close below 6850 yesterday but has broken hard this morning. I want to sell on any move back to 6820 with a 6860 stop.
EURO
The Euro has just broken the 1.3180 level and I am standing aside. I will buy again in front of 1.3100. I do not want to be short here.
Crude
I want to buy in front of 105.40 with a stop below 104.90 which was the low of last Wednesday.
GOLD and Bund
No change from yesterday’s update.
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