Markets continue to fluctuate following on from Sunday’s Elections. There is a dearth of news today and the main question is whether Greece can manage to form a Government. The Syriza party are trying but they have only three days to do it. ECB’s, Asmussen says that Greece needs to stick to the bailout plan if they are to stay in the Euro. Concerns are rising for the capital needs for Spanish banks with a Reuters source claiming they will need another 35 Billion Euro.
NOTE: All comments below refer to the June Futures Contract in each instrument apart from where separately specified.
S&P 500
A really volatile day in the S&P as the market traded down to 1355 and rebounded to 1364 before falling to 1345 and then having a rally in the last hour back to 1360. This 1340/1350 is really big support and a break of this level will lead to a move back to 1321 which is the open Gap from early February. As long as the market stays above 1320 we are in still in a bull market. Today I want to buy from 1347/1352 with a 1342 stop looking for a test back to 1360/1365 where I will look to take profit. Just to be clear I am only trading in small size.
DAX
The DAX traded down to my buy level and then bounced all the way to 6580 before running into more trouble and fell back to the 6440 level. I am went flat after the rally and then bought back at 6470. I will leave a stop at yesterday’s low of 6420 and I will look to take profit from 6520/6550.
Euro/USD
The Euro hit my buy level at 1.2970 and I am long with a tight 1.2930 stop. I am impressed the way the Euro is holding up and I will take profit from 1.3030/1.3050.
IBEX
The IBEX hit my buy level this morning and I am long from 6840. I will leave a 6790 stop and if stopped out I will look to reset my long position from 6700/6730. Remember 6700 is last major support for the IBEX.
FTSE
June FTSE is testing its key support at 5470/5500. The market is very oversold here and we are at the bottom of the Bollinger Band. I will look to buy in the area with a 5450 stop.
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