Some Musings For The Week
Good Morning all
Gentle Ben will be yappin his mouth off 3 times this week get ready folks. I think the word "INFLATION" is the most over used word in the english language these days.
Some interesting developments in a lot of charts.
As posted here about 1 week or so ago i called the Buck higher and the Euro lower. Well the Dollar has broken a triple top on P&F and the Euro has broken a triple bottom. 1.25 is the near term target for the Euro and 88.00 is the upside move for the buck.
GC Futures(gold) this was an accident waiting to happen as advertised right here many weeks ago at the top. I have a donwside target of 568 on the chart . I did say that all commodities were ready to get murdered since the hedge funds had it all wrong.
Crude for July the CL N6 broke a spread triple bottom at 69.50 and has rallied back up, it looks like a short if you ask me with a downside target of 68.00.
Many of the internal indicators i am watcing are coming down very fast on P&F. I would suggest that the next FOMC at 27-28th of June could be a turning point in the whole market. June historically is a lousy month for stocks, and the week post opex is horrendous as well. But we will have the EOM -BOM buying opportunity as the funds will window dress the last week in June and usually the first 10 days of July are strong.
The surprise index right now on the bullish percent front is the NDX. That chart has reversed back up from oversold levels, that are historical levels that produces a nice counter trend rally setting up shortly.
The bond market has started a nice rally now tyring to show the FED where it needs to go. Yields have moved below 5% on the 10 year and that's always good too. Despite Fed Funds Futures predicting an 85% chance of a rate hike at the June FOMC, the bond market is showing us the money saying they are not worried about inflation, they are worried about a slowing economic picture for the 2nd half of this year.
This week we have the PPI & CPI along with a host of other market moving reports along with the mere fact it' triple witching op ex week too, and what with all the Fed governors yappin and flappin there mouths off it makes for a wild and crazy week.
So keep your powder dry you investors out there fire sale prices are on the way.
As for us dayteraders make sure yoou ALWAYS check the DAILY CANDLE CHARTS for supports and resistance areas each morning using fibo retrace and projections. It helps to see where the stocks indexs and futures are ranging all the time on a daily basis.
Have a great trading week all
we live in interesting times eh?....................................................... :cheesy:
