Monday, May 9, 2011

5/9 Daily Commentary

Commodities rebounded today and traders put "risk on" again, including stocks.  The Euro got hit by the Greek downgrade and sent the dollar up beyond it's 90-minute M/A threshold.  To be doubly sure I'm using the 29-day M/A +1% which would confirm buy at 75.63.  DX declined to it's 10-minute M/A. I've bought June DX at 74.80 with a stop at 74.73. I'll increase position once daily is broken to the upside.

Stock market is in a rectangle for SP futures and decline below 1342.40 is a good signal to the downside.

I'm shorting ES futures on a decline below 1342.

No comments:

Post a Comment