- For me, the most important piece of news this past week = US initial claims back at 500k. Makes next Thurs' release much more interesting than usual. If it's another print near or above 500k, equity bulls die.
- USDX : Near term bottom made 2 weeks ago and confirmed by positive price action for 2nd week in a row. Gets difficult from here. Best stay away from taking a direct punt in USD/fx. [Flight to quality bid or worsening yield differential sell?]
- US10YY : Reached intermediate objective at 2.54% (low made last night 2.53%). Even so, do not try to be too clever and attempt to trade the sub-waves. Stay short (yields) and sit through any possible retracement for 2.20% objective. Time is on your side.
- S&P500 : Slowly slowly this is beginning to show signs of cracking. Prices have criss-crossed the MAs a few times but unable to hold above. Wait for it to break. It will. Until then, stay alive.
- Gold : Shakeout of longs over. Now its a matter of how long we consolidate (and how) before bulls attack the upside.
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