Watch This Critical Technical Level
Economic Numbers Re-Assure
Markets?
The Jobless Claims and GDP numbers
came in as expected, if they had missed the consensus, this market would have
been whacked in all likelihood. However, there just seems to be a cloud of
uncertainty that continues to hand over the market. With sideways action one
needs to remain selective and nimble, swinging for the fence will result in many
painful trades. If there were ever a time to swallow your pride and be grateful
for “picking up nickels” this is the time.
The action has been a bit better in the FX
markets, and that is only due to there being some critical technical levels that
have come into play recently, most notably in the Dollar. Even these trades
though have required a lot of patience and anticipation, but they are paying
off. I have indicated my bias on a few currencies in this column over the last
few days. I trust most of you took some of the trades.
For now, I will remain cautious but trade
assertively on the opening 90-minutes. There continues to be solid trades each
and every morning for those who are willing to restrain themselves and allow the
market to present the opportunities rather than you forcing the opportunity.
I realize that today’s piece does not provide
tremendous insight and or ideas, however this is a time that benefits those who
tread lightly or even not at all. Capital preservation is paramount.
Nonetheless, there is one critical technical level in the S&P futures that needs
to hold, 1077. A break of that will be quite negative.
I will be traveling later today and will resume
my column on Tuesday morning.
As always, feel free to send me your comments and
questions.