Overnight session:
Watch the Yen. After an initial bid, it is now dropping, giving equity futures a lift. There is some good news on the Japanese economy, but wages are dropping so inflation does not seem to be a threat. Link
Be careful, though. Oil is at 59.30 and weakness there can bolster the Yen, although right now JPY futures have dropped almost 1%. Watch NQ (Nasdaq 100 futures) and 1770 pivot resistance (June contract).
I am a little skeptical of the slight gold bid since oil is falling and the dollar has a bid. YG pivot is 653 and 50 DMA is 652, so expect resistance as long as oil stays below 60.
I am no fan of shorting gold, but at 652, it's a trade. The metal is looking weak. A move above 656 negates the bearish scenario.
Watch the Yen. After an initial bid, it is now dropping, giving equity futures a lift. There is some good news on the Japanese economy, but wages are dropping so inflation does not seem to be a threat. Link
Be careful, though. Oil is at 59.30 and weakness there can bolster the Yen, although right now JPY futures have dropped almost 1%. Watch NQ (Nasdaq 100 futures) and 1770 pivot resistance (June contract).
I am a little skeptical of the slight gold bid since oil is falling and the dollar has a bid. YG pivot is 653 and 50 DMA is 652, so expect resistance as long as oil stays below 60.
I am no fan of shorting gold, but at 652, it's a trade. The metal is looking weak. A move above 656 negates the bearish scenario.
This entry was posted
on Sunday, March 11, 2007 at 3/11/2007 09:16:00 PM.
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