Thursday, May 17, 2012

Quick Market Note

Today SPX reached a capitulation phase, which I was looking for on Monday. It is important to point out that TNX inched closer to lower boundary of the channel I showed yesterday. CRB is holding up well, as QE3 chatter picked up today after atrocious Philly Fed, but it actually started to hold on its own yesterday, probably due to the support zone which I pointed out on Tuesday.
In my very humble opinion, all of the above marks an interesting level of entry for longs here. I am now long SPX futures and foresee a tradeable bounce towards 1370 - 1400. I am also trying EUR long here on my view of retracement back to 1.29 - 1.2950 level.
As always, be careful and do your own research, because I could be totally wrong...

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