The collision of global markets and social mood

Friday, June 10, 2016

Friday -- Rollover, ECB, Germany Screams Bitte!

S&P E-mini Futures:
Messy rollover into new contract month -- September. Seems quite a few may have used the new contract as a short hedge against their expiring June contract long positions.

Asia and Europe are red, red, red, with Europe crumbling over 2% in many markets.

Could it be because of comments by an ECB official?

Bloomberg -- "The European Central Bank has pledged enough stimulus to return euro-area inflation to its goal, policy maker Bostjan Jazbec said, in a sign that officials may sit tight over the summer months."

Or, is Germany's desperate plea a sign that "there will always be an England"? I hope so.

Messy here too. CHF and JPY continue to strengthen. Commodity currencies weaker with CAD the notable exception.

Prices at the long end showing relative strength vs short end.

WTI crude down over 1%. NG recovered early weakness yesterday and ripped higher. Digesting those gains presently.

Gold and silver still looking for higher prices as volume slows. Platinum and palladium lower. Copper looks like it's trying to hammer out a near-term low.

S&P Outlook:
Yesterday bounced off the 2108 volume shelf and made a rather dubious recovery allowing me to unload the 212 calls bot at the open.

Today 2108 should come under pressure. If broken, 2085.36 could be the next target. Below that are volume shelves at 2075 and 2052 along with gaps at 2076.06, 2048.04, and 2040.04 in addition to the usual Fibonacci subjects.

If the Sex Pistols have any say, there will always be an England. Happy Friday.

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