Stock indexes take back losses; dollar pulling back

SPH took back all of its losses as Greek bailout package was said to be on track for approval on Monday and news that the ECB is swapping its 50B euros of Greek bonds for new ones … Short term momentum has retreated without much pullback allowing for upside swing potential this morning.

US$ Index pulled back from its 50% retracement resistance and is holding the 50% retrace of the recent rally; 79.33 in future, pivotal. US$ spot only closed marginally above the closing pivot on Wed and is back below it after yesterday’s settle; see pg 3.

EURUSD held its 50% retracement support of 1.2976 in future and is short term positive today above 1.3108. ECH eur future has 1.3174 as s/t closing pivot and 1.3191* as .618 key resistance area. Pound future held its .382 first key support three straight days at 1.5660 and may retest its 200 day avg of 1.5928*. Yen future vs USD is breaking a key support and may continue to its 50% retrace at .012480.

Nikkei has 9507 as target and pause. DAX we continue to look for a pause at the extension target of 684.50. R2000 reversed back above the broken trend line as the spot R2 held the old .786 pivot pt; see page 3. NDH climbed back above its 5 day avg after one day settle below so far on the year.

Market Sentiment

CONTRACT / SECTOR

THEME POS / NEG

POSITION STAGE

TARGET / KEY PTS

STOCK INDICES US

Positive

Short covering

R2000 spot 811*

US TREASURIES

At pivot support

USH 141-18* close

TYH 130-26.5*

CRUDE WTI/BRENT

Brent at target*

Brent 120.97 (.786)

WTI 106.50 target

METALS

Positive

Gold pos 1731 close

Copper 3.72 close*

CURRENCIES

USDJPY 78.89 cl*

Neg US$ Index 79.61cl

GBP 1.5922 200 day

GRAINS

Positive

CH 6.196* support

SX hits 200 day avg

David Wienke runs Triquetra Resources Ltd. in Riverside, Ill. (www.triquetraresources.com).

About the Author

David Wienke runs Triquetra Resources Ltd. in Riverside, Ill. (www.triquetraresources.com).

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