Weekly Review

The Jury is out. Greece has exited. As the front page of this weekends Wall Street Journal stated. However it was only from the EuroCup.
Looking forward to this week in the US we have Durable Goods on Wednesday, GDP on Thursday and Consumer Confidence on Friday. Other notable news releases are German Unemployment on Thursday as well as GBP GDP, and Friday is CAD GDP numbers.
For the week the S&P 500 should hold the 1370 level. If that breaks then we could return to the yearly highs.
GOLD must hold the 1520-1530 level to have any chance of remaining bullish. You could play that level with a tight stop.
My Overnight trade is getting long the USDJPY on a pullback. Ever since the FED meeting the USDJPY has been moving up and so has rates. Unless the FED makes a move for QE 3 we could retest at least April highs in this. I would bid a pullback overnight based on the 120 min chart attached. The top of the future cloud is 80.20 and the KS is 79.99. I’d be buying that whole area with a stop under 79.70 which is the bottom of the future cloud.
That’s all for tonight

About the Author David Terk