1300! v.3.0

Counting today the SPX conquered the 1300 mark three times in the past year and I’m sure the longs are thrilled.

Of course that also means that in the past year we have effectively gone nowhere, despite a freefalling Dollar, so if you have simply been holding long you’re not even keeping up with inflation. If ole’ bucky ever gets its legs back things could turn ugly for equities on a dime, which is another supporting argument for my long term outlook presented over the weekend.

Alright, I’m feeling a bit better today after getting about six hours of sleep. Unfortunately I am starting to think that it’s not allergies but that I may have caught a cold somewhere, which is pretty rare for me, especially in June.

But thanks to modern chemistry my head was clear enough to scrape together a few short term charts, so let’s do a quick short term chart roll call:
[amprotect=nonmember] Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.
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Copper must have popped a viagra this morning and that NLBL is getting pretty tiny in the rear mirror. This is looking like a genuine break out to me.

Crude futures are near their NLBL at 95.79 – a close above it will find some resistance at 96.5 but if they can push above that we should be revisiting the 100 mark.

Silver has completely run out of mojo but is holding its NLSL. So it’s possible we walk up to 36.36 but I frankly don’t see much edge here.

Gold may have a bit more to run and if you insist on taking this trade I’d suggest you go with the big brother.

We really didn’t get a nice clean NLBL on the spoos but I think 1312 is pretty much procedural at this point. Whether or not we can push above that remains to be seen but if the momentum remains as it has the chances for a push toward 1330 are decent.

On the fixed income site the 30-year bond future sliced through its NLSL yesterday and did not look back. Seems to me we are going to 122’04, after which I expect a little bounce.

1330 on the spoos would be roughly 1334 on the SPX (depending on how long it’ll take us to get there – the PREM diminishes within its quarter) – but as you can see there is some resistance looming around 1320. If you hold all the way there I would strongly recommend you take partial profits.
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That’s it for now – I am actually not completely useless and have been coding my ass off in the past few days. There’s good stuff coming fairly soon which I am sure you all will enjoy. Hope to wrap up a little gift basket for everyone after 4th of July.

Cheers,

Mole