Hello All,
1) Exit Mar. Emini S&P longs from 1088 at the market (1114.25) and reverse. Go short, with a 1123 stop. Hold for a couple days. I'm abandoning my upper target for now given the strength in the dollar and weakness in crude. No need to be greedy, plus I feel we're out of time. We should see a pullback for a couple days, which may be followed by another rally, but it will all depend on how deep we fall. If we can crack below the 1090 region, then I don't think this market will be turning back up.
2) Mar. Euro seems to have solid support around the 1.3450 region. I would anticipate a larger rally going into next week, but it contradicts with a higher dollar. The market is stuck in a congestion pattern and we'll have to wait for a breakout to anticipate any sort of target. Ultimately should see lower prices into mid/late part of the month.
3) Sell April Crude at 79.08, with a 80.30 stop. Exit 77.40 into Wed. My upper target failed to come in, and those of you who did not reverse once stopped out at 79.30 should have an opportunity to get onboard. If we can somehow manage to stay above 76.50 after this weeks inventory report, then my upper target of 82 may eventually come in by next week. Which would coincide with another secondary high for the ES. We'll play it day by day and see what develops. For the time being, the current course of action is playing out perfectly with respect to timing.
Best,
Arman Vahdatinia
Futures & Options Strategist
1-877-338-EXPO [3976] ext. 25
www.ExpoFutures.com
*There is a risk of loss trading futures. Past performance is not indicative of future results.
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