Rolling Tops Forming in Equities & Commodities
by AL MARTIN (INSIDER INTELLIGENCE)
(3-3-13) We continue to trade the March Long Bonds from the long side on dips. We were consistent buyers of the Bonds late week on dips down to the 145.16 area, selling at 145.28 or better. We finally saw a close Friday above 146, as we had promised you in our last week’s missive. We believe that 146.04 reaches this level will now give way in Monday’s trade and we will look to trade up to the 146.16 area. Traders should be watching the 30-year yields. Any move below 3% would pressure equities.
March Dollar Index continues to move higher in line with our previous week’s missive. With the 81.70- 80 resistance area now surmounted, the Dollar Index now turning up to the 82.30- 40 next up resistance zone. We believe this current area could be a temporary top in the Dollars, as we continue to believe that the Euro will hold 1.30 as it did in all of last week’s trade. However if the Euro can break under the 1.29 area, we would look for further breaks.
April Crude Oil continued to break in line with our previous week’s suggestion with the 92.
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