Overnight there were comments from a German lawmaker that Greece should go to the IMF (rather than the EU) for a bailout.  The Greek PM said that Greece may go to the IMF for help, but that it doesn’t need IMF aid.  The new uncertainty about Greece is weighing on the Euro, although the dollar’s strength is not yet hurting stocks. China’s Foreign Ministry spokesman said U.S. demands to revalue its currency are “unfair and harmful”. CPI came in as expected; jobless claims were higher than expected.  Expect Greece and tomorrow’s witching day to drive prices today.

June SP, NASDAQ:  By the TTT count today is a Sell Short day, but the action is noncommital so far.
June Dow:  Sell Short day; watch the 1/19 high at 10622 as a reference price.
June T Bonds:  They muscled over the 118-02 double top.  Another market on its Sell Short day by the TTT cycle.
June Yen:  Breakout day (ID and doji).  The upside breakout point is Tuesdays high at 1.1121; I’m watching 1.1076 on the downside.
June Euro:  Follow through from yesterday’s sell Short move; 1.3674 is Fib retracement support.  It also had a doji and NR$ yesterday.
June British Pound:  Sell Short day; 1.5250 is first support and 1.5173 is the objective.
April Gold:  Buy day; clearing the 1126 area would be bullish.
May Silver:  Sell Short day.
May Copper:  Sell Short day; there’s trend line resistance at 343.20.  336.30 is the downside objective.
May Coffee:  Sell Short day; 133.85 is the reference price.  134.60 would be next resistance, and 132.80 is first support.
May Cotton:  Breakout setup (ID/NR7).  Breakout points are Tuesday’s high at 81.95; watch the overnight low at 80.55 down.
April Crude Oil:  Sell Short day.   It also was an NR4 day, so it could move if it gets going.
May Soybeans:  Sell Short day; it’s bearish under the Fib level at 953-4.
May Wheat:  Sell Short day; 486-6 is the first downside target.

This is a sample of the analysis from my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.

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