A strong day for stocks got a big boost with word that the FASB was relaxing mark to market rules.This allows banks to more liberally treat their valuation of “toxic assets”. Those in favor of this say banks shouldn’t be forced to punitively lower the value of their portfolios when markets are beat down. Critics say you’re leaving the fox in charge of the hen house. It’s bullish today, anyway. We’ll see if we have to pay the piper for this one down the road.It’s time to wait for “un-enjoyment” Friday and the payroll numbers.
June S&P:Breaking last week’s high at 831.50 was the fuel for today’s rally.It will be interesting to see how much more they can put on today, and whether this takes the steam away for the bulls for tomorrow.
June Dow:Next objective are the Jan/Feb highs starting around 8250.
June Treasury Bonds:Momentum sell short day, momentum buy day tomorrow?12829 is Fibonacci support.
June Japanese Yen:Yesterday’s low at 10057 is support.
June Euro Currency:Testing resistance around 135.
June British Pound:A big rally for cable when it cleared Fibonacci resistance at 14447; the March high at 14782 is next resistance.
June Canadian dollar:Breakout buy day rally today; watch out for a momentum sell short day tomorrow.
June Gold:Paper assets are good again!Downside breakout under 910; 900 is support, then the March low at 885.
May Silver:Held Tuesday’s low at 1257.
May Cotton:Back to the open, can’t clear Fibonacci resistance at 4675.
May Crude Oil: Economic optimism and the selloff in the Dollat are pushing crude oil higher. It’s cleared most the short term resistance I see, 5250 is what I have left.
June Live Cattle:Breakout day rally; the mid March high at 8382 is resistance.
June Lean Hogs:Already on a breakout day setup; it’s looking like they may wait before moving.
May Soybeans:Testing the March high at 581-2; grains are a big beneficiary of the selloff in the Dollar.
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