I stopped in the treasury trading shop in which I used to work this morning. Interesting stuff. I have been looking for indications of what may happen to the treasury market, which may influence stocks. I do think it will have significant impact if we see a dramatic rise in yields. However, if it just trends one way or the other, I think the market will find footing. But I would like to see a plunge in treasuries, the next day or two.
Today is a bit sluggish. S/P has been up slightly and down slightly. It has broken over Fridays high. This move over the highs seems bullish. However, there are 20MAs, 50% and 61.8% fibs above the current price. Treasuries have also come off there morning lows.
50% retracement 151.68. 61.8% 152.29
PDLI – I exited the position I entered on Friday with a modest profit. I am looking to enter the position if I can get the right price again.
EK – is moving away from the sweet spot. 1 sold 1 unit of the trade for .50 today. I am holding onto 1 last unit, to see if we can get a good move down into a max profit zone. As believed, this has turned into a very nice trade.
A few value plays that came up on my screens this morning are CREE. Looking at LT calendars.
STLD- The spread July/Aug 45 calendar has been widening nicely. Very nice R/R ratio remains. I holding on to 3 units
I am looking for clues this morning. I benefit from a downward move nicely. Although, staying in place works well too.