LS Trader Weekly Update – Monday 21st November 2011

The week ahead will be a shortened trading week due to the US Thanksgiving Holiday on Thursday. US markets are closed on Thursday and Friday is a shortened trading Day.

Last week we wrote that many markets were in trading ranges are were approaching support/resistance levels and that there could be several breakouts, and we saw that this past week and the same still applies for the week ahead as more key levels look set to be tested.

The long-term trends remain in place, and are down for stocks and commodities, and up for the dollar and interest rate futures.

Stocks

We wrote last week about the triangle that the S&P 500 had formed as well as the wider trading range between approximately 1200 support and 1300 resistance and said that those levels would be the levels to watch for a breakout. Over the past week t he S&P 500 broke out of the triangle to the downside, in the direction of the long-term trend but has yet to breakout of the wider range. This range now spans to the lows of last week, which if taken out would suggest a move to 1180. Below 1180 there is a lot of room as the next key support area would be all the way back to 1068, the October lows. Therefore last week’s lows and 1180 are the areas to focus on in the week ahead.

Last week we also wrote that the Nasdaq 100 was forming a rounding top, which could even be considered to be a mini head and shoulders top. The market since went on to break the neckline of this pattern and this may lead to a move lower towards 2150.

One thing to be considered is that the week in the build up to Thanksgiving is normally bullish, although I don’t think seasonality is never a strong enough reason by itself to either take or not take positions. It’s far more important to follow the trend and the chart structure.

Commodities

Gold has shown some signs of weakness this past week and has pulled back from the $1800 level, which it was unable to clear. The yellow metal remains the only market in the sector to be in a long- term uptrend but is now showing signs of short-term weakness.

Crude shot higher earlier in the week, pushing well through the $100 level. January Crude actually hot $103.37 but then sold off late on Thursday and Friday, moving back below $100. The trend remains up but the market may continue to pull back towards the $94 support area.

Currencies

The long-term inverse relationship between stocks, commodities and the dollar still remains intact. This past week saw the dollar index, which is a basket of currencies against the dollar; continue its recent advance, adding 1.46% for the week. We wrote last week that a break above 7850 for the index would be bullish and that level was tested last week but so far the index has not pushed on to the next target around 8000. The long-term trend remains up for the dollar index as it does for the dollar against most of the majors.

Interest rate futures

Interest rate futures were higher for the week with the exception of the short term 3 month Eurodollars, which continued their decline this week. Longer-term markets pushed higher, with the most strength being seen in the 30 year T bond. The long term trend still remains up in this sector but as before with yields very near to all time lows there may be a limit as to how much higher these markets can go.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 14th November 2011

The long-term trends still remain intact across the 4 primary sectors of stocks, commodities, forex and interest rate futures but many markets are in short term ranges and possibly on the verge of breakouts. Currently these trends are down for stocks and commodities, and up for the dollar and interest rate futures.

Stocks

We wrote last week about the range on the S&P 500 between approximately 1200 support and 1300 resistance and that those levels would be the levels to watch for a breakout. Over the past week the S&P 500 has remained in that range but it has now begun to tighten somewhat and form a triangle pattern. This means that price action is tightening and that when we get an eventual breakout it may lead to a decent move in the direction of the breakout.

One of the reasons for that is that there are now lo wer highs and higher lows, and a breakout will take out that pattern. However, even if the triangle is taken out, the primary resistance still remains at 1300, with support at 1200, so the market will have to take either of those levels out as well before we can have a decent directional move. For now the long-term trend remains down, so even though the market is nearer the upper end of this range, the odds favour a breakout to the downside.

The Nasdaq 100 is forming a rounding top, which is bearish and could even be considered to be a mini head and shoulders top. This would obviously be negated should the market take out the highs and resistance at 2430. The long-term trend here remains down and with the aforementioned patterns is potentially bearish in the short term, but the market needs to break short-term support, or the neckline, for confirmation.

Commodities

Gold this week finally cleared resistance around $1750 and pushed on higher, almost to $1800. The long-term trend still remains up for gold, the only metal that still remains in a long-term uptrend.

Crude has also pushed higher following last week’s breakout and may now be heading higher towards psychological resistance at $100. The long-term trend still remains down for the energy sector on the whole, but heating oil has also been moving up nicely along with Crude and may be on the verge of a long-term change of trend.

The grains markets have remained very bearish, with even the most bullish market of the grains sector, Corn, failing to take out resistance. Corn is now moving towards the lower end of the recent range. The soybeans sector has been particularly weak, with Soybean Meal falling to its lowest level since late 2010 and the other beans markets heading for the lows of the year.

Currencies

The dollar index has remained in a short-term consolidation, but short-term support around 7650 continues to hold and this is bullish as long as it does. A break above 7850 would likely lead to a move towards 8000 and such a move would be bearish for stocks and commodities. However, if 7650 support does give way then a move towards the 7500 level may follow but for now the trend remains up.

Interest rate futures

Interest rate futures all moved lower this week and we now have all 4 markets that we track at LS Trader moving lower, from the short term 3 month Eurodollars, all the way through to the 30 year T-bond. We wrote last week that with yields very near to all time lows there may be a limit as to how much higher these markets can go, and last week’s action failed to take out the recent highs. To say that a top is in for this sector may be premature and the long-term trend still remains up for t he sector.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 7th November 2011

The past week has bucked the recent short-term moves, which were against the long-term trend, to resume direction in the direction of the primary trend. These primary trends are still down for stocks and up for the dollar. Commodities still remain mixed but for the most part are still in long-term downtrends. The inverse relationship between stocks and the dollar continues.

Stocks

We wrote last week about the candle pattern formation that suggested indecision and also confirmed resistance at 1300 and we got follow through from that pattern on Monday with a tall red candle, which is a big selling day, to complete the evening star formation as we suggested may happen. An evening star in an uptrend at resistance is a bearish reversal pattern and this move pushed the S&P 500 lower, although it did recover somewhat from the lows of the week. Clearly resistance is in place at 1300 and there is some support around 1200 so that remains the range to watch for the week ahead.

Commodities

Gold cleared resistance around $1750 but as yet has failed to push on higher. The long-term trend still remains up for gold, the only metal that still remains in a long-term uptrend.

Crude has begun pushing higher again and may now edge higher towards $100 but the long term trend overall for the energy sector remains down, as it does for most commodities.

Currencies

The past week has been a resumption of the long-term trend, with the US dollar gaining against all of the majors. It has also been a volatile week with some large moves seen in many markets. The reversal of prior weakness for the dollar and the extent of last week’s move is amply highlighte d by the huge bullish engulfing pattern seen on the weekly chart of the dollar index. The weekly patterns in several of the major pairs are reversal patterns, all of which favour the US dollar, as does the long term trend.

We wrote last week about the likelihood of intervention from the Bank of Japan to weaken the Yen since it had pushed once again to all time highs and the BOJ did intervene on Monday, possibly with as much as 80bn. This move pushed the dollar higher and even exceeded the 7800 level that we mentioned last week. The long tern trend still however favours the Yen.

Interest rate futures

Interest rate futures reversed recent short-term weakness and started pushing up towards the higher end of the recent range. The 5-year T note in particular has pushed up to within touching distance of all time highs. However, with yields very near to all time lows there may well be a limit a s to how much higher these moves can go.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 31st October 2011

The past 3-4 weeks have been a similar story, with stocks continuing to rally, while the dollar has declined. Commodities remain mixed but for the most part are still in long-term downtrends. As summer comes to a close we enter what is seasonally a bullish time of year for stocks but following the strong October rallies it remains to be seen how much is left to the upside.

Stocks

We wrote last week that we may see further strength towards 1250/1260 on the S&P 500 and the market reached that level and then continued further, with the December S&P 500 reaching 1288.8 on Thursday before pulling back slight to Friday’s close. The large move higher on Thursday was followed by a small real bodied candle which may represent some indecision at the current level, particularly with the 1300 resistance level in sight.

The N asdaq 100, which has been leading the way of late for stocks of late has continued to move towards the highs of the year and briefly crossed the 2400 level on Thursday but as with the S&P 500 it pulled back Friday and formed a northern doji. This is not in and of itself a reversal pattern but reflects some indecision and if we get a long red candle on Monday would complete an evening star pattern, which at resistance would be a bearish reversal. If however we see continued strength and a close above 2400 then we may well see a move towards the highs of the year at 2430 and a possible change of long term trend to up.

Commodities

Gold finally cleared the $1700 resistance level and continued onwards from there, only pausing slightly on Friday. If strength continues early next week then we may see a move higher towards $1800. Gold has remained the only metal in a long-term uptrend, and is there fore the strongest and the most likely to give a new buy signal.

Currencies

The dollar has continued south for a fourth straight week, with the dollar index falling through what was potentially good support around 7650. The trend remains up for now but that may change with continued weakness.

The major currencies have all fared well against the dollar of late but all still remain in a long term downtrend with the exception of the Japanese Yen, but maybe not for much longer. Several markets continue to press towards resistance levels and as with stocks, there are a few small real bodies/dojis showing on Friday including a couple of bear haramis, so there is some indecision at current levels or at least a pause. These markets could move in either direction at present so the week ahead should be interesting.

The Yen hit new record highs against the dollar, prompting speculation that the Bank of Japan will intervene once again to weaken the Yen. Possibly the only thing that is giving them pause is the fact that the Yen was softer against several other currencies. However, be on the long out for intervention and a decent sized move higher for the dollar, possibly towards the 7800 area.

Interest rate futures

Interest rate futures are beginning to head lower with the longer-term markets making new multi week lows. The long-term trend still remains up as for much of this past year this sector has been in a bull market but there are signs that these markets are beginning to potentially roll over. However, all of the markets remain above good support levels so until that changes the trends remain up.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 24th October 2011

Stocks have continued their recent short-term strength while commodities have for the most part continued lower although there are exceptions. The dollar ended the week lower for a third straight week but the moves seen in the currency markets have been far from convincing. Long-term trends remain as before, up for the dollar and down for stocks and commodities.

Stocks

We wrote last week that a break above 1230 on the S&P 500 would be short term bullish and we got that this week and may now see further strength towards the 1250 1260 area. That said, a second close above 1230 would really be required to confirm this breakout as the market could easily pull back to within the recent range and head lower once more, in the direction of the long term trend which is down.

The Nasdaq 100, which has been leading the way of l ate for stocks actually ended the week lower. It still remains the closest to its highs of the year out of all of the indexes and the only one likely to give a change of trend to up in the short term. Generally when stocks are strong the Nasdaq 100 leads the way but with last week’s action being down, the Nasdaq remains below short-term resistance so it is not leading in the short term.

Commodities

Gold tested the $1700 resistance level that we wrote about last week and was unable to clear it. The long-term trend remains up for now as gold remains the only one of the metals still in a long term uptrend following recent weakness. Silver has also continued to struggle with resistance, in this case around 3300 and remains in a long-term downtrend.

Currently, the most important of the metals is copper, which this week moved down to test the recent lows and the crucial 30000 level. Friday did see a decent move for copper, with a bull sash pattern. A bull sash is a very short-term reversal pattern but the trend and momentum is still down for copper. A break below 30000 support may be significant not only for copper but for commodities on the whole, which may follow copper lower on a break down through support.

Currencies

With the exception of the Japanese Yen, the long-term trend is down for all major currencies against the dollar. The dollar index ended a third straight week lower but the trend remains up. The index is currently at a fairly important short-term support level, as we have written about recently at 7650 on the December contract. As before, there are numerous markets that are grappling with resistance levels and some currencies have also been relatively flat over the past week, which may indicate that the recent short-term dollar weakness is coming to an end. Whether t he markets can clear the resistance levels will likely set the tone for the coming weeks in the currency markets.

Interest rate futures

Interest rate futures were higher across the board as the long-term uptrend remains intact. In the short-term interest rate markets have been weak but have found some support from the prior week’s lows. If the support levels are taken out there is considerable room to the downside but some decent moves will be required for a change of long-term trend.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 17th October 2011

The reversal from 1 year lows formed during the previous week continued this week and the markets are now approaching key resistance levels, as in fact are many markets including commodities and currencies. The past couple of weeks’ moves have been counter to the long term trend and the long term trends all remain intact, so still down for stocks and commodities but up for the dollar.

Stocks

The trendline that we wrote about last week around 1175 gave way, as did the 1200 level as the strong 2 week rally continues. The S&P 500 has yet though to clear crucial resistance at 1230, which may well be the critical level and decider for what may happen to the markets on the whole over the next few weeks. A break through 1230 would undoubtedly be bullish short term and may lead to a move higher towards 1250. The trend however still remains down and will continue to be so for the foreseeable future. Considerable further strength will be required for a long-term change of trend for stock indexes. The exception to that is the Nasdaq 100, which continues to be the leader and may well test the highs of the year in the coming weeks. Whether those highs can be taken out remains to be seen.

Commodities

Commodities for the most part were higher over the past week but the trend for most remains down. Gold, one of the commodity markets that has remained in a long term uptrend, rose by 2.89% for the week but is still chart-wise in a consolidation pattern and remains below the $1700 level. Silver is following a similar pattern and continues to struggle with the 3300 area. The trend for silver remains down.

One sector that has continued to do well is agricultural commodities and especially the cattle markets, all of which are h igher and are approaching multi-month highs. If these levels can be cleared there could be further decent advances in this sector.

Currencies

The past 2 weeks has very much been about dollar weakness and has seen two strong weeks for the other currencies, which are counter to the long-term trend. The dollar index has fallen to its lowest level in a month and is now approaching a good support area. Considering the strength and extent of the moves seen in such a short period, a bounce for the dollar would not be surprising. Several currencies are heading towards resistance areas so whether we seen a continuation of short-term strength for these markets or whether the moves stall and reverse remains to be seen. With the exception of the Japanese Yen, the long-term trend is down for all major currencies against the dollar.

Interest rate futures

The long-term trends remain up for the interest rate futures sector with the exception of the 3-month Eurodollar. Longer term rates were lower after a decline for the week of 2.06%. The 5 & 10 Year T notes were also lower but both had been lower during the week before a partial recovery by weekend.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 10th October 2011

The past week saw new 1 year lows for the stock market, followed by a sharp rally for most of the week, which only ran out of steam on Friday. As ever the inverse relationship between stocks and the dollar is still in play, but not as much as normal. Such a move in stocks would normally correlate with a much larger down-move for the dollar, but the dollar ended the week down but not significantly so.

The long-term trend remains down for stocks indexes and commodities overall but it remains up for the dollar almost across the board.

Stocks

The S&P 500 initially fell to its lowest level in a year before making a strong recovery and ending the week ahead by 2.57%. The long-term trend however remains down and the market failed to clear the downward sloping trendline on Friday. Of interest is the spinning top pattern on t he daily chart which represents indecision and a possible turning point, with the high of the day running into resistance at the trendline. Although you’d never place trades based on this information, on a historical basis Monday and Tuesday of next week are normally bearish so it will be interesting to see the markets reaction and whether the trendline holds with resistance around the 1175 level on the December contract.

The VIX almost made it as high as our 4800 target but then moved sharply lower as stocks rallied, ending the week lower by some 15.47%. Moves such as this have been typical on the VIX for the past couple of months, so even volatility is volatile! As we wrote before, if 4800 is eventually taken out taken out we could see levels of fear in the markets not seen since the 2008 crash and such a move would correlate to a sharply lower stock market.

Commodities

The grains sect or continues to be very weak, with some grains markets falling to their lowest levels in a year. The entire grains sector is now in a long term downtrend with the exception of Rough rice. Weakness in this grains sector is being led by soybeans, which has taken out and closed below long- term support.

The metals sector remains weak overall even though we have seen some upmoves over the past week. Only gold remains in a long term uptrend, but even gold is effectively moving sideways before the next directional move, which by looking at the current chart formation is likely to be down.

We wrote last week that Copper may decline as far as 28400 if support at 30000 could be taken out. The 30000 level was tested and support found, leading to a rare up week for the metal, which had been in decline for the previous 5 weeks.

Currencies

The US dollar was lower, albeit not by a great deal, a lmost across the board. Of interest though is that the rally for other currencies for most of the week ran out of steam on Friday, with several markets printing reversal candles, such as shooting stars on the Aussie and Euro and hammers on the Dollar/Canadian and dollar index. If these patterns are good for a reversal the week ahead promises to be interesting.

Interest rate futures

We had written a few weeks back that 10 year yields would not likely move lower than 1.70 and that was almost exactly the bottom. Since then yields have risen in the interest rate futures sector which has sent prices lower. The long-term trend remains up with the exception of the 3 month Eurodollar and as we have suggested before, there is a possibility of a spike higher in interest rate futures yields, which may lead to an eventual sharp decline in this sector.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 3rd October 2011

It would be safe to say that fear has returned to the markets and that we are overall seeing a risk-off strategy being employed by many market participants and this is leading to many markets selling off sharply and entering bear market territory. The main exception is the US dollar, which as we have suggested recently would benefit from stock market weakness and its perceived safe haven status.

The long-term trend remains down for stocks indexes and is also down for nearly all commodities but it remains up for the dollar almost across the board.

Stocks

We have been writing for several weeks about the seasonal September weakness for the stock indexes and in particular the S&P 500 and we have once again seen this tendency appear. The December S&P 500 contract opened the month at 1211 and closed out the month at 11 26 for a fairly hefty down-month and it could have been considerably worse as the index had been as low as 1102 earlier in the month but support around 1100 held firm. Weakness on a seasonal basis can often continue through to the end of the first week of the month and beyond.

The VIX ended the week ahead by 4.15% and is looking to be in a very bullish pattern formation that could lead to a spike higher. A move above 43.87 would likely bring a test of the 4800 level and if 4800 is taken out we could see levels of fear in the markets not seen since the 2008 crash where the VIX actually topped 8000. Such a move would correlate to a sharply lower stock market. Whilst I would personally never place any trades based upon what the VIX is doing it is worth keeping an eye on.

Commodities

Commodities price action over the past week can be briefly summed up with one word, “sell”. This seems to be the case with virtually every commodity market at present and many are being sold off sharply in a trend that looks set to continue. Even George Soros sold his Gold this week and gold has held up better than many commodities and still remains in a long-term uptrend!

Perhaps the most important of these markets as far as the economy is concerned is our old friend Dr Copper, known for taking an accurate pulse of the economic climate. At present, copper is giving a sell signal not just in its own market but also for the global economy and the past week has seen another sharp move lower, as well as a new low close on Friday for the move. A continuation lower towards 28400 may follow if 30000 can be taken out.

Currencies

Our comments from last week about the dollar still very much apply and it continues to be the beneficiary of the current global financial crisis and its perceived safe haven s tatus. But as we have written many times before, since the other safe haven currencies of Japan and Switzerland are both being devalued by their respective central banks, the dollar will likely continue to rise as the global economic crisis deepens over the coming months.

The reverse is true obviously of the higher risk commodity based currencies of New Zealand, Canada and the ultimate risk currency, the Australian dollar. All of these 3 currencies were lower over the past week as risk continues to be shunned.

Interest rate futures

We wrote last week that we may be approaching a top for interest rate futures and were looking for 10 year yields to find support around 1.70 and they did before moving higher. The 10 year notes have just about held on to support but things are getting interesting in this sector as there appears to be limited upside.

Although clearly still in a long ter m uptrend, we still see interest rate futures as being a likely candidate for a very steep decline over the next few years.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 26th September 2011

In a week that has seen the global financial crisis come to the fore once again, stock indexes failed to clear resistance and headed sharply lower as the dollar moved higher. Commodities were also sharply lower almost across the board and these are trends that are likely to persist for the time being, although nothing ever moves up or down in straight lines and there will always be corrections and bear market rallies along the way.

The long term trend remains down for stocks indexes and is now down for most commodities but is now up for the dollar against nearly all of the majors.

Stocks

In last week’s update we wrote “So far this year the seasonal September weakness has not come to the fore but we may yet see the September selling rear its head. The S&P 500 is currently flat for the month so if the record of being t he worst month of the year for the S&P 500 is going to pan out this year there will have to be some considerable weakness before month end from here. For now it looks as though resistance around 1220 may be tested and the market’s reaction at that level will be a good indicator of short term action.” Short term resistance at 1220 was nearly tested before a steep sell off returned the indexes to bear market territory.

The VIX soared 33.15% for the week, bouncing higher from the support area just above 30 and closed the week out at 41.25 as fear returns to the market.

The Dax did not quite fall to the prior week’s lows at 4971, bottoming for the week at 4980 but we may still see a move towards the next support target around 4600 a bit further out and the trend still remains very much down.

Commodities

Last week we wrote “Further gold weakness has increased the possibility that w e have seen a major top as indicated by the possible double top formation. If dollar strength does resume then this would add further pressure to gold”. The double top pattern was confirmed this week with a breach of the low point between the 2 highs, which in this case was the low of the hammer pattern at $1705. We can therefore subtract the low of $1705 from the high of $1923 to give $218, which when subtracted from the low at $1705 gives a target of $1487 for Gold. For now though the trend remains up for gold although it is down for the other metals in the sector.

Last week we also wrote “Crude continues to grapple with the resistance at $90 that we have been writing about for several weeks and appears as though it may be winding up for a decent move in the not too distant future. The short-term range on Crude therefore still spans some $15, from $75 to $90.” Further failure to clear $90 led to a big move as suggested, a decline of 9.45% for the week. The next targ et will be the $75 and the $70 level, although steeper declines may follow further out.

Currencies

The dollar resumed its recent uptrend and continues to be the beneficiary of the current global financial crisis and its perceived safe haven status, which is somewhat ironic considering that it is effectively a fiat currency. But as we have written many times before, it is only the fact that it is still the world’s reserve currency that it has safe haven status. The other safe haven currencies of Japan and Switzerland are both being devalued by their respective central banks, leaving the dollar as the only viable alternative, and it will likely continue to rise as the global economic crisis deepens over the coming months.

Interest rate futures

The trend remains bullish for interest rate futures but we still may be a pproaching a top. 10 year yields will likely find support around 1.70, which is pretty much the high price point equivalent on the charts seen last week and we may see a move lower from there. We still see interest rate futures as being a likely candidate for a very steep decline over the next few years.

Kind Regards

Robert Stewart

LS Trader Weekly Update – Monday 19th September 2011

Stock indexes had a good week after initial weakness saw them first head lower before making a good recovery. The long term trend however remain down for stocks indexes. The dollar was also lower for the week but had seen some swings in some major pairings before ending lower and the trend remains mixed for commodities.

Stocks

So far this year the seasonal September weakness has not come to the fore but we may yet see the September selling rear its head. The S&P 500 is currently flat for the month so if the record of being the worst month of the year for the S&P 500 is going to pan out this year there will have to be some considerable weakness before month end from here. For now it looks as though resistance around 1220 may be tested and the market’s reaction at that level will be a good indicator of short term action.< br>
The VIX made a sharp weekly decline of 19.57%, which included 5 down days in succession as stocks rose and now finds itself at the major 30 support area.

We wrote last week that the Dax would likely target the obvious round number at 5000 and that we could expect some support around that level and that is exactly what happened. The December contract initially moved as low as 4971 before finding support and ending the week ahead. We may still see a move towards the next support target around 4600 a bit further out and the trend still remains down.

Commodities

Further gold weakness has increased the possibility that we have seen a major top as indicated by the possible double top formation. As we wrote last week this is not confirmed as yet and for it to be an actual double top the low point between the 2 highs must be taken out, which in this case is the low of the hammer pattern j ust above $1700. If dollar strength does resume then this would add further pressure to gold, but for now the yellow metal is just about holding on to the $1800 level and the trend remains up with the market above support.

Crude continues to grapple with the resistance at $90 that we have been writing about for several weeks and appears as though it may be winding up for a decent move in the not too distant future. The short-term range on Crude therefore still spans some $15, from $75 to $90.

Currencies

The dollar ended the week lower having begun the week on strong footing and continuing the recent uptrend from prior weeks. Strength evaporated and the dollar index ended lower by 0.81% having earlier been at its highest level since February.

The Euro was as ever the inverse of the dollar index, having begun the week sharply lower, falling all the way to $1.35 before recovering and ending the week ahead by 0.94%.

The Pound was one of the majors that actually ended the week lower, and fell to its lowest level since early January and now may potentially fall as low as $1.53.

Interest rate futures

Interest rate futures retreated as stocks and riskier assets advanced. The trend is still bullish in the interest rate futures sector but the markets may be headed for a test of short term support. Only the 3 month Eurodollar managed a gain in this sector and that was by a miniscule amount.

Kind Regards

Robert Stewart