Triple Witching SPs Rally Early AM
SP500 Nears ST .786 at 3129
With triple witching options X upon us, the early morning trade has the SP500 +27.00 ticks trading 3125.00. Stronger consumer news out of the UK and London leading the way as Aussie retail spending took back almost all of the slump from April rising 16.3% after falling 17.7%. This was the largest rise in history as household bank balances also ballooned:
As far as the SP500 technically we are running above the important longer term .618 Fib area we have been harping on lately of 3113/3115 area. So above there we are leaning to further probes higher, but considering Opts X volatility could drive us back toward that 3100 strike or even 3080. 3100 seems to be the pin marker today:
As far as the SP500 chart, shorter term 3129 should prove to contain some decent resistance here early on:
US Treasuries falling 23 ticks on this equity run and hampered still by its attempt to get back into its 3 month long channel:
Speaking of 3 month long consolidation how about Gold! We know all the Peter Schiff types are waiting for this thing to break out and above 1760 it will:
OK the GFBP model maintains a slightly overall Hedged Short bias, although today may see some equity move change some of that and our Position Tracker will adjust accordingly most likely on a move higher by end of day in equities which may flip an instrument or two in that asset class, but will see how the day transpires as its not up to us. Cheers
-Magnelibra Econemotions
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