Sunday, March 17, 2013

Setups update

Due to the Cyprus news out this weekend, markets opened this afternoon with all sorts of major gaps.
$ZB_F gapped up 10 ticks, and has blown through the 142 '24 resistance, and the next level I am looking at is 143 '20 - '24.

ES gapped down and is finding support in the 1537 area.

Gold broke past the 1598 area and now we're looking at 1615-20 as potential target areas.

Copper broke down from its consolidation area and looks ugly here.

Problem with such gap and go markets is that there's not much for us to do, so its important to be patient and wait for trades.

Grain markets are the most interesting to me at this point. Here's corn at an important juncture.

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