The May payroll report gave ammo for Fed hawks as May payrolls showed a larger than expected gain (280K actual vs. 225K estimate). Along with the payroll gain there also was a relatively large uptick in average hourly earnings; a sign of potential incipient wage inflation. This report probably isn’t enough to change the odds (low to non-existent) of a rate hike at this month’s FOMC meeting however it will make for more talk of a hike at the September meeting. (Yesterday the IMF said the US should hold off on rate hikes until 2016). The US payroll number put the pressure back on debt prices and the Euro. The Euro has added pressure from yesterday’s move by Greece to not make today’s scheduled debt payment to the IMF. OPEC left it’s production quota unchanged at its semiannual meeting; this was expected and did little to change the crude oil market.
June EMini S&P Futures: It’s a Taylor Trading Technique Buy day. 2091.25 is the “official” reference price; we might also look for a successful test of the overnight low; depending on where that ends up.
June EMini NASDAQ Futures: “Cover breakout sales” day so a TTT Buy day is anticipated; 4473.25 is the reference price.
Sept T Bonds: Taylor Trading Sell day; with the daily trend down I’d look to be short if it’s under 150-00.
Sept. 10 Year T Notes: TTT Sell day; watch 124-31.5 (Thurs. low) as a pivot point for Treasuries today.
June Euro: Sold off out of a breakout setup; watch 1.1100 (Fibonacci retracement level) as a pivot point this morning.
August Gold: Taylor Trading Buy day- scalp only. Reference prices are 1170.00 (May low) and 1172.40 (Thurs. low).
July Sugar: Sold off out of a breakout setup (NR4, doji). Watch 12.02 as the reference price on the downside; the May low of 11.83 is the next downside target.
July Crude Oil: Taylor Buy day; watch the 58.00 level as the reference price.
July Wheat: Sell Short day; 524-2 is the reference price.
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