Japan’s Nikkei 225 stock average added 80 points, or 0.9 percent, to 8,904 after hitting a 16-month closing low the previous day. I am still long Nikkei Futures expecting a continuation of the rally. My first target is 9100.
Yesterday`s action was a little disappointing. I was antecipating a rally that didn`t materialize, but today`s globex action looks more encouraging thanks to China`s manufacturing data posting the first gain in four months.
I am also reducing my yen shorts and shifting to a ” wait and see” approach.
Oil made a big down move after the european close, which is rather uncommon. I bought on weakness and I expect to close that trade later today. Oil futures are usually rather quiet after the euroepan close, hovering around +/- 0.50 point per contract. That wasn`t the case yesterday…
By the way, have you seen this beauty from Roger,
