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John Carter Futures Review

8/18/14 9:29 AM EDT
We open this week's analysis with the Euro & Yen along with several other currencies moving into bonds, notes and precious metals. The Euro appears to be consolidating, which implies potential for further downside as opposed to bottoming for a reversal. The dollar index has the opposite look, as it continues to trend higher. The Yen has been consolidating throughout 2014, and the direction it resumes will be a major indicator for the next major move in equity markets. The Aussie dollar has been decent, while the British pound has been quite strong. Taking a look at bonds, while many people keep repeating that bonds should not be going higher and that rates should rise, the fact is bonds are going higher, and could make new highs before people figure out what’s going on fundamentally. Crude oil does not appear to present a tremendous trading opportunity right now. Gold on the other hand, has a nice setup with both a daily and weekly squeeze in the making. Silver has been much weaker, but if gold picks up then silver should follow. Moving on to commodities, soy beans are developing a daily squeeze, but should continue to sell-off short term. Corn is the only grain that looks attractive right now for a short-term trade. As far as equity futures, the S&P looks mixed right now, however the Nasdaq is extremely strong. The Russell has been leading the S&P and Nasdaq both higher and lower, and it is the index to follow to determine the next leg for the other equity markets. We will keep a close eye on the Russell in the coming days.
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