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S&P: Tightened Stop

Several developments in yesterday’s trading session:

•We have closed the remainder of our USD/CHF long position at our raised stop level, taking home a decent profit on the trade. We maintain our longer-term bias, and look for a spot where short-term flows are once again supportive of a trade in alignment with that bias.

•Equities continue to hold together, and we have tightened our stop on our long S&P position. We remain concerned about the possibility of a sharp drop against the uptrend.

•Crude Oil continues to consolidate, generally favoring our long position.

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