After breakthrough Iran deal Crude oil fell around 1.5% but moreover it's look like Oil prices are already discounted. The deal on Sunday does not immediately end the
sanctions on Iran, but is seen by many to symbolize a step towards progress
further down the line, which could increase global supply and therefore dampen
the price of oil.
Iran deal
also boost stocks as well across globe but technical are also vulnerable, as
stock prices get too extended on narrowing market breadth as fewer and fewer
stocks participate in the rally. According to Sentiment Rader, Friday was only
the third time since 1997 that the S&P 500 rose to a new 52-week high with
at least a 0.4% gain but with less than two-thirds of stocks rising on the day
for three days in a row. The other dates were Oct. 6, 1997, March 23, 2000, and
Nov. 22, 2005, all preceding short-term corrections.
Following are trade calls for today,
- Buy Silver at $ 19.45 stop below $18.60 target open/20.90
- Sell Eur/Jpy at 138.50 stop above 139.50 target open/136.50 (till weekend)
- Sell DJIA at 16150 stop above 16220 target 15950(2/4 days)
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