2 Biggest news of the weekend is the Cyprus bailout and ensuing bank deposit penalty. Story here.
And the early reaction in futures (8pm EST):
<I welcome a sell-off, as my recent posts display.>
Should the decline in futures grow and spark a larger sell-off, here’s a couple of levels to look for:
HCPG says “153 gap fill likely this week will have all eyes– reaction on that will tell the story SPY”
OptionsHawk tweets “ES_F gaps and holding re-test of 3-8 Breakout, 23.6% Fib 1538, next level of importance 1532.5” Chart.
vcutrader chimes in with support of Cramer’s opinion: “The tells for tomorrow: BBVA and SAN. They are big liquid banks that trade here and would be rumored down…”
ukarlewitz retweeing ParagonCap chart of 2011/2013 analog. Analog. And a RT of sentimentrader: ” ‘Smart money’ hedgers now net short $62 billion of equity index futures. They were net *long* $62 billion in Aug 2011″. <So we’ll see how these two items conclude.>
More from ukarlewitz:
Also RT from sentimentrader: Traders in the Rydex family of mutual funds now have 10 times more assets invested in the leveraged long fund than the leveraged inverse fund for the Nasdaq 100 index, one of the highest ratios in history.” Leverage funds.
“EEM – strong like wet newspaper. Losing T/L but above the big S. Not hard to see what needs to happen.” EEM. <Relevant due to Cyprus news this weekend. Will it take its toll here? Also, strong like wet newspaper = Lol>
And thank CiovaccoCapital for a blog post since there were about 100 tweets to go through. Blog titled “Cyprus News Could Flip Markets”: Blog including video. <Some really, really good stuff here.>
GravityIntl tweets a long stream of info regarding the Cyprus topic and how it relates to the general issues in EZ. Too much to link. <My take is that he considers the measures taken recently in EZ are vague and incomplete and ultimately will fail. He certainly does not expect PMs to partake in safe-haven bid.>
Chris Burba tweeting a solid and simple chart on SMH. <I own SMH.> Chart.
And a simple read on EUR/USD. Chart.
And another on ES_F. Chart.
And finally the Stocktwits 50 for March 18, 2013. StockTwits 50.
— Hopefully tomorrow morning we’ll have stuff to read from gtotoy and Market Anthropology. —
I’m hedged up and will sleep safely tonight. How about you?
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