Wednesday July 3 - Go Gold

SPI200 Commentary

Follow or Fade!

SPI could not break out from recent ranges despite the RBA cutting rates yesterday. SPI tried to rally immediately after the cut but this drew out sellers and sent SPI lower. Sycom saw SPI trade in a small range near the lows of the day. Mixed markets in commodities and FX last, night, Iron ore and Gold were stronger but Copper and Crude were weaker. This will probably keep SPI in the range, so keep looking for dips to buy and rallies to sell. IV should be dropping with SPI being in a range for the last two weeks so will start looking at straddles or short flys to play a break out

Range for day: 6580 to 6615
Direction : Range bound
Setups : Buy dips around 6580