S&P 500 Index – breakout out from a bull flag makes last week low at 2025 the suggested bottom of wave 4. Wave 5 target is 2160. Long base with a stop below 2025.00
Euro Stoxx 50 Index – while above 2893 minimum upside target is 3316 which is the upper boundary of the declining channel and an equivalent A,B,C correction from the low. Long base with a stop below 2893.00
Long Euro Stoxx / Short S&P as a hedge: The spread has completed a 5 wave move higher were wave 1 = wave 5. I think this has the potential to move a lot lower over time. Bottom of wave 4 is 0.5340 and is the ideal target.
US 10 Year Yield – German 10 Year Yield : I believe the current consolidation would end with an upside breakout. Long term target if correct it 2.37!
EEM US: the ETF has broken out from a bullish wedge pattern. The pattern has 2 targets. 1) based on the height of the wedge 37 and 2) the top of the wedge at 43.00. Long EEM through 34.5 calls for September (bought at 0.60 cents)