Outlook 07/16



Market Update: Friday's closed bullish but current auction range from 6/29 CLVN 2402 and CHVN 2430 has been balanced so probably, it's time to 'Back to Value' game. I expect some decent pullback towards edge 2449-2447. If that level holds we could see an excess towards YBT 2470. If CVAH 2447 fails, 'Back to Value' game starts leaning on that edge, towards half gap 2430. The week starts with Sunday's China GDP, EUR CPI on Monday, ECB on Thursday and U.S. earnings all week ahead.



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