The financial pits at the CME close early, but Globex is open regular hours. However, will anyone trade today?  I’d be careful about trading this afternoon; I imagine trading will be pretty thin.  Overnight there was talk that Turkey is in discussions with the IMF to implement the IMF’s suggestions for financial reforms.  There was some unsettling news; yesterday Treasury said it will give GMAC $3.8 bln, making it the majority stake holder.  This comes on the heels of the Christmas Eve announcement that Treasury was removing its cap on the amount of money it would provide to Fannie and Freddie Mac.  Are they throwing (our) good money after bad?  It’s a shame there’s no more public discussion about the logic and wisdom of continuing bailouts.  The other new was the US imposition of a tariff on steel pipe from China, raising the odds of a trade war.  Jobless claims fell last week at the US labor picture becomes slightly less bad.

March S&P:  A doji yesterday, so it could move today, although I wouldn’t be surprised to see more of what we saw yesterday afternoon.  1127.75 is a rally objective.
Mar T Bonds:  Turning lower on a Sell Short Day; stopped at Fib resistance of 116-00.
March Yen:  An overnight rally couldn’t clear the old swing low at 1.0888; still looks bearish.
March Euro FX:  Overnight it held Fib support at 1.4336; Tuesday’s high at 1.4457 is resistance.
March British Pound:  Strong follow through rally from yesterday’s bullish reversal.  I have a rally objective at 1.6235 today, and Sunday / Monday should be a Sell Short Day.
March Canadian Dollar:  Today is a “cover breakout sales day”.  It held Fib support at 9477; today there’s resistance at 9551.
Feb. Gold:  It’s having a good Buy Day really today; regaining 1100 was a good sign.  Clearing Monday’s high at 1114.50 would help improve the trend.  1110 is also resistance.
March Silver:  Will the double bottom hold?  It’s a Taylor Buy Day; 17.23 is a rally objective and resistance.
March Cocoa:  Rallying on a Sell Day; the 3300 area is key resistance.
March Coffee:  Breakout setup (NR4 and a doji); the 137 area is the first downside breakout point.
March Cotton:  Rallying on a Sell Day after holding 74.94 Fib support yesterday.  75.66 is the first rally resistance
Feb Crude Oil:  Yesterday was an NR7 day, on the heels of a doji day on Tuesday.  Will this all end up in a breakout move?
Feb. Natural Gas: Taylor Buy Day; 5.820 is the first rally objective.
Feb. Live Cattle:  Rallied out of a channel; there’s trend line resistance at 85.00, next is the multiple highs around 86.00.
Feb. Lean Hogs:  By the Taylor count it’s a Sell Short Day. There’s a double top at 65.92. First support is 64.82.
March Soybeans:  With yesterday’s doji we shouldn’t be surprised by a directional move today.  Clearing 1050 is bullish. There’s resistance at 1055, support at 1041-6.
March Wheat:  Sell day; can rally.  548 is a pivot point today, and Tuesday’s high of 554-6 is the rally objective.
March Corn:  I’d view today as a Buy Day; there’s resistance at 418-4 and 421-2.

This is a sample of the analysis from my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.

The information contained here includes information from sources believed to be reliable and accurate, but no guarantee is made as to accuracy, nor do they purport to be complete. Opinions are subject to change without notice. Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.


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