The central bank of the U.A.E. said it “stands behind” the country’s local and foreign banks as they face losses over a possible Dubai World default. Financial stocks are under pressure; the Bank of Ireland said it’s going to take a $1.5 bln. loss on sales of toxic assets to Ireland’s “bad bank”. Additionally UBS lowered their rating for financial stocks, citing the big rally and troubles still to face up to. The UAE comments have taken a bunch of the fear out of the Dubai World news, but I wonder if we’ll start to see more shedding of risk trades as we come to the end of the year. On the news front, the Chicago PMI is out at 8:45 Central time; it’s expected to have risen in November.
Dec. S&P: Given Friday’s big recovery I’d label today a Taylor Technique “Sell Day”. I expect positive action today; 1089 is support and 1100 is resistance.
March T Bonds: It’s a sell short day; there’s trend line support around 122-11.
Dec. Yen: Working up into Friday’s big range; it’s on a sell short signal.
Dec. Euro FX: Friday’s big recovery may have taken some of the steam out of what would be a buy day. 1.5040 is resistance.
Dec. British Pound: It should be a buy day, but the inability to stay over the midpoint of Friday’s range at 1.6500 is bearish. Last Monday’s low at 1.6457 is support.
Dec. Canadian Dollar: Buy day; 9436 is support, and 9508 is resistance.
Feb. Gold: Should be acting better after Friday’s big recovery rally. 1166.30 is support.
March Silver: It’s bearish under 1833.5. 1819 is the next support.
March Copper: 312.55 is a pivot point today. It’s a buy day.
March Cocoa: Friday’s doji could give a directional move today, but there’s not much happening yet. 3252 is support and I’ll watch 3315 on the upside.
March Sugar: It’s on an Oops sale this morning, 2236 and 2217 are support.
March Coffee: It’s a sell day, so it can rally. Clearing 140.00 was bullish; the 11/18 high at 142.75 is the next rally objective.
Jan. Crude Oil: Friday’s huge range complicates a buy signal for today. 75.25 is support for today.
Jan Natural Gas: It’s a sell short sday; support is 4.925.
Jan Soybeans: It’s a sell day; the last swing high at 1066-6 is resistance. Think about a sell short day for tomorrow – a Turnaround Tuesday.
March Wheat: Rallying on a breakout day; resistance is 578-4.
March Corn: It’s a sell short day; last week’s high at 419 is resistance.
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.
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