B of A had a poor earnings report. It showed declining credit quality and higher charge offs.GE’s report is out; I haven’t had time to read through it.CIT is negotiating with lenders to try to stave off bankruptcy.Although it’s generally thought A CIT bankruptcy wouldn’t cause a cataclysm on the scale of Lehman or AIG, but the resolution and fallout remain to be seen. May housing starts showed a bigger than expected jump.There are no other reports out today.
Sept. S&P:Will it continue to hold up?Staying over 928 is the key.
Sept. NASDAQ:Continues to find resistance at the June high of 1517.75.
Sept. Treasury Bonds:Breakout day.I’m watching a downside breakout point at 116-11.
Sept. Euro Currency:Trade or Fade labeled today a breakout day.Watch support at 14060.
Sept. British Pound:Watch support at 16260.
Sept. Canadian Dollar:Breakout day, watch breakout points at 9000 and 8900.
August Gold:Breakout day, watch 944 and 930.
Sept. Silver:Breakout day, trading back to my first breakout point at 13.13.
Sept Copper:Strong market, held support at 237.
Sept. Cocoa:Momentum buy day.Held 2636 support, resistance is at Wednesday’s high of 2754.
Oct. Sugar:Testing Fibonacci support at 1730, next support is 1705.
August Crude oil:Momentum sell short day, stopped at 62.33 resistance.Watch trendline support at 60.98; a break could push them down.
August Natural Gas:It looks to be on the edge of a real upturn.Watch trendline resistance at 3.628; I’m also watching for a bullish MACD crossover.
Nov. Soybeans:was that a successful retest of the recent 881-2 low?Resistance is 910-4 and 917.
Dec. Bean Oil: Yesterday it held Fibonacci support at 34.00; overnight it pushed up to the recent high of 35.17. MACD looks ready for a bullish crossover, first upside target would be around 36.10.
Sept. Wheat:Is this the time to buy it? I’m bullish, but it’s been a real back and forth affair.540 is resistance, 549 is the key for the bulls.
Dec. Corn: Regaining 328 takes off some pressure; clearing 337 would help the bulls.
This is the morning update to 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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