November’s payrolls fell by 11K; this was much better than expected. The rest of the report was equally good news. I hear Rick Santelli talking on CNBC about “needing to dig into the number”; I’m sure there will be talk of BLS shenanigans with “seasonal adjustments” and the like. Will it be enough to take the bloom off the rose? For a bit of cold water, economists have said that the economy needs to create about 100,000 jobs each month to keep up with new workers. In the big picture, the number of unemployed now stands at 15.4 mln compared to 7.5 mln when the recession began in December 2007.
Dec. S&P: The Taylor Buy signal worked; it’s currently trading around the 1112 resistance area – that still is resistance. Yesterday’s high of 1117 is the next resistance.
Dec. NASDAQ: Buy day rally; the past tow day’s highs around 1806.50 is resistance. If it could clear that, the Nov. high at 1813.75 is the next stop.
Dec. Dow: It just can’t clear resistance around 10500 (yet).
March T Bonds: They broke support at 119-12; I have 118-12 next.
Dollar / Currencies: The report means we can start talking about raising rates – a pretty big change in sentiment. This is Dollar bullish.
Dec. Euro FX: Watch fib support at 1.4985.
Dec. British Pound: A Buy day rally for the other big recession victim. 1.6620 is resistance.
Dec. Canadian Dollar: A breakout setup type of a rally; it’s trying to work over trend line resistance at 9543.
Feb. Gold: Higher US rates earlier are bearish for gold. The move under 1196 is a problem for the bulls. 1191 then 1181 is support.
March Silver: Thus far the Fib support at 1859.5 has held.
March Copper: The idea of stronger economy = increased demand it aiding copper. Holding 323 is bullish.
Jan. Crude Oil: Taylor buy day rally after holding 75.72 Fib support. Resistance is 77.29.
March Cocoa: A gap higher open keeps an “Oops” sale signal active. Watch yesterday’s high at 3395 .
March Sugar: A doji and a sell short signal; watch support at 22.75.
March Coffee: Sell Short day? Watch 142.75 support.
Feb. Live Cattle: Watch for a Buy day rally to take back some of yesterday’s beating. Resistance is 83.60.
Feb. Lean Hogs: A “cover breakout sales” day often turns into a Buy day. Watch yesterday’s low at 65.30 for a reference point.
Jan Soybeans: today is a sell day, so they could see more strength today. 1050 is a pivot point today; 1055-4 is the next resistance.
March Wheat: Two high to low days could give us a Buy day today. There’s trend line support at 565-4.
March Corn: Same kind of game plan as the Wheat; watch trend line support at 398-0.
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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