The optimism about banks last all of about 24 hours or so.There’s still nothing new from the Obama administration; that’s really weighing on things.The crude inventory report showed a rise in crude inventories, and a big drop in distillate demand. Distillate includes diesel fuel used by truckers, railroads, and manufacturers.The drop in distillate demand is worrisome because it reflects slowing economic activity.
March S&P:As I said this morning, breakout days often reverse themselves the following day.I’d call it a major victory for the bulls if they could keep them positive on the day. Support is 715 and 709.50.
June Treasury Bonds:Thin, nervous trading here.It’s supposed to be a momentum buy day, but it looks like that might get pushed to tomorrow.
June Japanese Yen:It’s sort of trying an upside breakout; bullish over 102.50.Breakout traders might consider selling a retest of the high.
April Gold:Momentum buy day rally; 918.30 is the next upside target.
May Silver:Decent rally on a momentum buy day; 12.87 and 13.00 are resistance.
May Copper:Downside breakout , out of the triangle.There’s trendline support around 161.40.
May Cocoa:Good breakout rally, hit the 2332 first objective.2360 is next.
May Sugar: 1288 is Fibonacci retracement resistance.
May Coffee:Good breakout day rally, 108 is the next objective.
May Cotton:Staying in the channel. 4260 is the top, 4110 is the low. Wait for a breakout.
April Crude Oil:Well, tomorrow should be a momentum buy day, but it’s already through the 50% retracement level of one measurement of the rally. 4300 is important support.
May Soybeans: There’s trendline support at 867. It’s spring, and a young man’s thoughts turn to beans and corn. It might still be early for the spring rally, and the break in crude doesn’t help.
May Wheat:Broke support at 520, 512 is next.
May Bean Oil:Breakout day, it broke one trendline and is testing next support around 30.36.The low for the month at 30.10 is next.
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