Japanese stocks were higher on reports that Toyota will show a much bigger profit for FY09 than they forecast in February. Chinese officials said they plan to maintain ‘proactive fiscal policies’ and ‘relatively easy’ monetary policy, saying the global recovery remains tentative.  At the same time, they continued in their efforts to rein in their property market.  Tensions over the Greek bailout are pushing up Greek interest rates, which reached a new record wide spread to Bunds.  The Greek stock market also fell to a one year low.  A former IMF economist said that the credit crisis could spread to the other PIIGS as other countries government bonds are losing value as well and that the EU could slump as a result.  There are no economic reports today, a 2 day FOMC meeting starts tomorrow, and there are Treasury auctions Monday through Thursday.  The USDA will release the weekly crop progress report this afternoon; there’s talk that corn could see corn being planted at a record pace.

June SP:  By the TT today is a Sell Short day, but Friday’s pop over the 4/15 high at 1210.50 is helping the bulls.  Use that high as the reference price for a SS day move.
June NASDAQ:  The big range contraction on Friday has Trade or Fade labeling today a breakout day.  It is on a Sell Short day signal as well.
June T Bonds:  Buy day; Fib resistance at 117-10 was the first upside objective.
June Yen:  It’s a Buy day but not much of a bid yet.  Friday’s low was 1.0600; the last major low was 1.0558.
June Euro:  Sell day; the 1.3300 area is a pivot point today.  Was that all the bulls could muster?
June British Pound:  Breakout mode (NR7, doji Friday).  It’s already had the breakout rally; the 4/15 high at 1.5520 us the next rally objective.
June Canadian Dollar:  All those dojis, looking for a direction.
June Gold:  Sell day, it met the objective on the open.
May Silver:  Sell day, there’s resistance at 18.39.
May Copper:  Sell day.  It broke some trend line resistance; can it turn back up?  356.60 is Fib retracement resistance; clearing that would help.
July Sugar:  Buy day; use the 16.00 area as the reference price for a Buy day move.
July Cotton:  It’s an ‘exit breakout buys’ day; the 4/21 high at 86.80 is a pivot point today.
June Crude Oil:  It’s a Sell Short day, but clearing Fib resistance at 84.66 may keep the bulls going.
June Natural Gas:  It’s a Sell Short day; the 4/6 high at 4.421 would be resistance if the rally continues.  This should be a break to buy.
July Soybeans:  Breakout day (NR7, doji); it has already blown through the breakout point.  My next rally objective is 1029-0.
July Soymeal:  By the TT it’s a Buy day, although the inside day means Taylor would call it a breakout day.  Thursday’s high at 296.70 is the upside breakout point.
July Wheat:  Same setup as the beans; has already cleared the breakout point at 512-0.
July Corn:  It’s a ‘cover breakout sales’ day; looks like it could be a Buy day.  The first upside objective is 366-4.

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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