RIM had good earnings-I’m not surprised, seeing how many people have them on my train into work.Yesterday’s rally in crude oil highlights how sensitive commodity prices are to the Dollar-a bigger decline in the Dollar could really drive up crude prices and choke the economy.NFP for March fell by 663K, actually a shade better than expected. It backstops the recent stock rise, not good enough to get too carried away. It’s still the highest unemployment rate since 1983.The ISM Services report is out at 9 AM.
Stock Index Futures:They’re slightly higher; but I wonder if last night’s rally was what we’re going to get from the good news.
June Treasury Bonds:There’s support at 12806, momentum is at a buy level. Watch them around the ISM number.
June Dollar Index:There’s trendline support at 8453.
June Euro Currency:Momentum sell short day; 13364 is the first downside objective.
June British Pound:It broke above the last swing high at 14782, that’s support now. 14850 is resistance.
June Canadian Dollar:Momentum sell short day; it’s hanging near resistance around 8100.
June Gold:Momentum buy day; 900 then 895 are support.Any buys should be scalps only-this is a bear swing.
May Cocoa:Momentum sell short day, yesterday’s high of 2725 is resistance. First downside objective is 2650.
May Sugar:Support is at the 1282 level; a drop through there could lead to a retest of the recent low at 1244.
May Cotton:Breakout day. Breakout points are 4580 and 4675.
May Crude Oil:Momentum sell short day; 5150 then 5095 are downside objectives.
June Hogs:On the Globex chart there’s a gap higher; 7250 is the bottom of the gap.
May Soybeans:The March high at 981-2 is resistance.
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