Q2 GDP and jobless claims were non events. GDP (the first revision) was stronger (at least less weak) than estimates, but the lethargic trade continues. There’s a 7 year T Note auction today; results are out at Noon. We should see a pickup in trading next week; we get the ISM surveys and the August payroll report. Treasuries are giving up some of yesterday’s gains, the high yield currencies (C$, A$) are recovering. Crude oil is lower; we’re a long way from the double top around 7450. Soybeans were higher; traders are fretting about the cool, rainy weather. It can cause fungus and mold, and also raises fears of an early frost.
Sept Stock Indices: It’s a breakout day; use Tuesday’s high and low for breakout points.
Sept Treasury Bonds: Narrow range breakout setup; couldn’t clear last Friday’s high at 12030.5. The first downside breakout point is 12002, with an objective of 11922.
Sept Yen: Breakout setup; resistance is at last Friday’s high of 10707.
Sept. Euro Currency: Momentum buy day; held Fibonacci retracement support at 14211.
Sept. Canadian Dollar: Momentum buy day; held trendline support at 9090. Upside objective is 9210.
Dec. Gold: Forming a triangle; watch 954 as resistance and 944 as support.
Sept. Silver: Still looking for a directional move. Watch 1450 and 1413 for breakout points.
Dec. Cocoa: Breakout day; should the bulls be worried about the inability to clear 3000? Watch 2925 as a downside breakout point.
Dec. Cotton: Downside breakout under 5800; that should now be resistance.
Oct. Crude Oil: 7121 is a 50% retracement of the past week’s rally. Watch yesterday’s low of 7067 for a downside breakout of 7067.
Oct. Live Cattle: Breaking out under 8750? If so, the June lows around 8550 are the objective.
Nov. Soybeans: Breakout setup; was 1016 and 986 as breakout points.
Dec. Corn: Breakout setup; watch 332 and 321 as breakout points.
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.
Copyright 2009
This feed is for personal, non-commercial use only.
The use of this feed on other websites breaches copyright. If this content is not in your news reader, it makes the page you are viewing an infringement of the copyright. (Digital Fingerprint:
f2ea78dd95959aa32f651cec20a16e23)
