Markets are reacting to news that Abu Dhabi is providing $10 bln. to Nakheel to prevent a default; they have $4.1 bln. in bonds maturing today. The other news of note is the ongoing story of Citigroup, which is planning a big stock offering to repay its TARP funds. Will this be taken down as well as B of A was? Wells Fargo also has TARP funds to repay, I believe. It’s hard to see banks work to expand lending in this environment. There’s no news out today, the FOMC meets tomorrow.
March S&P: Friday was a narrow range day (NR7), giving today a breakout setup. Clearing 1107 is bullish; the 12/4 high at 1114.25 is the next objective.
March NASDAQ: A doji Friday could yield a directional move today. Resistance is at Friday’s high of 1811.50 then 1813.75.
March Dow: Another breakout setup (NR7); cleared the recent high at 10445.
March T Bonds: Buy Day; regaining the old low at 118-15 is key for the bulls.
March Yen: Buy Day. 11300 should now be support; 11376 is the next rally objective.
March Canadian Dollar: Buy Day >; would have to regain Friday’s low of 9413. Support is at the last swing low of 9369.
Feb. Gold: Buy Day; Friday’s low of 1110.20 should be support.
March Silver: Buy Day, but I’m not too impressed with the action yet. Use 17.13 as the reference price.
March Copper: Minor breakout signal (NR4); regaining the 314.80 Fib level is bullish. 317.85 is the next rally objective.
March Cocoa: ROC is at Buy Day levels; Friday’s low of 3388 is the reference price. 3382 is support.
March Sugar: It’s cleared all sorts of resistance in the past two days; the 10/19 high at 24.68 is next.
March Coffee: Friday’s doji keeps the breakout setup in play. 144.57 is the upside breakout point (Fib resistance); watch 142.80 down (trend line).
March Cotton: Rallying on a Buy Day; it’s trying to clear trend line resistance at 74.77.
Jan Crude Oil: Today is a “cover breakout sales” day; it can’t find any strength for a Buy Day. Friday’s low of 69.46 is the Buy Day reference price. 69.31 is trend line support.
Jan Natural Gas: By my count today should be a Sell Short Day, but the low to high action is bullish. Friday’s high of 5.375 is the reference price, and 5.349 is Fib retracement resistance (midpoint of the Oct – Dec selloff).
Jan Soybeans: Today is an “exit breakout buys” day; Friday’s high at 1041-2 is the rally objective. 1041-6 is Fib resistance.
Jan Bean Oil: 2 doji days could give a directional move today. The recent low at 39.19 is key support; there’s also a gap on the daily chart from 39.14 to 39.04.
March Wheat: 2 dojis could give today a directional move. 531-7 is Fib retracement support; Thursday’s low of 530-0 is the downside breakout reference price.
March Corn: Sell short day; trading back under 400-0 could get a selloff going. 392-4 is a downside objective.
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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