RIM and Oracle posted good earnings, sort of offsetting a weak report from FedEx. Yesterday a story came out that the Iranians stormed an oilfield in Iraq; the Iraqi oil minister is to make a statement about this shortly. The dollar rallied, crude rallied, and gold sold off. As Warren Buffett said, “When the tide goes out, you see who isn’t wearing a bathing suit” or something like that. There are no economic releases today; there is a Cattle on Feed report out at 2 PM.
March S&P: Buy day rally; 1093 is support, 1101.50 is resistance.
March NASDAQ: Buy day rally; resistance is at 1794.
March Dow: Buy day rally; there’s trend line support at 10268. The first rally objective is 10354.
March Coffee: Treat as Sell short day; there’s support at the old Fib level of 118-23. 118-07 would be the next objective for a selloff.
March Yen: Still on a breakout setup; watch the last swing low at 1.1030.
March Euro FX: Should be a Buy day; I’m also looking for a Z day.
March British Pound: 1.6150 is a pivot point; it may consolidate around there today.
March Canadian Dollar: Buy day; there’s trend line resistance at 9410.
Feb Gold: Buy day rally; the 1110 area is now resistance.
March Silver: Buy day; 17.45 is the first rally objective. 17.13 is the Buy day reference price.
March Copper: Should be a Buy day but it’s not acting that way. Yesterday’s low at 311.55 is the reference price.
March Cocoa: Buy day; there’s trend line support at 3393.
March Sugar: Sell Short day; this should be a break to buy. The old contract high at 26.25 is support.
March Cotton: Breakout setup, the overnight high and low are the first breakout points.
Feb. Crude Oil: Yesterday’s doji and inside day give today breakout potential. Cleared the first upside breakout point at the Weds. high of 75.00. 75.62 is Fib retracement resistance.
Feb. Live Cattle: Breakout setup, breakout points are 85.09 up (trend line) and 84.37 (20 day EMA).
Feb. Lean Hogs: Should be a Buy day, but the action is negative so far. That’s always a good thing to tell them. 55.77 is the midpoint of the past two week’s rally.
Jan. Soybeans: Buy day, I’m using last week’s low at 1019-0 as the reference price.
March Wheat: Buy day, Z day. Broken fib support at 532 is now resistance.
March Corn: Buy day; holding Fib support at 396. 400 then 403-4 are resistance.
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.
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