US Q3 GDP was revised down to +2.2%. That’s weaker than expected, but when Q4 is almost over, who cares? Nov. existing home sales are out at 9 AM; will they approach the barnburner we saw for Oct? Overnight, a PBOC governor said monetary policy will target, besides the usual suspects, balance of payments. Will this be the basis to allow the Yuan to appreciate? China also indicated resistance to further sanctions against Iran; citing the need for “more time”. Greek debt’s rating was lowered by Moody’s, but it may have been lowdered less than expected. Greek debt spreads are tightening this morning. OPEC said they will keep current quotas, as expected. It’s starting to feel like holiday market lethargy is spreading.
March S&P: Higher overnight; by the Taylor cycle we have a Sell Short Day today. The old high at 1114.00 is a key price level.
March Dow: Will yesterday’s breakout rally yield a Sell Short Day today? Monday’s high at 10398 is key resistance.
March T Bonds: It’s on a Buy Day signal, but it’s getting no takers. Buy Day reference points would be the 11/12 spike low at 116-16 and yesterday’s low at 116-21.
March Yen: Another market on a Buy Day signal, but yesterday’s close under the 12/4 low at 1.1024 is bearish. The 10/26 low at 1.0847 is next support.
March Euro FX: Breakout setup (ID, doji). Today’s high of 1.4330 is a breakout point (also a trend line off the past two days highs). Watch Monday’s low at 1.4258 for a downside breakout point.
March Canadian Dollar: Sell Short Day. There’s trend line resistance at 9480, and Fib support at 9397.
Feb Gold: The old swing low at 1095.70 is now resistance.
March Silver: Is today the Buy Day? The 12/11 low at 16.90 is support.
March Copper: Yesterday’s narrow range day gives today a breakout setup. First support is 311.12 (trend line).
March Cocoa: Yesterday’s narrow range day gives today a breakout setup. The 3250 area is support; a held trade under there could yield a bunch more downside. Holding here could bring on a short covering rally.
March Sugar: Buy Day >. Yesterday’s low of 25.46 is the reference price, and 25.09 is Fib support.
March Coffee: Yesterday’s ID and range contraction give today a breakout setup. Monday’s low at 143.30 is the first downside target. This was the third time testing the 148 area; was it the last?
March Cotton: Yesterday’s doji and ID could give a breakout setup today; Monday’s low at 74.50 is key support.
Feb. Crude Oil: On a Buy Day signal; there’s Fib support at 73.22.
Feb. Natural Gas: Today is a “cover breakout sales day”; will it also be a Buy Day? There’s some trend line support at 5.625.
Feb. Live Cattle: Not much excitement in yesterday’s channel breakout (85.27 was the top). The mid Nov. high at 86.00 is the first rally objective.
Feb. Lean Hogs: Breaking the 12/10 low at 63.85 should worry the bulls.
March Soybeans: Is today the day the Buy Day signal works? 1020 is resistance.
March Wheat: A retest of Friday’s low at 514-2 appears imminent. 514-5 is Fib retracement support.
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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