Today’s update will be abbreviated so I can get it out before “unenjoyment”. With Obama’s job summit, this could be an important report. The consensus estimate is for a drop of 100K in NFP following a loss of 190K in October. Various people have been throwing out ideas that this report could be better than expected; some have said it could be as good as unchanged. We could be set up for disappointment, although yesterday afternoon’s swoon takes some of that away. BAC’s big stock sale to pay back TARP funds went well; there wasn’t really much other news I saw is my quick scan. I’ll try to follow up with an update after 7:30.
Dec. S&P: It should be a buy day; obviously caution is in order with NFP out at 7:30. Yesterday’s low was 1097.50; first resistance is at 1105.25.
Dec. NASDAQ: Buy day; yesterday’s low was 1777.75; first resistance is 1792.
March T Bonds: After 3 high to low days it should be a buy day today. The mid Nov low at 119-12 is the next support; 121-13 is the first rally objective.
Dec Yen: Buy day; watch trend line support at 1.1304 and 1.1271.
Dec. Euro FX: Formed a double top at 1.5144; support is 1.5058 then 1.5032.
Dec British Pound: Buy day; there’s support at 1.6496, the first rally objective is 1.6722.
Dec. Canadian Dollar: Buy day; held Fib support at 9455. Yesterday’s doji gives today some oomph. It cleared trend line resistance at 9543.
Feb. Gold: Yesterday’s doji gives today the setup for a directional move. Yesterday’s low of 1205.20 is the reference point down; with important support around 1196.
March Silver: Today could be a buy day; watch yesterday’s low of 1912.8. There’s Fib support at 1859.5.
March Copper: Breakout setup; 323.00 is a pivot point.
Jan Crude Oil: Doji yesterday; it’s holding around Fib retracement support of 75.72. Holding around here sets up a Taylor Buy day.
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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