Asian stocks were lower overnight after the reports showing lower consumer confidence in Germany and the US.  Greek unions called for a second day of strikes to protest the government’s austerity measures.  Greek credit spreads are wider this morning.  It’s being reported that there’s little US interest in a potential Greek debt offering this week.  The Washington Post is reporting that commercial banks and investment firms have shifted their political contributions toward Republicans in recent months. This is why Obama has softened his view toward banks and regulatory bills are moving slowly in Congress.  This morning we get January new home sales; they are expected to have risen a bit from Dec.  We also get Bernanke’s Congressional testimony on monetary policy at 9.  That has the potential to be a big deal, given last week’s discount rate hike, general angst about the global economy, and the prospects for financial system reform legislation.  We’ll also get the EIA crude inventory report at 9:30 and the results of the 5 year T Note auction at Noon.

March SP:  Today is a cover breakout sales day; looks like a Buy day.  The first rally objective is 1101.50.
March NASDAQ:  Same setup as the SP; first rally objective is 1809.
March Dow:  Buy day, found support at the old high of 10284.  First rally objective is 10343.
March T Bonds:  Sell Short day; the swing high at 118-01 is resistance.  117-24 is the reference price.
March Yen:  Sell Short day; 1.1126 is resistance.
March Euro:  Buy day; there’s trend line support at 1.3525.  First rally objective is 1.3595.
March British Pound:  Yesterday was indecisive; it’s hard to see what day we’re on in the Taylor cycle.  Watch trend line support at 1.5414 and Fib resistance at 1.5455.
March Canadian Dollar:  Buy day; watch Fib retracement support at 9459.
April Gold:  This is the third day with bearish action, and the break under $1100 is bearish.  There’s not really mush support until 1088.
May Silver:  Buy day; the reference price is yesterday’s low of 1578.5.  There’s Fib retracement support at 15.605.
May Copper:  Buy day; 326.75 is the first rally objective.
May Sugar:  It’s on a Buy day signal, but today’s action is bearish so far.  Yesterday’s low was 23.49.
May Coffee:  Breakout setup; use yesterday’s high and low as breakout points.  There’s some near support at 132.05.
May Cotton:  Doji yesterday; I’m viewing today as a breakout setup.  Watch support in the 78.40 area.
April Crude Oil:  Today is a cover breakout sales day; will it be a Buy day?  Be alert for a move at 9:30 when the inventory report is released.
April Natural Gas:  Finally the Buy day is working.  4.922 is the first rally objective.
April Live Cattle:  Cover breakout sales / Buy day.  There’s Fib support at 92.11.
May Soybeans:  Buy day; 971 is the first rally objective.
May Bean Oil:  Buy day. There’s Fib retracement support at 38.74; 39.09 is the first rally 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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