Morgan Stanley and Wells Fargo posted disappointing profit results; this outweighed yesterday’s good report from Apple.Overnight there were news stories that Chinese investors are rushing to open stock trading accounts to get in on Chinese IPOs; accounts are being opened at five times the rate at the January low.It sure sounds like a bubble forming.It’s day two of Bernanke’s testimony; we also get the DOE crude inventory report at 9:30.The API reported a big jump in inventories last night.The DOE is expected to report a drop.
Sept. S&P:They continue to struggle over 950. Today there’s support at 942 then 939.Tomorrow should be a momentum buy day.
Sept. Dow:Stopped at the June high of 8900.Support is 8805 then 8755.
Sept. Treasury Bonds:Held at Fibonacci retracement resistance of 118-11.5.Momentum sell short day.
Sept. Japanese Yen:Momentum is up to short sale levels; watch Fibonacci resistance at 10732.
August Gold:Breakout day; watch support at 943.
Sept. Silver:Breakout day; watch support at 1337.
Oct. Sugar:Yesterday’s doji could yield a directional move today.Watch 1795 and 1760 for potential launching points.
Sept. Coffee:Breakout day, watch 12075 and 12350.
Sept. Crude Oil:Yesterday it stopped at Fibonacci retracement resistance of 66.78. Treat today as a breakout day.
Sept. Wheat:Breakout day; watch 525 as a downside breakout point.
This is the morning update to 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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