Stocks are higher; EBay and Ford had good earnings reports. Earnings have been a bit of a positive so far; especially that banks’ earnings haven’t been a disaster.Otherwise, there wasn’t much in the way of news overnight. Commercial real estate is getting attention; yesterday Wells Fargo reported a big jump in non-performing loans, and Bernanke said a potential wave of defaults in commercial real estate may present a “difficult” challenge for the economy. The USDA is going to resurvey planted corn acreage in 7 states; there’s thought that they may end up lowering their estimate of planted acreage, which would be bullish. This morning we had jobless claims, which rose by less than forecast. Later we get existing home sales, out at 9 AM.There are also over 60 companies releasing earnings reports today.
Sept. S&P:A doji yesterday, and bullish momentum.A move over the 957 area could yield a rally.
Sept. Dow:Breakout day; watch the double top around 8900.
Sept Treasury Bonds:Breakout day, I’m watching breakout points at 11811 and 11630.
Sept. Yen:Doji yesterday, it stopped at 10732 Fibonacci resistance.Watch support around 10550.
Sept. Euro Currency:Doji yesterday; watch for breakout points at 14279 and 14187.
Sept. British Pound:Doji yesterday, watch 16557 as an upside breakout point.
August Gold:Looks bullish; has to clear 956.
October Sugar:Testing the contract high at 18.09; momentum is bullish.
Dec. Cotton:It’s a momentum buy day; it appears on the verge of a bearish MACD crossover.
Sept. Crude Oil:Watch trendline support at 64.30.
Sept. Natural Gas:Good strength following yesterday’s breakout rally.Support is at 3.926, resistance is at 4.041.
Oct. Live cattle:A weak bounce after a big two day decline.8960 is important support; it looks like there’s a bearish MACD crossover coming.
Nov. Soybeans:Breakout day, bullish MACD crossover coming?
Dec. Bean Oil:Breakout day, I’ll be watching yesterday’s high as a breakout point.
Dec. Corn:It looks like there’s a bullish MACD crossover coming; watch 329 as an upside breakout point for the day session.
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