Stocks are higher on optimism for an economic recovery in H2 09. The Chrysler buyout will go through, and Home Depot raised its forecast for EPS. Crude oil is making new highs after last night’s API report showed a drop in crude stocks last week.The Dollar is steady in spite of a jump in the US trade deficit and talk from Russia that they may consider moving reserves out of dollars and into IMF fund bonds.The USDA supply/demand report is said to be neutral for wheat, neutral to bullish for beans and corn.There’s a 10 yr note auction today, and the Fed’s Beige Book is out at 1 PM.
June S&P:Breakout day rally, 957.50 is the 2009 high.
June NASDAQ:Testing the 2009 high at 1513.
September Treasury Bonds: Breakout day, it’s trading under the breakout point at 112-31.
September 10 Yr. T Note:Breakout day.It hasn’t confirmed the breakout in the bonds; 112-31.5 is the low of the move for the 10 year.
Sept. Japanese Yen:Good example of a breakout day move reversing itself the following day.1.0215 then 1.0194 is downside support points.
Sept. Euro Currency:Momentum is on a short sell signal; 1.4053 is a downside breakout point.
Sept. Canadian Dollar:Momentum sell short day; 9117 was resistance, downside support is 9035 then 9000.
August Gold:Rallying, 968 then 970 are resistance.
July Silver:Momentum sell day means it can rally today; 14.595 is big resistance.
July Copper:Momentum sell short day; the key is whether it can hold the old high at 235.30.
July Sugar:Breakout day; in a pennant.Pennant breakout points are at 1575 and 1544.
July Coffee:Breakout day; Monday’s low at 128.50 is the first downside target.
July Crude Oil:Cleared the old 2009 high; holding that level is key for the bulls.Watch it at 9:30 when the inventory report is released.
July Beans:The report was deemed a bit bullish; resistance is at yesterday’s high of 1249. Supplies of old crop beans are very tight.
November Beans:Not as strong as July; momentum is on a short sale signal today.There’s trendline resistance at 1082 and the high of the move is 1088.
July Wheat:Momentum is on a short sale signal; resistance is 619-4 then 625.
July Corn:Momentum sell day means it can continue to rally; the high of the move is 450.
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