Jobless claims came in about as expected; continuing claims fell by more than expected.The continuing claims piece is good news.A week does not a trend make, but it could be a sign that the labor market is starting to bottom.The BOE and ECB left rates unchanged.The dollar rallied on rumors that UK PM Brown resigned; the rumor was denied but the Dollar is retaining some strength.The Peterson Institute for International Economics said that the dollar is over valued by 17%.JP Morgan asset management says that global stocks are overbought and are set to fall because the economic recovery is unsustainable. It is underweight US equities. Cleveland Fed President Pinalto said the US recession is beginning to moderate; this and a load of new supply next week are weighing on Treasuries.Grains rebounded overnight; cool weather is raising concerns about a slow start to this year’s planted crop.Goldman Sachs came out with a report that an economic recovery will be accompanied by an energy shortage; they forecast $85 crude by the end of 2010.Tomorrow is “Unenjoyment Friday” (that’s what some traders call the day the monthly employment report is released).Jobs for May are forecast to have fallen by 525K and the unemployment rate is expected to rise to 9.2%.
June S&P:Held support at 930 overnight; resistance is 936 then 939.Momentum is bullish.
June NASDAQ:Doji yesterday, resistance is at Monday’s high of 1494.50.
September Treasury Bonds:Momentum sell short day; support is at 115-05 then the swing low at 114-12.
June Dollar Index:Momentum sell short day; support is 79.19.Regaining broken support around 7990 to 8000 might turn the trend to neutral.
June Japanese Yen:Downside breakout of a triangle and a breakout day; 10341 is Fibonacci support.
June Euro Currency:Momentum buy day; clearing 14204 could lead to a retest of the highs.
June British Pound:Momentum buy day, but it’s not going much of anywhere yet.Upside targets would be 16307 and 16375.Support is 16210 then 16180.
June Canadian Dollar:Momentum buy day; held support at 8950. Targets are 9076 then 9114.
August Gold:Momentum buy day; regained the 970 pivot point.Clearing $977 would aid the bulls.
July Silver:Another momentum buy day; 1552 then 1566 are resistance.
July Copper:Momentum buy day; 226 then 227.70 are resistance.
July Sugar:Momentum buy day. 1490 is key support, 1525 and 1538 are resistance.
July Coffee:Momentum buy day, 137 is support.I’d be cautious with the long side.
July cotton:Momentum buy day; 5650 and 5700 are resistance.
July Crude Oil:Momentum buy day, Monday’s high at 6905 is key resistance.
August Live Cattle:Momentum sell short day.Couldn’t clear broken support at 81.40.
July Soybeans:Momentum buy day; resistance is 1202.
July Wheat:That was a beating yesterday.The 200 day MA is at 613, resistance is at 634.I wouldn’t say it’s over yet, but it’s on life support.
July Corn:Momentum buy day. The 200 day MA is at 437-4; regaining 440 would be good for the bulls.
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