Chinese stocks were down ~2.5% on thoughts they will move to curb lending in order to cool their economy. Premier Wen Jiabao who said that China’s growth path is “unbalanced, uncoordinated, and unsustainable.” The ECB and the BOE both left rates unchanged, as expected. The BOE left the size of its QE unchanged; there had been talk they would expand it. Greece announced both a larger austerity plan and plans to issue €5 bln. in 10 year notes – an interesting combination. In the US, jobless claims fell, in line with expectations. Continuing claims showed a larger than expected drop. Later today we get the Pending Home Sales Index at 9 AM, then money supply (remember that?) at 3:30. After the discount rate hike announced at money supply time a few weeks ago, I’ll keep one eye on the newswire when money supply comes out. Tomorrow morning is the big one – the February Employment Situation report at 7:30 Friday morning. Given the snowstorms in Feb, it will be interesting to see what we get, and to see how all the smart guys parse the report.
March SP: Breakout setup (NR7 and doji yesterday). Will it move today, or wait until tomorrow’s NFP report?
March NASDAQ: Same setup as the S&P.
June T Bonds: It should be a Buy day, will we get one? 117-09 is a pivot point today. 117-24 is fist resistance, 116-30 is support.
June Yen: It’s a Sell Short day; support is at the old high of 1.1288.
June Euro: Sell short day; it dropped back under the old double top area around 1.3685. Profit targets are 1.3619 and 1.3584.
June British Pound: It’s an ‘exit breakout buys’ day, will it turn into a Sell Short day?
June Canadian Dollar: The last major high was 9776.
April Gold: Sell Short day; points to watch are the Fib retracement level at 1136.80 then the old high at 1131.50.
May Silver: Today could be the Sell Short day; the reference price is yesterday’s high of 17.37.
May Sugar: Buy day>. The Taylor cycle is unclear. I’m watching the 21.88 Fib level at the reference price.
May Cotton: It has coiled up the past days, breakout setup today.
April Crude Oil: Sell Short day; the old high at 80.78 is the reference price.
April Natural Gas: Exit breakout buys / Sell Short day.
April Live Cattle: Breakout setup (NR7). The last major high was 93.50.
May Soybeans: Breakout setup. Overnight it reached the first downside target at 957-0.
May Wheat: Exit breakout buys / Sell Short day, 507-0 was the first downside target.
May Corn: Sell Short day; 382-6 is the first downside target.
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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