Asian stocks and commodities showed strength last night on ideas that China will delay efforts to curb their economic growth in the face of the European fiscal crisis. The good news faded this morning on news that the Spanish central bank took over CajaSur, a Spanish bank with big real estate loan problems. This added to fears of a looming liquidity crunch as LIBOR rose to a 10 month high at the LIBOR-OIS spread rose to a 9 month high. Today we get existing home sales for April; they are expected to have risen to 5.600 million.
June SP: Sell day, 1069 is the first downside target.
June NASDAQ: Sell day, the 1800 area is support.
June Dow: Sell day, 10034 is first support.
June T Bonds: Doji Friday, directional move today? 125-03 is a pivot point today.
June Yen: Buy day; but will Friday’s ID and range contraction mean a breakout move today? There’s Fib support at 1.1067 and Friday’s low was 1.1056.
June Euro: Sell Short day, it broke under first support at 1.2407.
June British Pound: Another Sell Short day, 1.4378 was the first downside target.
June Canadian Dollar: Sell day, it already reached the Sell day target.
June Gold: It’s a ‘cover breakout sales’ day, working on a Buy day rally.
July Silver: Breakout setup (NR4, doji). At this point I’d want to see a move back over at least 18.00 before buying.
July Copper: Sell day. It’s trying to clear trend line resistance at 308.60, that would be good for the bulls.
July Sugar: It’s an ‘exit b.o. buys’ day, looks like it will be a Sell Short day. The old Fib level at 15.42 is the SS day reference price.
July Coffee: Breakout mode (ID, doji). Watch 137.10 as the first downside breakout point.
July Cotton: Sell day, will the inside day make it interesting? 82.33 is the first downside objective.
July Crude Oil: It could be a breakout day (ID, doji), 69.91 is the first downside point to watch.
July Soybeans: Buy day; 948-4 is an important resistance area to clear.
July Soymeal: Buy day, the 280 area is first resistance.
July Bean Oil: Buy day, the ID Friday could give a breakout move today. Watch Friday’s high at 37.49 as an upside breakout point.
July Wheat: Sell Short day, 468-4 is the first downside objective/ support today.
July Corn: Sell Short day, watch the Fib retracement level at 369 as the reference price.
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.
