The ECB cut rates to 100 BP; the BOE is expanding its QE program.Neither is a big surprise, but both are supportive to equities.The short end of the yield curve is rallying; Eurodollars are at record lows.The low end is selling off as it absorbs supply and frets about inflation.Crude oil is continuing its upside breakout.Gold is rallying as well.In addition to support from crude, gold is being aided by a report in the FT that the Chinese will continue to buy gold to diversify out of the Dollar, and heavy fighting between the Taliban and the Pakistani army.There are newswire stories that sugar may head to 28 year highs this year; possibly reaching 18 to 19 cents, as a poor crop in India has caused a production deficit.Wet weather continues to hamper corn and soybean planting in the Midwest. Jobless claims fell; we’re waiting for the release of stress test results, and Treasury auctions a 30 Year bond today.The employment report for April is out tomorrow; the estimate is for a drop of 610K.
June NASDAQ:A big range, but a doji yesterday.Will that mean a directional move today?Support is 1425 then 1414.
June Treasury Bonds:Downside trendline break, it also broke under the recent swing low of 121-21.
June Japanese Yen:Getting down to the recent low at 10043; momentum is still bearish.
June Euro Currency:Yesterday’s low at 13244 is support.
June British Pound:Breakout setup today; first support is a trendline at 15069, then 15030.
June Gold:Upside breakout over the last swing high at 919.70.Next is Fib retracement resistance at 929.90.
July Silver:Upside breakout over the last swing high at 1390.5.
July Copper:Momentum is bearish; support is 217.00
July Cocoa:Trading at the last swing high of 2444; 2476 is the next objective.
July Cotton:Ready for new highs? Watch Tuesday’s high at 5939.
June Crude Oil:Off to the races after clearing the 5610 high; 59.66 is next.
June Live Cattle:Still holding 8175 support, still looks primed for a directional move.
July Soybeans:Cleared Monday’s 1127 high overnight; momentum is still bullish.
July Corn:Still bullish; 415-6 is resistance. 417-4 is key to another leg up.
July Soymeal:Breakout day; Monday’s high at 360.70 is key resistance.
This is the morning update to my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.
.gif "Swing Traders Insight Futures Watch List for May 7")
Copyright 2009
This feed is for personal, non-commercial use only.
The use of this feed on other websites breaches copyright. If this content is not in your news reader, it makes the page you are viewing an infringement of the copyright. (Digital Fingerprint:
f2ea78dd95959aa32f651cec20a16e23)
