October retail sales were stronger than expected, but a big downward revision to the Sept. number takes that away. The Empire state survey was weaker than expected. Lowe’s gave bullish guidance; Warren Buffett says that business has bottomed, but the recovery will likely take two years instead of one. Bernanke is giving a speech, he starts at 11 AM.
Dec. S&P: The little blue flag worked; trading over 1099 is bullish. The recent high at 1103.25 is next resistance.
Dec. NASDAQ: It looks good; staying over last week’s high of 1793.50 is bullish.
Dec. T Bonds: An NR4 day Friday led to today’s breakout rally. The Nov. high at 120-15 is the next rally objective.
Dollar/Forex: Yesterday China’s chief banking regulator criticized the look US monetary policy; saying it could lead to excess speculation and new asset bubbles. This combined with good Japanese GDP numbers are weighing on the Dollar.
Dec. Yen: It’s testing the early Nov high of 1.1183; there’s also resistance at 11201.
Dec. British Pound: A little upside followthrough form Friday’s breakout rally. 1.6676 was Fib resistance; it should be support now. There’s resistance at 1.6729.
Dec. Canadian Dollar: It has a breakout setup (ID, range contraction). Thursday’s high at .9599 is the next rally objective.
Dec. Gold: A sell day rally; took out the old contract high at 1123.40. Next resistance (trend line) is at 1136.70.
Dec. Silver: A strong rally at is took out last week week’s double top at 17.78. I have some resistance at 17.97.
Dec. Copper: Rallying on an ID and NR7 breakout setup; the late Oct. high at 306.90 is the next objective.
March Cocoa: A failed rally attempt on a breakout day (NR7); a break of today’s low at 3141 could be used for a breakout sale point.
March Sugar: Rallying out of an ID / NR7 breakout setup. Trend line resistance at 23.56 would be the next objective.
March Coffee: Another ID / NR7 setup; a held trade over 135.95 could lead to a breakout rally.
March Cotton: Breakout setup; watch 72.00 for an upside breakout point.
Jan Crude Oil: Rallying on a Taylor buy day; will they reject trade under 77.25?
Jan Soybeans: A strong open last night, but they gave up ground.
Dec. Bean Oil: Gapped higher overnight; will this be an Oops sale? Watch the mid Oct. high at 38.76 and Friday’s high of 38.61.
March Wheat: A strong start last night as it took out last week’s high at 561-6. There’s trend line resistance (from the last two swing highs) at 569.
March Corn: Rallying out of an ID / NR7 breakout setup; watch trend line resistance at 416-4.
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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