Stocks are lower; Bank of America’s earnings ate weighing on equities.  B of A posted a $1 bln. loss, they reported that consumer woes continue.  GE’s earnings were weak as well, mostly due to weakness at GE Capital.  Financial company earnings are somewhat offset by tech-both Google and IBM posted good results.  IBM is actually lower in spite of results, they were facing higher expectations.  Today we get TIC flows (in and out flows of financial instruments to the US) at 8 AM, then industrial production at 8:15 and consumer sentiment at 8:55. Elsewhere, the Dollar is slightly higher on profit taking; Sterling is bucking the trend as it continues to trade off the news about the wind sown of their QE program.

Dec. S&P:  It’s a momentum sell short day; it’s trading around trend line support of 1084.80.
Dec. NASDAQ:  It had a doji yesterday and is on a momentum sell short signalLast night was the third failure to clear the old high at 1753.25.  Support is at Monday’s high of 1740.50.
Dec. T Bonds:  It’s on a momentum buy signal.  Support is around the late Sept. low of 118-07.  The first rally objective is Friday’s low at 119-20.
Dec. Dollar Index:  Rallying off yesterday’s doji bar; the late Sept. low at 76.045 is key resistance.
Dec. Euro FX:  Yesterday’s doji could yield a directional move today, and it’s starting out down.  The 9/23 high at 14844 is support.
Dec. Gold:  It looks like there’s a bearish MACD crossover coming.  It’s also bearish under 1050.  1038 is the next support.
Dec. Silver:  It also has a bearish MACD crossover.  The next targets are 1700 then 16.97 (Fibonacci retracement).  Momentum is down to buy signal levels, but can it save it today?
Dec. Copper:  Last night it stopped at trend line resistance at 287.90; it’s now nearing trend line support at 280.60.  If that fails there’s Fib retracement support of 277.05.
Dec. Cocoa:  It’s a momentum sell short day after yesterday’s breakout rally.  Downside targets are 3190 then 3161.
Dec. Cotton:  It’s on a momentum sell short signal; bulls could consider buying a pullback to support around 6500
Dec Crude Oil: It’s on a momentum sell short signal, first support is 77.03.
Dec. Live Cattle:  It’s an NR4 / doji breakout day.  I’m watching 8520 for a downside breakout point.
Dec. Hogs: It has an ID/NR4 breakout setup.  Downside breakout points are 54.00 (trend line) and 5377 (yesterday’s low).  Watch yesterday’s high of 5472 as an upside breakout point.
Nov. Soybeans:  It’s on a momentum buy signal; there’s trend line support at 974, resistance is at 991.
Dec. Wheat:  It’s on a momentum buy signal.  Support is $5.00, resistance is 512-6.
Dec. Corn:  It’s on a momentum buy signal as well.  Resistance is 378-6.

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.

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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