Stocks are higher, recovering from Friday’s selloff. There’s not really much news behind the rally; it’s mostly due to optimism about the rest of the earnings season. Fed Chairman Bernanke is giving a speech today; he starts at 10 AM Chicago time. Otherwise there are no scheduled releases for today. The Dollar is a shade lower; gold is a bit higher. Grains were higher overnight; over the weekend I read a report that the screwy growing season (late, cool, rainy) is causing some quality problems with this year’s corn and bean crop. I haven’t seen an opening call yet, but it was reported that some hogs in Minnesota contracted the swing flu from human transmission. Will this scare people off pork? Will it cause herd liquidation? We’ll see.
Dec. S&P: It’s on a momentum buy signal; it had a good bounce off old high support at 1075. Resistance is 1092.14 (broken trend line).
Dec. T Bonds: Will they be able to gain on the two bar reversal? 119-28 is key resistance; 119-06 is support.
Dec. 10 Yr. T Notes: Momentum is bearish; key support is 117-22, with resistance at 118-08.
Dec. Yen: It’s on a momentum buy signal; clearing 11070 is key for the bulls. Also, it’s on an NR4 breakout signal.
Dec. Canadian Dollar: Momentum buy signal; support is Friday’s low of 9582, resistance is 9690.
Dec. Gold: An NR4 and doji Friday means a breakout setup today. The upside breakout point is 1057.90 (Fibonacci retracement) and 1043.70 (Friday’s low).
Dec. Silver: Another NR4 and doji breakout setup. Breakout points are 1758 up, 1721 down.
March Sugar: Rallying on an NR4 / doji breakout setup. There’s trendline resistance at 2490; clearing that could lead to a bigger rally.
Dec. Cotton: An ID/NR4 breakout setup. I’d use today’s low of 67.65 for a downside breakout point. On the upside, 6900 then Thursday’s high of 69.49 are breakout points.
Dec. Crude Oil: It’s on a momentum sell short signal; the old high at 76.87 is now support.
Dec. Natural Gas: it’s on a momentum sell short signal; the inability to break over all the highs around 5.830 should be worrisome for the bulls.
Nov. Soybeans: An ID/NR4 and doji breakout setup. Breakout points are 971 on the downside, 991-6 on the upside.
Dec. Wheat: Breakout setup; the 496 area is key support. 512-6 is the upside breakout point.
Dec. Corn: Breakout setup; watch Thursday’s low of 368-4 of a downside breakout point; 378-6 on the upside.
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