It’s a quiet start to the morning as we wait for the FOMC meeting announcement; it’s due to be released at 1:15 PM Central. As always, we’ll be reading the tealeaves. Bernanke has said he believes the recession is over, but unemployment will remain high for some time. It’s unlikely they will start to withdraw their easing, but we’ll watch with baited breath anyway. We also get the EUA crude inventory report at 9:30 and the results of the 5 yr T Note auction at Noon. Crude inventories are expected to have fallen by about 1 mln. barrels. We’re awash in crude oil.
Dec. S&P: Liquidity continues to flow into stocks. Yesterday was an NR4, so there’s fuel for a move today. The recent (and year’s) high is 1071.50.
Dec. Dow: Another NR4; watch the yearly high at 9797.
Dec. T Bonds: Yet another NR4 day; the first downside breakout point is 118-19. It’s hard to see a reason to own the long end until stocks crack or the economic picture darkens.
Dec. Yen: Momentum sell short day; watch support at 10935. There could be a failure top forming here.
Dec. Euro FX: A momentum sell short day; the old high at 14773 is a key support level today.
Dec. British Pound: Today is the day to liquidate yesterday’s breakout buys; those are often sell short days. 16436 is Fibonacci retracement resistance.
Dec. Gold: Momentum is at short sale levels; watch support at 1010.
Dec. Silver: Momentum is at short sale levels; watch support at 1700. MACD appears poised for a bearish crossover.
Dec. Coffee: Turned down from trendline resistance at 13855. Clearing that could lead to a new leg up.
Nov Crude Oil: As always, look for a directional move after the 9:30 inventory report. The FOMC meeting announcement could move prices as well.
Dec. Live Cattle: An NR4 breakout setup; use yesterday’s high and low for breakout points.
Dec. Lean Hogs: Testing Fib retracement support at 48.09. It looks like there’s a bearish MACD crossover coming.
Nov. Soybeans: I’m interested in selling; watch a break of yesterday’s low at 903-2. The only worry is a potential frost late this week.
Dec. Soymeal: An NR4 breakout setup; I’d sell a break under last week’s low of 273.00.
Dec. Wheat: 2 dojis, will it decide to move today? 450 is key support, there are undoubtedly a lot of sell stops under there.
Dec. Corn: A momentum sell short day; watch support at 318-4.
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.
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)
