Stocks are slightly higher, bouncing from last week’s losses. There was some M&A new this weekend, and German elections were a victory for Merkel and the FDP; this is deemed as good for business. Japanese officials sent mixed signals about the course of the Yen, although it sounds like they may not stand in the way of a stronger Yen. This week we’ll get the usual turn of the month economic reports. I’ll also be watching for new developments with Iran and health care legislation.
Dec. S&P: It’s a momentum buy day; 1051.50 is the first objective/resistance. 1034 is old double top support.
Dec. NASDAQ: Breakout day (doji, range contraction). Watch 1712 for an upside breakout area.
Dec. Dow: Breakout day; holding the 9576 breakout area is key for the bulls.
Dec. T Bonds: Third time up to the 121-11 area; momentum sell short day. There are breakout setups for the 10 and 5 yr. T Note.
Dec Euro FX: Breakout setup; there’s a downside breakout point is 14610; watch 14729 on the upside.
Dec. Gold: Breakout setup; watch 998 and 985 for breakout points.
March Sugar: Breakout day; 2359 is the first upside breakout point. It’s also breaking out of a triangle.
Dec. Coffee: A momentum buy day; for a scalp only. I don’t think the selloff is over. 12915 is first resistance.
Dec. Cotton: The last time it did this there was followthrough selling after the first day’s break. 60.87 is the next downside target. Read my analysis here.
Nov. Soybeans: Late session selling pushed it under my first breakout point at 917 last night. 902 is the first downside target.
Dec. Soymeal: Breakout setup; I have 279.40 for a first downside breakout point.
Dec. Wheat: An overnight rally attempt fizzled; support is still 450. I like the long side but it’s too volatile right now.
Dec. Corn: There’s trendline resistance at 340-6 today; 329 then 325 are support.
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