Stocks are higher on takeover news and ideas that the global economic recovery is taking hold. Gold is sharply higher, breaking out from a little triangle. Dec. Gold is over $1000, which has CNBC all excited. Crude oil is jumping out of a little channel; I think it’s mostly following the other commodities higher. The Dollar is sharply lower, breaking out of its recent triangle and into new lows for ’09. The revival of risk appetite is bolstered by strong Chinese stocks and green shoots in Europe. There’s no important economic news out today; there is a 3 year T Note auction.
Sept. S&P: Follow through from last week’s strength. Momentum is up to short sale levels; but it looks like tomorrow will be the sell day.
Dec. T Bonds: Momentum is at buy signal levels, but the chart looks bearish. Watch 11816 to 11811 for support.
Dec. Dollar Index: The USD broke into new lows for ’09. The old low was 7783.5; see if it can stay under there.
Dec. Japanese Yen: Breakout day rally; resistance is at the last two swing highs-10882 and 10895.
Dec. Euro Currency: Big upside breakout over the old ’09 high at 14447. Holding that is the short term key for the bulls.
Dec. British Pound: It’s trading over Fibonacci resistance at 16570; a mid August high at 16627 is the next resistance.
Dec. Gold: Breakout day rally over 1000 resistance. Momentum is still bullish, will support a rally.
Dec. Copper: Breakout day rally; the ’09 high at 298.90 is the next rally objective.
Dec. Cocoa: Recovered on a breakout day. Upside breakout points are 2960 and 2974.
March Sugar: It’s not getting much bump off the strong crude oil; a bearish sign. There’s trendline support at 2207 today.
Oct. Crude Oil: A strong breakout day rally; it’s testing trendline and Fibonacci resistance around $71.
Nov. Soybeans: Good “Oops” buy last night (gap lower open, rally to fill in the gap). Resistance is at the mid August low at 940-4.
Dec. Soymeal: Good bounce off the mid August low at 278.00, 290 is resistance.
Dec. Corn: Bounced to unchanged overnight; the old low at 311-4 is key resistance.
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.
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