Stocks are unchanged. Commodities are pretty flat; they have been a big driver for stocks recently. European stocks rose after Renault’s CEO said the financial crisis is over. Today we get the results of the 10 year T Note auction at Noon and the Fed’s Beige Book at 1 PM. Traders will also be watching Obama’s speech tonight to see if he will continue to push for the public option for healthcare. The DOE crude inventory report is pushed back to tomorrow because of the holiday
Two stories caught my eye this morning. First, Barrick Gold is ending its gold hedges; it’s expected there will be pressure on other miners to do the same. Are they smart, or is this a contrary indicator? Second, Bloomberg has a story that inflation fears are pushing university endowments into commodity investments, read the story here.
Stock Indices: They roll tomorrow-Dec. will be the lead month starting tomorrow.
Sept. S&P: Slightly higher on a momentum sell short day. Resistance is at 1031.
Dec. Treasury Bonds: A downside breakout under 11811 support; I have a breakout target of 11714.
Dec. 10 Year T Note: Breakout setup; it’s currently trading at Fibonacci retracement support of 11624.
Dec. Japanese Yen: Momentum is at short sale levels; watch resistance at yesterday’s high of 10871.
Dec. Euro Currency: Momentum is at short sale levels, look to buy a break. The old yearly high at 14447 is support.
Dec. British Pound: A bullish MACD crossover today; it needs to clear Fibonacci retracement resistance at 16570.
Dec. Canadian Dollar: Bullish momentum; I may watch to buy a break over the last swing high at 9330.
Dec. Gold: Momentum is bullish, and it’s holding support at 992. 1000 is a psychological pivot price.
Dec. Silver: Momentum is bullish; it held breakout support at 1625 overnight.
Dec. Copper: Momentum is bearish; watch the yearly high at 298.95.
March Sugar: It’s a momentum buy day. There’s trendline support at 2216; clearing the bottom of the old channel at 2270 could push them higher.
Dec. Cotton: The bull may need to pause for a bit-momentum is bearish, and 6124 is Fibonacci retracement resistance.
Oct. Crude Oil: Clearing Fibonacci resistance at $71 aided the bulls. Momentum is at short sale levels, and next resistance is at $72.
Oct. Live Cattle: Reaching a crossroads here. MACD is on a verge of a bullish crossover; it needs to clear Fibonacci retracement resistance at 8760.
Oct. Lean Hogs: 5195 is a 50% retracement of the July/August selloff.
Dec. Corn: Momentum is bearish today; the yearly low is 304.I don’t expect that to hold.
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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