Stocks are about unchanged; they continue to gravitate to current levels. I think we’re increasingly reaching a point where stocks will need to start seeing concrete evidence of a pickup in the economy, not just rally in anticipation.Jobless claims fell, continuing claims rose, so they were a wash.Retail sales were slightly higher, as expected.Results of the 30 year T Bond auction are out at Noon Central.Treasuries continued to be pressured by comments and reports of buying of IMF bonds by Russia and Brazil. Gold and silver are lower, a report overnight showed a big drop in Indian gold demand.On the other side; the IEA forecast slightly higher crude oil demand; this is supporting crude.Grains were higher overnight.The big story is in old crop soybeans and Soymeal; stocks are very tight.
September S&P:Momentum is dead neutral; MACD is poised for a bearish crossover.
Sept. Treasury Bonds:112-31 is the breakout point for Sept; they tested this area overnight.Will the end of the auctions take some pressure off?
Sept Japanese Yen:Momentum is still bearish; watch trendline support at 10140.
Sept Euro Currency:Momentum is bullish.There’s trendline support at 13933, trendline resistance at 14089.
Sept British Pound:Breakout day today; clearing first resistance at yesterday’s high of 16473
August Gold:Doji yesterday could give a directional move today; important support is at Friday’s low of 943.80.
July Silver:Breakout day; support is 1494 then 1484.
July Copper:Breakout day; Trade or Fade has an upside breakout point at 24135. Support is at the breakout level of 23530.
July Cocoa:Trading at resistance of April’s high of 3796.
October Sugar:Breakout day, triangle.Downside objective is the June low at 1605.
August Soybeans:Working on clearing resistance around 1184.
July Wheat:Holding support at 595; there’s trendline resistance at 610.
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