Bigger Picture
All systems are a go.
Audio issues with anymeetig and ilinc have been resolved, here are their links:
CHARTROOM LINK(s)
o Win XP-Friendly entry
o non-xp friendly (ilinc)
And if you missed it, here’s the pre-market Tour recording:
https://roddavid10.mitel-nhwc.com/join/xmmzszv
CORRECTION: new anymeeting link
Sorry, I published the wrong link to this morning’s XP-friendly Anymeeting link, which should be:
http://anymeeting.com/254-108-939
Daily Spot… False breaks
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.
Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Tuesday’s gap up and intraday extension had gone out probing the pattern’s 1.1265 bounce limit, but Wednesday’s inside day attacked Tuesday’s lows. There is no current signal.
Gold Dec Contract (GC, ETF: (GLD))
Having trended sharply higher during Tuesday’s breakout and then extending higher overnight, Wednesday’s gap up peaked almost immediately up filling its gap back to the high’s close. Reacting down into negative territory did manage to the 2-1/2 week old high close. Reacting down into negative territory was recovered, albeit not decisively enough to confirm Tuesday’s breakout.
Silver Dec Contract (SI, ETF: (SLV))
Tuesday’s extension higher had already indicated the rally was stretched, but Wednesday’s hesitation ranged flat-to-higher, attacking 16.10, and still having room for a pullback down to 15.55.
30-year Treasury Dec Contract (US, ETF: (TLT))
Momentarily probing Tuesday’s low overnight was recovered Wednesday, but only for a largely inside day ahead of Thursday’s auction.
Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Trading higher into Wednesday’s open to a fresh high at 49.71 was cut short by a surprising EIA report that sent price into negative territory. Tuesday’s breakout wasn’t confirmed.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Wednesday’s opening surge filled the gap back up to 2.52, so that closing above it would now trigger a new upleg. There isn”t otherwise a sell signal.
Look ahead: Economic Calendar – for Thu Oct 8, 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Thursday’s BOE policy statement tends to get a reaction, but not so much or so reliably as the afternoon’s FOMC Minutes release. Meanwhile, the 30-year auction can inhibit price action, and then the Fed speaker can spruce it back up.
BOE Monetary Policy & Minutes
noon london
Jobless Claims
8:30 AM ET
Bloomberg Consumer Comfort Index
9:45 AM ET
EIA Natural Gas Report
10:30 AM ET
*Narayana Kocherlakota Speaks
1:00 PM ET
30-Yr Bond Auction
1:00 PM ET
**FOMC Minutes
2:00 PM ET
*John Williams Speaks
3:30 PM ET
Fed Balance Sheet
4:30 PM ET
Money Supply
4:30 PM ET
Daily Spot… Bigger bounces.
A daily summary of high-profile members of several complexes… View a more detailed discussion of each chart at the end of today’s Market Wrap.
Eurodollar Sep Contract (EC, ETF: (FXE, UUP))
Gapping up Tuesday and extending higher is retesting the 1.1265 bounce limit, suggesting that a move down is unlikely, and likely at least to probe higher .
Gold Dec Contract (GC, ETF: (GLD))
Resuming the rally Tuesday is now another multi-session breakout, needing second consecutive session’s confirmation if a new uptrend is underway.
Silver Dec Contract (SI, ETF: (SLV))
Extending sharply higher Tuesday to test 16.00 doesn’t have any near-term higher objectives, and there’s still room for a pullback down 15.55 without reversing the trend down.
30-year Treasury Dec Contract (US, ETF: (TLT))
Initially following-through Tuesday on Monday’s break under the 157-24 sell signal was retraced to the signal itself, still needing confirmation that the trend is reversing down.
Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Breaking higher from a multi-session range, even if only on news, still could be confirmed by a second consecutive higher close Wednesday. I’m otherwise not bullish.
Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Initial strength Tuesday didn’t extend. I still trust early strength as being credible for extending, but would also want to see the resolution of filling the gap back up to 2.52..