Bigger Picture
Daily Spot… Gold goes for the gold.
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))
Thursday’s gap up extended a little higher before reversing back down through the balance of the session, albeit maintaining positive territory. An eventual third lower close in the pattern remains outstanding, and a corrective bounce now may have run its course.
Gold Dec Contract (GC, ETF: (GLD))
The two prior sessions did not form a stable base, but that didn’t prevent Thursday’s oversized reaction that probed above the rally’s 1141.50 target to almost 1156.50. Back under 1147.00 would stat to target 1138.70.
Silver Dec Contract (SI, ETF: (SLV))
Breaking higher during Thursday afternoon in delayed sympathy with Gold stopped pessimistically short of filling the gap back to Monday’s 15.20 close. That’s potentially bullish from a contrarian perspective.
30-year Treasury Dec Contract (US, ETF: (TLT))
Wednesday’s shallow pullback didn’t launched an overnight rally as a flight-to-safety triggered a gap up Thursday to test 157-04 resistance up to 157-16. Gapping down Friday could form an Island — a vulnerability if stocks extend Thursday afternoon’s recovery. But holding 156-04 would keep alive the upside momentum.
Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Fresh lows for the resumed decline were printed Thursday, down to 43.70 during the afternoon, still likely to continue deteriorating.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Thursday’s EIA report was not being greeted from a position of strength, or from weakness. An initially negative knee-jerk reaction down under the two-day consolidation wasn’t required, but it would be likely to recover. The news reaction was down, and it did recover back into the range. Almost any higher high Friday would be credible for extending intraday.
Livestox Recording Sep 24, 2015
Thursday’s Livestox recording is below, and the stocks we addressed in order follow that (top to bottom). Please don’t hesitate posting follow-up questions to this blog post’s thread.
Livestox recording (MP4) || ilinc version
| SPX | PNPL | |
| GPRO | CARA | TAUG |
| SCTY | FOLD | MDBX |
| INSY | ISIS | SRNA |
| FEYE | SUNE | TRTC |
| AMZN | LOOK | GWPH |
| GOOGL | SRPT | CBIS |
| FB | KITE | MSRT |
| TSLZ | BTX | |
| AAPL | ZYNE | |
| IMGN | NMUS | |
| S | FITX |
Look ahead: Economic Calendar – for Fri Sep 25, 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Friday’s GDP has a reliable track record for influencing price action. Any obvious reaction to it should be duplicated by subsequent report. And there are two more coming post-open. The afternoon Fed speaker is a reliable hawk, so if her remarks trigger a negative reaction it is likely anticipated by stronger hands and recoverable.
*Janet Yellen Speaks
Thu 5:00 PM ET
GDP
8:30 AM ET
Corporate Profits
8:30 AM ET
*James Bullard Speaks
9:15 AM ET
*PMI Services Flash
9:45 AM ET
*Consumer Sentiment
10:00 AM ET
Baker-Hughes Rig Count
1:00 PM ET
*Esther George Speaks – hawk
1:25 PM ET
Today’s Livestox
Click here to enter the 12:15 ET Livestox session. Post any stock requests to the blog’s comments section (in this or the prior post), or attend the live session to ask there. See you soon!
Daily Spot… Ranges setting in?
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))
Wednesday’s bounce obviously didn’t fulfill Monday’s confirmed breakout which now requires at least an eventual third lower close under Tuesday’s low.
Gold Dec Contract (GC, ETF: (GLD))
Gapping up Wednesday peaked upon testing the decline’s bounce limit, only ranging sideways intraday, and unlikely to resume the rally without another dip first.
Silver Dec Contract (SI, ETF: (SLV))
Flat-to-narrow ranging Wednesday increased the likelihood for at least a slightly lower low testing 14.65.
30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s “ineffectually optimistic” retest of resistance above 156-00 was retraced Wednesday down to 154-22, which is still short of the gap back down to 153.24 but still confirms resistance isn’t ready to break higher.
Crude Oil Nov Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s EIA report kept price under pressure attacking 44.50, and certainly not resuming or extending the rally.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Initially dipping at Wednesday’s open extended the narrow sideways ranging at the lows without signaling any rally soon.