Bigger Picture
Livestox Recording Sep 17 2015
Thursday’s Livestox recording is below, and the stocks we addressed in order follow that. Please don’t hesitate posting follow-up questions to this blog post’s thread.
SPX
GLD
GDX
USO
FOLD
SUNE
IMGN
GPRO
TRTC
VAPE
GWPH
TAUG
SRNA
MSRT
Look ahead: Economic Calendar – for Fri Sep 18 2015
A midday look ahead in preparation for economic reports and events scheduled for the next trading day.
Highlights: Friday’s post-open LEI has a reliable track record of influencing price action, inhibiting trending before it, and then usually either reversing or accelerating any trending after it.
*Leading Indicators
10:00 AM ET
Baker-Hughes Rig Count
1:00 PM ET
10-Yr TIPS Auction
1:00 PM ET
Livestox for lunch at 12:30 ET.
The market has recovered to its best levels since that recent unpleasantness. The Fed meets this afternoon to discuss how to wound it or kill it without looking guilty. And tomorrow’s so-called quadruple witch quarterly option and futures expiration has been painting prices into a corner.
We’ll discuss that, along with Gold’s potential bottom and Crude Oil’s potential top, in Livestox during the noon hour. Click here to enter the 12:30 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!
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Daily Spot… Gold gets going.
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))
One last blip-down at Wednesday’s open may have marked the end of digesting last week’s confirmed breakout. Quickly recovering into positive territory can now extend higher without further delay to produce at least a third higher close.
Gold Dec Contract (GC, ETF: (GLD))
Tuesday’s 61.8% retracement of the recovery from the 1098.40 target proved a launching pad for Wednesday rocketing through 1111.00 and sharply higher to attack 1124.00. The rally remains intact and targeting 1141.50 so long as pullbacks hold 1114.50
Silver Dec Contract (SI, ETF: (SLV))
Gapping up Wednesday from 14.35 support extended higher through 14.65 resistance to fresh highs attacking 15.00. The rally targeting 15.35 remains intact so long as pullbacks now hold 14.80.
30-year Treasury Dec Contract (US, ETF: (TLT))
Tuesday’s plunge through its 153-12 objective ranged narrowly Wednesday under prior lows, still having potential for extending down to 151-30 unless 152-30 were recovered.
Crude Oil Oct Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Days of narrowly ranging flat-to-lower above support reacted up sharply on Wednesday’s EIA report. But closing above 46.00 only stretches the rubber band to snap back down if there’s no second consecutive higher close Thursday.
Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Not confirming Monday’s close above 2.77 on Tuesday extended down deeper Wednesday, for what could be a healthy and constructive retest 61.8% back into the prior channel at 2.68. But that extended down to 2.65, the maximum weakness without actually reversing the trend down. Closing above the channel would have greeted Thursday’s EIA report from a position of strength, but this is not necessarily a position of weakness.