Daily Spot…

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 Mar Contract (EC, ETF: (FXE, UUP))
Lower lows overnight at 1.1436 was only slightly lower, and recovered into the open only slightly into positive territory Wednesday, still needing to recover 1.1500 to signal a recovery underway.

Gold Feb Contract (GC, ETF: (GLD))
Wednesday’s flat-to-higher price action was nonetheless as narrowly range bound as has been the past week. Extended narrowing ranges tend often to break falsely initially, regardless of whether the break is then extended or reversed.

Silver Mar Contract (SI, ETF: (SLV))
Flat-to-lower ranging Wednesday tested the narrow ongoing range’s lower-end, while still avoiding the range’s break.

30-year Treasury Mar Contract (US, ETF: (TLT))
Tuesday’s close at the 145-08 low was probed overnight down to 144-24 but recovered into Wednesday’s open to try avoiding its break. Ranging still has room up to 146-04 without yet triggering any recovery.

Crude Oil Feb Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short))
Wednesday’s EIA report wasn’t greeted from either a position of strength or weakness, as the recent range persisted overnight. No knee-jerk reaction was evident as the range extended, suggesting its next trending attempt would be retraced back into the range.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Tuesday’s pullback from Monday’s surge and overnight probe up to 3.72 had extended down overnight to 3.38, yet recovered back into positive territory in time to gap up Wednesday. The open above all prior intraday highs quickly attacked the prior overnight high to within 2 cents. But the balance of the session slid relentlessly back down to attack the overnight lows. The outside day’s reversal down does not greet Thursday’s EIA report from a position of strength.