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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 17, 2011 - 12:02 am

A daily summary of high-profile members of several complexes.[pay]

Dollar Basket Dec (DXZ) Mixed signals. Closing above 77.30-77.35 would point higher, as there is now no unfinished business below. Perhaps the only problem to recovering here is that Mondays in currencies tend to duplicate Fridays. Regardless, Monday is unlikely to stand still, and should either extend down, or reverse up.

Gold Dec (GCZ) Sound and fury. Friday’s session expended a lot of buying pressure without buyers gaining traction for their efforts. Both the open and close were still testing 1681.50, and this followed Thursday’s optimistically shallow dip that barely pierced Monday-Tuesday low before bouncing.

Silver Dec (SIZ) Breaking upward is hard to do. After closing Friday back above 32.00, sellers didn’t gain any traction for their effort last  week. Closing above 32.50 would get another benefit of the doubt for extending higher.

30-year Treasury Dec (USZ) Still no takers. Friday’s open gapped down from one end of the range to the other, from the recent bounce high to its prior low. This setup does not gain traction. But the setup wasn’t necessarily rejected, so gapping down under 138’oo would be credible for extending down. Perhaps recovery was delayed by weekend’s impending illiquidity, which would be proved by gapping up Monday above 139’00 and extending to 142’00 if not also 142’22.

Crude Oil Nov (CLX) Up, up, or away. Friday’s open gapped up at or above 86.05 and probed fresh highs throughout the day. The session never really extended higher until post close. Regardless, it is a breakout until proved otherwise (for example, by closing back under 86.05 Monday), creating potential to 90.95.

Natural Gas Nov (NGX) Traction? Traction. Friday’s gap up tested the 3.57 buy signal through late morning, before extending sharply higher into the close. This is a market that tends to duplicate Friday’s action on Mondays — so, not extending higher Monday would be  bearish.

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Posted in Daily Spot