Daily Spot

A daily summary of high-profile members of several complexes…[pay] View a more detailed discussion of each at the end of today’s Market Wrap.

Dollar Basket Dec (DXZ) Ongoing testing of 76.80-77.00, coupled with Tuesday’s “ineffectual pessimism,” was finally rewarded by surging sharply higher Wednesday. The next objective is 78.95-79.20 so long as a higher close Thursday were to confirm Wednesday’s breakout.

Gold Dec (GCZ) Despite fulfilling the rally’s next objective by probing above 1800.00 Tuesday, immediate weakness was unlikely to gain traction for a new downleg. Some sort of retest of the week’s highs above 1805.00 is likely.

Silver Dec (SIZ) Wednesday’s reaction down was excessive, especially following Tuesday’s excessive pessimism that prevented even probing the prior high after only touching it. A more substantial probe above 35.50 remains likely.

30-year Treasury Dec (USZ) Stock market weakness proved both that Tuesday’s last round of selling was impatient, and also that 143’04 overnight highs would be retested. Now the gap back to Tuesday’s 140’25 close remains open, and filling it would attract price down.

Crude Oil Dec (CLZ) Initial weakness Wednesday down to 94.50 support fell more than $2. EIA triggered a surge to fresh highs at 97.84, but it was retraced entirely back into negative territory. A close under 93.75 is still needed to trigger a new downleg.

Natural Gas Dec (NGZ) Wednesday’s open gapped down, and the session didn’t even begin to exploit Tuesday’s recovery from the lows. So long as sellers don’t gain traction for their efforts, there is still potential to launch a new rally leg.

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