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) Tuesday was essentially an inside day, not much different from the past week’s sideways ranging, and not very predictive.

Gold Dec (GCZ) Bounce potential to 1700.00 was fulfilled Tuesday by gapping up and extending higher to 1706.40. A pullback has room down to 1686.30 before resuming the decline.

Silver Dec (SIZ) Monday’s drop fulfilled the requirement to fill the gap back to Thursday’s 31.40 gap and its likely test of Thursday’s ~31.00 low. Tuesday’s gap up to 31.48 extended sharply higher intraday to 33.04, behaving appropriately for the expected rotation out of Gold. A pullback has room down to 31.40 before extending the recovery.

30-year Treasury Dec (USZ) Tuesday’s outside day probed either end of Monday’s relatively narrow 143’11-143’30 range. Ending the day while probing above 144’00 was not bearish, but neither does it qualify as a buy signal.

Crude Oil Mar (CLH) Gapping up Tuesday undermined whether the three-day drop preceding it was only a correction of the rally. Then an intraday dip eventually filled the gap up, neutralizing its attraction below, so long as its 96.95 low were to hold. Closing above 99.30 would confirm a new rally leg underway.

Natural Gas Dec (NGZ) Tuesday’s narrow sideways range did not reject Monday’s single mid-day surge. But the burden of proof is on buyers to extend it, and not on sellers to reverse it. This week’s EIA report comes one day early on Wednesday, and may resolve the situation.

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