Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the disable-gutenberg domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/jwl23/public_html/rd.johnlander.me/wp-includes/functions.php on line 6131
Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | December 2, 2011 - 3:51 pm

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) Despite gapping down at Friday’s open, the balance of the session rallied strongly to prove Thursday’s inside day was not a delay of the break lower. Now a close above 78.75 would prove the break lower was only a delay in the rally higher.

Gold Feb (GCG) The pattern was already toppy when Friday’s open gapped up. Gapped up and tested the next higher resistance at 1763.00. Unlikely to extend higher, the balance of the session drifted lower to nearly fill the gap back to Thursday’s 1743.80 close. This buffer of optimism prevents the retracement from being bullish. Closing back under 1745.50 would trigger a bigger dip with potential down to 1720.00.

Silver Mar (SIH) Double Topping Thursday morning at 32.35-32.50 drew the line in the sand for extending the rally up to 35.50, or for not. Friday’s gap up momentarily exceeded Thursday morning’s highs up to 32.74, a little too quickly and while leaving outstanding a gap back down to Thursday’s close. The balance of the session suffered the consequences, by reversing down sharply under Thursday’s lows to 32.36. A pullback still has room down to 32.30 before sellers would gain traction.

30-year Treasury Mar (USH) Holding 140’02 (140’16 basis Dec) as support Thursday avoided sealing a top. That left the door open for backing-and-filling up to 141’18 or 142’22 before resuming the decline. Friday’s reaction to the employment Situation report did test 141’18 without reacting down enough to avoid also visiting 142’22..

Crude Oil Mar (CLH) Overnight strength up to 101.79 helped to confirm that Tuesday’s steep intraday slide did complete the correction. At least a retest of the 103.00 area remains likely.

Natural Gas Mar (NGH) Thursday’s gap up back to prior highs did not gain traction, as proved by Friday’s dip back into the range. A close above 3.71 would be bullish, but nothing under it this soon would be.

[/pay]

Share your questions and comments on this post in the blog, or in the chartroom…

Posted in Daily Spot