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 13, 2011 - 6:10 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) Tuesday’s surge sliced through the 79.80 objective and extended higher intraday to test 80.45. There isn’t much room to tolerate a pullback without triggering a bigger dip to 79.65 and possibly 79.55.

Gold Feb (GCG) A corrective bounce up to 1681.70 reacted down to fresh lows at 1654.40 intraday, and then plunged to 1625.50 following the afternoon’s FOMC announcement. This fulfilled the next lower target at 1635.00. Closing Wednesday under 1635.00 would confirm that 1600.00‘s test is next in-play. A bounce has room up to 1660.00 without buyers gaining traction.

Silver Mar (SIH) Monday’s test of 31.00 largely held as support until Tuesday’s FOMC announcement triggered a probe of fresh lows to under 30.70. No buy signal will form without first recovering to close back above 31.00.

30-year Treasury Mar (USH) Potential for a much bigger bounce up to 143’04 had been avoided last week, but Tuesday’s early Euro plunge and later stock plunge drove bonds higher anyway. The resolution to Wednesday’s 30-year auction should prove whether 143’04‘s test will launch a new upleg, which remains possible, or more likely trigger another productive downleg by closing back under 142’22.

Crude Oil Mar (CLH) Monday’s rejection of Friday afternoon’s recovery down to 98.00 was itself rejected by Tuesday’s steep surge up to 101.60. Although much of the surge was maintained through the close, the surge did seem somewhat muted compared to the gravity of the news triggering it. Regardless, the 103.00 objective remains intact.

Natural Gas Mar (NGH) If Tuesday’s bounce was at all bullish, then it was its intraday high stopping pessimistically short of actually filling the gap back to Friday’s close. But it is not a buy signal, not before filling the gap back down to Monday’s 3.28 open.

[/pay]

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

Posted in Daily Spot