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.
Today’s Highlight Brent Crude’s minimum target for the recovery was met Friday. That was in spite of bearish talk of releasing some of the Strategic Petroleum Reserves. Doesn’t seem as if Crude’s rally considers that to be a serious impediment. Might not consider the rally’s minimum target to be serious, either.
Dollar Basket Sep Contract (DX, ETF: (UUP, UDN)) Thursday’s drop back to 82.35 was recovered Friday back up to 82.80. Two consecutive closes above it would signal and confirm a new upleg underway, if only to briefly probe fresh highs.
Eurodollar Sep Contract (EC, ETF: (FXE)) Thursday’s recovery back to the week’s 1.2380 highs was retraced Friday to again test 1.2300 as support. Two consecutive closes below it would signal and confirm a new downleg underway, if only to briefly probe fresh lows.
Gold Dec Contract (GC, ETF: (GLD)) In almost a reverse of the week’s low, Friday probed Thursday’s high and then reversed to close off of it. But Friday’s close was still positive, and it held the 1613.00 pullback limit to keep alive the rally’s momentum. Closing above 1620.00 would next target 1636.00.
Silver Sep Contract (SI, ETF: (SLV)) Friday’s dip corrected Thursday’s surge back down to the 28.00 area. Closing above 28.15-28.25 would signal the next rally leg underway targeting 30.00-30.35.
30-year Treasury Sep Contract (US, ETF: (TLT)) Friday’s open gapped up into what became an Inside Day. It does not reflect strong-handed sponsorship, but could extend higher to test 146-25 before resuming the decline back to and through Thursday’s low.
Crude Oil Sep Contract (CL, ETF: (USO)) Rumors that the SPR might be released to depress prices was all but ignored, as Friday firmed to fulfill the rally’s initial 96.15 target. Perhaps the market discounted it by only firming or ranging narrowly at recent highs. In other words, the rally didn’t take the bad news seriously. Its momentum remains intact, next targeting 98.85-98.95 so long as 95.15 now holds as support.
Natural Gas Sep Contract (NG, ETF: (UNG, UNL)) Friday’s narrowly-ranging Inside Day at the trend’s current lows suggests that Thursday’s third low close for the trend did fulfill selling pressure. Nevertheless, only closing above 2.80-2.85 would signal momentum reversing back up.
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