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 | October 2, 2012 - 2:53 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.

Today’s Highlight Relatively narrow ranging among Crude Oil and Currencies like the Euro feels like coiling ahead of a bigger move. Actually triggering it seems to be the issue.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Tuesday’s weakness narrowly avoided probing a fresh low by only touching 79.55 instead of breaking under it. A rally can’t be delayed, or else a new downleg would be credible.

Eurodollar Dec Contract (EC, ETF: (FXE)) Proving that Monday’s session wasn’t “ineffectual optimism,” Tuesday gapped up and probed the prior two days’ highs. Now, Wednesday will need to extend higher at a steeper pace to prove that Tuesday wasn’t “ineffectual optimism,” either.

Gold Dec Contract (GC, ETF: (GLD)) Tuesday’s narrow inside day all but contradicted Monday’s surge to fresh highs. It was more in-line with the surge’s rejection, without signaling that momentum has actually reversed down. If 1770.00 isn’t broken early Wednesday, then there would be much greater potential for one more fresh high targeting 1814.00.

Silver Dec Contract (SI, ETF: (SLV)) Monday’s test of the long-standing 35.40 target was not repeated Tuesday. Not even 35.00 was recovered, so 36.75 is not necessarily in-play.

30-year Treasury Dec Contract (US, ETF: (TLT)) Another inside day was narrowly avoided, but Tuesday was once again easily contained within the past several sessions’ relatively narrow range. Breaking immediately under 148-10 would be credible for extending down. Any shallower dip would more likely recover to fresh highs, and probing fresh highs first would be more credible for reacting down sharply.

Crude Oil Nov Contract (CL, ETF: (USO)) Still at or under 93.00 Tuesday, which continues to prevent a rally leg from emerging.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) The 3.58 target was attacked to within 3 cents Tuesday, and remains in-play so long as pullbacks were to hold 3.45 as support.

[/pay]

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

Posted in Daily Spot