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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 10, 2012 - 3:02 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 Wednesday’s only real action was in bonds, with stocks falling into a 10-year auction. Thursday’s 30-year auction finds the long-bond precariously positioned, and not very capable of absorbing another dip.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) While Tuesday’s rally had essentially ignored 80.00 resistance on the way to 80.20, Wednesday’s session dipped to range around 80.00 down to test 79.95. Back above 80.10 would resume the rally next targeting 80.55 and potentially 81.00.

Eurodollar Dec Contract (EC, ETF: (FXE)) Potential for a corrective bounce to 1.2950-1.2975 barely extended Wednesday to test 1.2925. Regardless, back under 1.2880 would resume the decline next targeting 1.2805.

Gold Dec Contract (GC, ETF: (GLD)) Wednesday’s choppy narrow range tested Tuesday’s low and 1760.00, ultimately holding each. Its break is still required to remove all near-term potential of resuming the rally up to 1814.00.

Silver Dec Contract (SI, ETF: (SLV)) Wednesday’s narrow inside session kept alive potential for extending down to 33.00.

30-year Treasury Dec Contract (US, ETF: (TLT)) Wednesday’s gap down was recovered back into positive territory, extending sharply higher to test the 148-26 bounce limit. Now closing under 148-00 would signal momentum reversing down.

Crude Oil Nov Contract (CL, ETF: (USO)) The recent bounce up to 93.00 resistance did not extend higher Wednesday. It was almost rejected, falling back to the original 91.20 bounce limit. A recovery above 93.00 is still needed to even begin signaling a rally underway. Otherwise, the outstanding 87.00 target would be in-play under 91.20.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) A pullback barely pierced the 3.45 pullback limit Wednesday before recovering back to Tuesday’s 3.51 high. Thursday’s EIA report should extend the rally if it intends to extend at all.

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Posted in Daily Spot