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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 22, 2012 - 2:59 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 Currencies were suspiciously quiet again for a day with such wide gyrations among stocks. Is that an opportunity for Gold’s drop to prove it was a correction and form a bottom?

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Monday’s “inside day” barely touched Friday’s close, and did not extend down to the 79.40 support whose break would resume the decline.

Eurodollar Dec Contract (EC, ETF: (FXE)) Monday’s firmer open stopped short of testing 1.3100, let alone recovering it, which would have put higher targets back into play.

Gold Dec Contract (GC, ETF: (GLD)) The bounce off of Friday’s test of the 1717.00 target extended slightly higher Monday to test 1730.00. But not closing decisively above 1727.00 for two consecutive sessions all but requires retesting 1717.00.

Silver Dec Contract (SI, ETF: (SLV)) Monday did not repeat Friday’s test of 32.00,. which has potential to form a bottom. But a retest of 32.00 may be needed before a bottom can complete.

30-year Treasury Dec Contract (US, ETF: (TLT)) The corrective bounce up to 147-21 Friday still had room up to 148-00, which Monday’s gap down to 146-22 may have only interrupted. The balance of the session ranged around 147-00, which keeps alive potential for filling the gap back to Friday’s close, and for extending higher to test 148-00.

Crude Oil Dec Contract (CL, ETF: (USO)) Friday’s rejection of 93.00 resistance extended down further Monday to 88.55. The 87.00 target remains in-play so long as bounces now hold 89.80 as resistance.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) Despite Friday’s second consecutive higher close above 3.50 having confirmed a bigger rally underway, targeting 3.75, Monday’s overnight retest of Friday’s 3.64 high was reversed sharply back down to 3.44. That was essentially the original level whose recovery signaled rally potential. It must hold as support, and then close above 3.55 to signal the rally had resumed.

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Posted in Daily Spot