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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | November 6, 2012 - 3:25 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 Pre-election jitters, or early celebration, depending upon your perspective. Gold and Crude Oil surged Tuesday without any economic reports and while the Euro only firmed. This suggests those markets were looking forward to the election being over. But they may really be getting ready to absorb negative knee-jerk reactions Wednesday. Natural Gas did firm a little, perhaps in anticipation of a change in the status quo.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Monday’s second consecutive higher close was not the product of intraday trending, inhibiting Tuesday from trending further. But a fresh high should follow.

Eurodollar Dec Contract (EC, ETF: (FXE)) Monday’s second consecutive lower close left something to be desired for not trending downward intraday. But Tuesday’s gap up was impatient at that stage. Fresh lows under 1.2775 remain likely, presumably on the way to 1.2400.

Gold Dec Contract (GC, ETF: (GLD)) Tuesday’s gap up to 1690.00 was barely corrected before extending sharply higher to test 1721.00. The 1717.00 resistance held. Back under 1700.00 would target a retest of Friday’s 1675.00-1676.00 lows.

Silver Dec Contract (SI, ETF: (SLV)) Tuesday’s gap up above Monday’s 31.10 close was retraced deeply enough to nearly fill the gap before extending sharply higher to test 32.25. A pullback to 31.30-31.35 is likely, and would be required to hold if a much deeper downleg can be avoided.

30-year Treasury Dec Contract (US, ETF: (TLT)) Recovering to close back above 148-00 Friday made the 149-12 target’s test likely. It was fulfilled at Monday’s open and the balance of the session ranged narrowly sideways. Tuesday’s open gapped down and slid back to 148-00, still not signaling trending in either direction.

Crude Oil Dec Contract (CL, ETF: (USO)) Monday’s early morning fresh low at 84.35 did not repeat intraday as the prior week’s 84.65 low held its retest.Tuesday’s gap up above 86.50 eventually extended to fresh highs above 89.00. Back under 87.70 would signal the rally had peaked, probably to be retraced down to 86.40.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL)) edit

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Posted in Daily Spot