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 | November 12, 2012 - 3:14 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 Lower volume sessions like Monday’s Veteran’s Day with the bond market closed. Trending underway or attempted into last week’s close in currencies and metals could still extend Tuesday.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) Friday’s gap up never extended further intraday, making it vulnerable to rejection Monday. But Monday’s narrow ranging did not reject Friday’s gap up, leaving the recovery’s momentum intact.

Eurodollar Dec Contract (EC, ETF: (FXE)) Friday’s gap down never extended further intraday, making it vulnerable to rejection Monday. But Monday’s narrow ranging did not reject Friday’s gap down, leaving the declne’s momentum intact.

Gold Dec Contract (GC, ETF: (GLD)) Buyers got some benefit of the doubt last week for extending the bounce above 1727.00. There was no follow-through Monday, and closing back under 1727.00 would at least target 1700.00, if not also resume the decline.

Silver Dec Contract (SI, ETF: (SLV)) Potential for a recovery to test 33.00 remains alive despite Monday’s dip that tested 32.25 as support. Closing any lower would target 31.05, and possibly resume the decline.

30-year Treasury Dec Contract (US, ETF: (TLT)) Monday’s narrow inside range was not surprising for Veteran’s Day action. Parameters remain intact.

Crude Oil Dec Contract (CL, ETF: (USO)) Friday’s bounce was not rejected Monday, which does undermine whether Friday’s bounce was simply trying to elicit a slingshot effect to resume the decline. Almost any delay in resolving down Tuesday would suggest a bigger bounce underway.

Natural Gas Dec Contract (NG, ETF: (UNG, UNL)) Friday’s break to fresh lows was not confirmed by a second consecutive lower low Monday. That is not a buy signal and doesn’t preclude there being lower lows anyway. But it opens the door to a buy setup if Tuesday were to close higher, too.

[/pay]

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

Posted in Daily Spot