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 | December 7, 2012 - 3:22 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 Huge reactions to Friday’s Employment Situation report were most evident in Gold and bonds. Gold swung back from its negative reaction. Can bonds recover from Friday’s steep loss?

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN)) The reaction up extended higher Friday to 80.65, dropping to finish the day testing 80.40. So long as 80.10 holds as support, the rally is next targeting 81.00.

Eurodollar Dec Contract (EC, ETF: (FXE)) The reaction down extended lower Friday to 1.2877, bouncing to finish the day testing 1.2930. So long as 1.3000 is not recovered, the drop is next targeting 1.2825.

Gold Feb Contract (GC, ETF: (GLD)) A plunge in reaction to Friday’s Employment Situation report did what Thursday’s session did not, probing under Wednesday’s low. The steep reaction up recovered back to Thursday’s 1705.00 high. Having printed a fresh low does allow a bigger bounce than just to 1710.00, probably to 1720.00 or 1725.00, so long as 1698.00 now holds as support.

Silver Mar Contract (SI, ETF: (SLV)) Friday’s steep reaction down on the Employment Situation report did not probe fresh lows before reacting back up. The reaction up probed Thursday’s highs only temporarily. Closing above 32.25 would target 34.00, but there is otherwise no active signal.

30-year Treasury Mar Contract (US, ETF: (TLT)) Multiple sessions of “ineffectual optimism” were only creating pent-up selling pressure, which Friday’s Employment Situation report released. Slicing through 150-14 on the way to 149-11 expended a lot of energy, making it a struggle to close under the 149-18 sell signal.

Crude Oil Jan Contract (CL, ETF: (USO)) Thursday’s deep gap down neither extended Friday nor retraced, but instead was consolidated. Any fresh low under 85.85 would still be likely to resume the drop targeting 81.85-82.50.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL)) Wednesday’s rally was retraced Friday rather than resuming it. Now no rally effort will be credible without first probing the week’s lows under 3.53.

[/pay]

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

Posted in Daily Spot