Daily Spot

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 Crude Oil got into the holiday spirit Wednesday, a little late in more ways than one, as the reaction up must avoid any lower close.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) After teasing it Thursday, the 79.79 corrective bounce target was met Friday. And tested further Monday. Its reaction back down to 79.50 was largely recovered. Closing under 79.55 would target 79.30 and 79.05. But another probe above 79.79 would target 80.20.

Eurodollar Mar Contract (EC, ETF: (FXE)) The 1.3140 target was never tested, and not even attacked. Meanwhile, the reaction down from 1.3313 was retraced by 61.8% to test 1.3265. Any higher would target 1.3305, whose break would target new highs. Under 1.3196 would resume the decline.

Gold Feb Contract (GC, ETF: (GLD)) The extended consolidation around 1657.00 was extended Wednesday to attack 1669.00. The session returned to 1660.00, but did not close under 1657.00 where the recovery would be rejected.

Silver Mar Contract (SI, ETF: (SLV)) The bounce potential to 31.65 signaled Friday has not yet extended, but has meanwhile absorbed selling pressure back down to 29.85.

30-year Treasury Mar Contract (US, ETF: (TLT)) Monday’s dip back into the 147-00/147-12 corrective target area was rejected somewhat Wednesday by firming. But the session ultimately only ranged around 147-12.

Crude Oil Feb Contract (CL, ETF: (USO)) Avoiding a second consecutive lower close Monday all but marginalized sellers. Firming back to 89.20 over the holiday launched a surge through 91.00 Wednesday. Now pullbacks to 90.05-90.30 are likely to hold, if the rally is to extend.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL)) Monday’s rejection of Friday’s recovery did not gain traction, but there is no signal in-play to trend either way.

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