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 28, 2012 - 2:38 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 Not yet extending its first recovery leg, Gold had become vulnerable to reversing down sharply. That it fell only slightly Friday does keep the door open for another day.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Friday’s gap up to fresh highs peaked short of touching the 80.20 target, and spent the session ranging narrowly around the rally’s 79.79 prior target. A close above 80.20 is still required to put into play any higher objectives.

Eurodollar Mar Contract (EC, ETF: (FXE)) Despite gapping down well under 1.3225, Friday’s session largely ranged narrowly around 1.3225. Closing under it would still launch a new downleg targeting 1.3080.

Gold Feb Contract (GC, ETF: (GLD)) Exploiting the recovery back above 1657.00 was long overdue. Friday’s dip may have helped by stretching the rubber band back under 1657.00. But a rally above 1663.00 to at least 1675.00 and higher is the least to expect if a downleg isn’t underway already.

Silver Mar Contract (SI, ETF: (SLV)) Since Friday’s session was spent entirely under 30.25 prior highs without extending down, its recovery through any close should launch a rally leg targeting 31.65.

30-year Treasury Mar Contract (US, ETF: (TLT)) An overnight dip to 147-23 recovered back to Thursday’s148-17 high into Friday’s open. An afternoon dip only attacked 148-00 instead of breaking it to trigger a downleg.

Crude Oil Feb Contract (CL, ETF: (USO)) Friday’s retest of Thursday’s high suggests that not confirming Wednesday’s breakout wasn’t distributive. There is still room down to 89.30 before suggesting that sellers may be retaking control.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL)) The week’s “ineffectual pessimism” had suggested the interim rally attempts were actually chipping away at resistance. Friday’s open gapped up to 3.40 and attacked prior highs around 3.50. Plenty of time was spent hovering under prior lows to reflect more “ineffectual pessimism.” Not extending higher immediately Monday would be very bearish for not being able to exploit the bullish setup.

[/pay]

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

Posted in Daily Spot