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 | January 9, 2013 - 3:03 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 Gold’s dip Wednesday keeps alive the potential for forming a more durable bottom.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Tuesday’s “ineffectual optimism” did not prevent Wednesday’s gap up, but the session did not extend any higher. This pattern can continue rising indefinitely, but delaying any higher high Thursday would suggest a drop to 80.20 is underway.

Eurodollar Mar Contract (EC, ETF: (FXE)) Wednesday’s morning’s testing of 1.3050 support held, and the balance of the session ranged in negative territory, still Tuesday’s lows into the close. It almost qualifies as “ineffectual pessimism,” enough for any initial strength Thursday to be credible for extending higher.

Gold Feb Contract (GC, ETF: (GLD)) Only gapping up or some other such immediately aggressive action above 1666.00 would have been credible for avoiding a retest of 1634.70‘s opening gap. Wednesday’s dip back down to 1652.00 keeps the drop’s potential alive, especially so long as 1657.00holds as resistance. Testing 1634.70 intraday and recovering to close above 1640.50 would be optimal to form a bottom.

Silver Mar Contract (SI, ETF: (SLV)) A second consecutive higher close Wednesday above 30.50 would have confirmed a recovery underway, but the session only ranged sideways, leaving no active signal.

30-year Treasury Mar Contract (US, ETF: (TLT)) Wednesday’s narrow ranging did test the bounce’s 145-16 limit, but held it through the close. Almost any initial weakness Thursday (e.g. Jobless Claims reaction) would be capable of resuming the decline.

Crude Oil Feb Contract (CL, ETF: (USO)) Still no resumption of the rally Wednesday, and not even a break higher like Tuesday (in fact, Tuesday’s high held as resistance. The extended narrow range has ruined the pattern’s timing, all but requiring at least a dip down to 91.25.

Natural Gas Jan Contract (NG, ETF: (UNG, UNL)) Although sellers have not been gaining any traction for their gaps down, they have persisted, including Wednesday’s gap down to new lows. There is no active signal at this time.

[/pay]

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

Posted in Daily Spot