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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | February 6, 2013 - 2:40 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 Natural Gas is creeping higher into what soon should be an obvious rally, if there is any further improvement ahead, at all. Meanwhile, Crude Oil has a chance to extend its own rally.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Wednesday’s fresh high extended the corrective bounce, but essentially only ranged around the bounce’s 79.85 target that was already met Tuesday.

Eurodollar Mar Contract (EC, ETF: (FXE)) Tuesday’s bounce did not extend Wednesday. Rather it was retraced to Tuesday’s intraday low. The bounce must resume without delay to avoid extending the pullback under Monday’s lows.

Gold Apr Contract (GC, ETF: (GLD)) Tuesday’s close while still testing 1675.00 left Wednesday’s session vulnerable to beginning a trend, but not yet signaling it. The intraday range testing either end of 1670.00-1680.00 did not signal a resolution, either.

Silver Mar Contract (SI, ETF: (SLV)) Wednesday’s narrow range offered no new information.

30-year Treasury Mar Contract (US, ETF: (TLT)) Tuesday’s return to the 142-21 prior lows all but required breaking lower, presumably targeting 141-26. Wednesday’s bounce to 143-18 tried to forestall that downleg, but was still testing its resistance at the close.

Crude Oil Mar Contract (CL, ETF: (USO)) Not rallying immediately Wednesday above 97.00 made the pullback likely to extend. Despite the open gapping down to fresh lows attacking 95.00, an immediate rally recovered to 97.00. Closing above 97.00 would have been bullish. Extending higher immediately Thursday would get a benefit of the doubt again, but there otherwise remains potential for extending the pullback.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL)) Tuesday’s late probe above the 3.36 buy signal extended immediately Wednesday to attack 3.47. Extending higher to also recover 3.53 would confirm a new rally leg underway.

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Posted in Daily Spot