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 | February 13, 2013 - 2:51 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 The long bond’s plunge Wednesday confirms that last week’s bounce was only “obligatory.” The probe under last week’s lows is unlikely to form a bottom on its first day. But look out above if another fresh lows is suddenly rejected. If a bigger downleg isn’t underway, then the alternative should be a big, big bounce.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN)) Tuesday’s test of 80.05 support held Wednesday, but only for price to firm, suggesting a trading range as described here yesterday is beginning.

Eurodollar Mar Contract (EC, ETF: (FXE)) Fresh highs Wednesday were retraced back under 1.3465-1.3475 resistance to continue suggesting the recent bounce had peaked, but no distribution pattern has formed to indicate a reversal.

Gold Apr Contract (GC, ETF: (GLD)) Hovering around unchanged broke lower after the close to attack Tuesday’s 1639.50 low, presumably resuming the decline.

Silver Mar Contract (SI, ETF: (SLV)) Wednesday’s break back under 30.80 is presumably resuming the decline targeting 30.25.

30-year Treasury Mar Contract (US, ETF: (TLT)) Tuesday’s weak session was nonetheless optimistic to barely avoid touching its 143-04 sell signal. Wednesday’s open compensated by gapping down and extending to new lows at 142-09, confirming the previously signaled 141-26 target is in-play, so long as 143-04 isn’t recovered.

Crude Oil Mar Contract (CL, ETF: (USO)) Wednesday’s inability to extend higher is not immediately a concern to the bullish pattern, since Tuesday’s gap up did maintain its intraday extension. But the patience that was earned Tuesday is now unavailable, requiring Thursday to immediately resume the rally targeting 99.00.

Natural Gas Mar Contract (NG, ETF: (UNG, UNL)) Delaying lower lows again Wednesday does give credibility to a rally attempt Thursday, so long as it is maintained beyond the EIA report, and extends meaningfully above 3.36.

[/pay]

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

Posted in Daily Spot