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 The Long-bond fulfilled its target below just before the FOMC news. Was the reaction up excessively optimistic?

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Trending had resumed already prior to Wednesday afternoon’s FOMC statement, which extended the trending.

Eurodollar Sep Contract (EC, ETF: (FXE))
Trending had resumed already prior to Wednesday afternoon’s FOMC statement, which extended the trending.

Gold Aug Contract (GC, ETF: (GLD))
Despite surging overnight through the 1330.00 buy signal to 1338.00, Wednesday morning’s drop probed under the 1319.00-1320.00 and 1312.50 sell signals — a somewhat surprising reversal. A post-close bounce in reaction to FOMC probed back above 1330.00.

Silver Sep Contract (SI, ETF: (SLV))
Wednesday’s dip to 19.35 filled an outstanding gap before firming into the close, and then surging to 20.00 in reaction to the FOMC statement.

30-year Treasury Sep Contract (US, ETF: (TLT))
Tuesday’s narrow ranging was too timid to be considered defensive posturing ahead of Wednesday’s FOMC news. Wednesday morning’s plunge fulfilled the outstanding 132-24 target did a better job at discounting ahead of Wednesday’s FOMC news. The reaction up was a little optimistic, already filling the gap back to Tuesday’s 134-00 area close.

Crude Oil Sep Contract (CL, ETF: (USO))
Wednesday’s rally from under 103.00 to above 105.00 avoided a second consecutive confirming close after Tuesday’s breakout. But it also expended buying pressure prematurely when it could not gain traction for its efforts. Tuesday’s 103.59 gap down under all prior lows must be retested from above to at least seal a bottom, if not to resume the decline.

Natural Gas Aug Contract (NG, ETF: (UNG, UNL))
Still no signs of the market disagreeing with its recent break to fresh lows. Thursday’s EIA probably won’t clarify things. A probe back above “higher prior lows” must still be retraced back to the Monday’s opening gap down, whether to form a bottom or to extend lower.

[/pay]

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