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 Gold’s surge Sunday night revealed a degree of elasticity that keeps alive higher targets without having to keep alive the rally’s momentum.

Dollar Basket Sep Contract (DX, ETF: (UUP, UDN))
Monday’s narrow ranging did not offer any new guidance to the pattern.

Eurodollar Sep Contract (EC, ETF: (FXE))
Monday’s narrow ranging did not offer any new guidance to the pattern.

Gold Oct Contract (GC, ETF: (GLD))
Sunday night’s surge attacking the 1410.00 objective had disappeared entirely before Monday’s open. Intraday weakness held the 1388.00 pullback limit to avoid reversing momentum down.

Silver Sep Contract (SI, ETF: (SLV))
Potential to 24.55 was nearly fulfilled by Monday morning’s attack on 24.45. The reaction down held above 24.00 to avoid reversing momentum down.

30-year Treasury Sep Contract (US, ETF: (TLT))
Early strength Monday above 132-10 was retraced back into negative territory, all but confirming that a rally is unlikely to begin without first producing one more new low close.

Crude Oil Oct Contract (CL, ETF: (USO))
The obligatory reaction to weekend war talk didn’t last long. Sunday night’s gap up to fresh recovery highs disappeared Monday as price turned negative intraday.

Natural Gas Sep Contract (NG, ETF: (UNG, UNL))
Monday’s gap up suffered the same “ineffectual optimism” that inhibited last week’s rally efforts, and the balance of the session essentially ranged narrowly unchanged. Still, trying to rally anyway suggests the pattern intends to correct more through the passage of time than through a traditional price pullback.

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