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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | September 23, 2013 - 2:52 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 extended down Monday relatively more aggressively than Silver. And Gold’s extension down was essentially ignored by Currencies. Its reaction up from testing last week’s buy signals is obligatory. Extending higher Tuesday would be bullish.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Eerily narrow ranging Monday all but ignored volatility in Precious Metals and Energies. There is no new signal.

Eurodollar Dec Contract (EC, ETF: (FXE))
Narrow ranging Monday was no longer “ineffectual optimism” that had inhibited a sell-off Friday. The hesitation under 1.3580 without actually reversing down does suggest it will at least be tested. No sell-off before then would be credible.

Gold Dec Contract (GC, ETF: (GLD))
Overnight selling tested 1321.00 down to 1313.00, which were both of last week’s buy signals. Just holding a test of 1321.00 suggests that sellers have been absorbed. Closing back above 1325.00 signals momentum is probably reversing up, although closing above 1330.50 Tuesday is needed to confirm.

Silver Dec Contract (SI, ETF: (SLV))
Monday’s gap down immediately filled the 22.70 gap and had little difficulty recovering to probe positive territory. Closing positive Tuesday would signal that the drop had ended.

30-year Treasury Dec Contract (US, ETF: (TLT))
Overnight weakness was recovered back into positive territory, but perhaps only as a flight-to-safety while stocks slid. Their recovery intraday didn’t help, as 132-00 was still being tested through the afternoon.

Crude Oil Nov Contract (CL, ETF: (USO))
The drop extended Monday and probed under its interim to suggest the recent slide from retesting 107.85 (basis Nov, 108.75 basis Oct) wasn’t just noise within the range. There is no active signal

Natural Gas Oct Contract (NG, ETF: (UNG, UNL))
Having failed to rally yet from multiple tests of support, Monday’s delay in extending higher was already bearish, but extending down to fresh lows testing 3.60 only confirmed. There is no active signal.

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Posted in Daily Spot