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Daily Spot – If, Then… Market Timing

Daily Spot

By Rod David | October 4, 2013 - 3:38 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 ranged widely between either end of its range, but didn’t extend its recovery into the weekend. That doesn’t prevent attempting to extend higher Monday, but that may have been the last chance to launch any bigger rally before resuming the decline.

Dollar Basket Dec Contract (DX, ETF: (UUP, UDN))
Thursday’s second consecutive lower close had confirmed Wednesday’s break. Gapping up Friday above Thursday’s high is and not trading intraday under Wednesday’s lows now takes precedence. A second consecutive higher close Monday would confirm a bigger rally underway. I’m a little suspicious, but the confirmation would get every benefit of the doubt for reversing momentum up.

Eurodollar Dec Contract (EC, ETF: (FXE))
Thursday’s second consecutive higher close had confirmed Wednesday’s break. Gapping down Friday under Thursday’s low is and not trading intraday above Wednesday’s highs now takes precedence. A second consecutive lower  close Monday would confirm a bigger decline underway. I’m a little suspicious, but the confirmation would get every benefit of the doubt for reversing momentum down.

Gold Dec Contract (GC, ETF: (GLD))
Friday opened essentially unchanged around 1316.00-1318.00 after recovering from a dip to 1308.00. A blip-up to 1326.00 was reversed immediately to retest 1306.00. The afternoon ranged sideways, not triggering a break beyond either end of 1306.00-1321.00.

Silver Dec Contract (SI, ETF: (SLV))
Opening strength Friday probed the 21.88-21.95 resistance, but still avoided triggering it as the balance of the session ranged sideways narrowly.

30-year Treasury Dec Contract (US, ETF: (TLT))
Friday’s flat-to-lower ranging once again held the 132-22 pullback limit, with at least one more new high still outstanding.

Crude Oil Nov Contract (CL, ETF: (USO))
Bouncing between 102.95-104.00 persisted Friday, yet to resume either the rally or the downleg.

Natural Gas Nov Contract (NG, ETF: (UNG, UNL))
Friday’s narrow ranging within Thursday’s range continued to consolidate the two prior sessions’ drop.

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Posted in Daily Spot