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 Will Natural Gas find a catalyst before Thursday’s EIA report to trigger a recovery? Record cold doesn’t seem to be doing it, and almost any fresh low could trigger a massive Head & Shoulders pattern that has been forming.

Dollar Basket Mar Contract (DX, ETF: (UUP, UDN))
A momentary fresh high Monday morning was retraced intraday, but not so low as to signal the rally’s momentum had lapsed.

Eurodollar Mar Contract (EC, ETF: (FXE))
Monday’s bounce left the confirmed breakout intact despite retracing all of Friday’s dip. Any fresh low should resume the decline.

Gold Feb Contract (GC, ETF: (GLD))
Retesting the 1245.00 overnight high up to almost 1248.00 did not prevent a fat-finger glitch, or generally dipping back to test 1237.00 as support. But potential for extending to 1270.00 remains intact so long as 1232.50 holds as support.

Silver Mar Contract (SI, ETF: (SLV))
Choppy sideways ranging into and out of positive territory left the 20.70 objective intact, especially so long as Tuesday were to avoid closing lower.

30-year Treasury Mar Contract (US, ETF: (TLT))
Monday’s gap up extended higher intraday to 129-11, which is a little too optimistic to consider the bottoming pattern to have yet completed. But its next dip under 128-28 should end the selling pressure.

Crude Oil Feb Contract (CL, ETF: (USO))
Monday’s dip to 93.35 expended as much selling pressure as possible while still being considered only a pullback, requiring some immediate proof of momentum reversing upward to avoid a more substantial decline.

Natural Gas Feb Contract (NG, ETF: (UNG, UNL))
Friday’s bounce attempt didn’t repeat Monday, but fresh lows were avoided so the larger potential Head & Shoulders pattern did not trigger.

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