The following are the latest daily summaries of my ongoing intraday coverage, providing context to interpret price action. Any prices listed are for a contract's current "front month." Their direction tends to correlate with any ETFs listed for each.
Whether Friday’s employment situation report helped currencies to confirm recent breakouts, but generally only triggered volatility elsewhere. Even then, currencies are required to produce at least one more new trending close.
Editor's note: Rod's analytical techniques are designed to efficiently identify targets and turning points for any liquid stock or market in any time frame. He applies his techniques live intraday, primarily to S&P futures, at RodDavid .com
Dec Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Friday’s second consecutive lower close confirms Thursday’s breakout, now requiring there to be at least one more lower close. It need not be consecutive, so an immediate bounce would likely fail.
Dec Contract EC; (NYSEARCA:FXE)
Friday’s second consecutive higher close confirms Thursday’s breakout, now requiring there to be at least one more higher close. It need not be consecutive, so an immediate dip would likely recover.
Feb Contract GC; (NYSEARCA:GLD)
Friday’s volatility rivaled Wednesday’s range. A fresh low was probed down to 1210.00, reacting back up to 1245.00 on the employment situation report. Regardless of the volatility, closing above 1230.50 was the minimum requirement to maintain the bottoming effort — it was still being tested at the close.
Mar Contract SI; (NYSEARCA:SLV)
Reaction to Friday’s employment situation report spiked down momentarily before returning to essentially unchanged, ranging narrowly into the weekend. Almost any initial strength would be credible for trending sharply higher intraday.
Dec Contract US; (NYSEARCA:TLT)
The knee-jerk reaction to Friday’s employment situation report spiked to a fresh low at 128-01 and then spiked back up to 129-16 resistance, all within the context of ranging around the 128-29 prior low. There is still no sign of reversing momentum up.
Jan Contract CL; (NYSEARCA:USO)
Flat-to-higher ranging remained above 96.50 to keep intact the 98.35 target. Closing above 98.35 would next target 101.50.
Jan Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Extending higher Friday attacked the 4.25 target to within a nickel before reacting down. The reaction down needed only to close positive to confirm Thursday’s breakout.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.