Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Daily Commodity Spot: Profit-Taking Ahead of the Weekend


A breakdown of the day's seven most active commodity futures.

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.

Today's Highlight: Thursday's follow-through to Wednesday's steep moves should find profit-taking ahead of the weekend.

Dollar Basket
Mar Contract DX; (UUP), (UDN)
Thursday's bounce stopped short of testing 79.85, let alone recovering as would be necessary to signal momentum reversing up.

Mar Contract EC; (FXE)
Wednesday's break to fresh highs extended higher overnight for Thursday's open to gap up and test 1.3186. But the balance of the session dipped back down to test Wednesday's 1.3100 high as support. The pullback has room down to 1.3070-1.3085 to still recover and potentially resume the rally. Any lower would extend the pullback to 1.3020.

Feb Contract GC; (GLD)
The next higher target at 1718.00-1720.00 was probed considerably up to 1731.50. The balance of the session consolidated back down to 1718.00-1720.00. Gapping down Friday under 1703.00 would form an Island Reversal out of Thursday's range, and reverse momentum down to target 1676.00. Any lesser opening weakness would have potential for probing a fresh high up to 1746.50.

Mar Contract SI; (SLV)
The 33.55 target was probed Thursday up to 33.79. But the session mostly ranged back down to 33.55. The next higher objective is 34.50 so long as pullbacks hold 33.10.

30-year Treasury
Mar Contract US; (TLT)
Not immediately extending down from Wednesday afternoon's steep dive meant the decline was not likely to resume. But it was not necessarily bullish. So, Thursday's gap up was not required to extend any higher, and did not. The session worked its way higher toward 143-03, whose test should either reverse down toward 140-00, or else extend the rally sharply.

Crude Oil
Mar Contract CL; (USO)
100.35 resistance was broken Thursday, after two prior tests held its resistance. A steep reversal back under it is ending the day while testing 99.40-99.75, so the larger distributive pattern remains alive. But a lower close Friday would offer helpful confirmation..

Natural Gas
Mar Contract NG; (UNG)
Although Wednesday's 2.81 target was pierced momentarily overnight, the three-day bounce held to its schedule by retracing back down to 2.58 Thursday. Several days of ranging flat to lower are now likely.

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
< Previous
  • 1
Next >
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.
Featured Videos