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: Thursday's Stagnant Euro May Be Looking Beyond Greece


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 If Greece has reached a viable debt accord, then why isn't the euro soaring? It barely moved the needle Thursday. Perhaps the move's sponsorship -- whose target is nearing -- is starting to focus elsewhere.

Dollar Basket
Mar Contract DX; (UUP), (UDN)
Still ranging at recent lows, without sellers gaining traction. It's not a buy signal, but the relative stability does suggest a turning point coming soon among currencies.

Mar Contract EC; (FXE)
Another fresh high Thursday, coming nominally close to the 1.3333 target. Interestingly, very little play on the hyped Greek debt accord. Not sure what would push price through its target if that news barely attacked it.

Apr Contract GC; (GLD)
The 1740.00 bounce limit was tested into Thursday's open. It was sharply exceeded intraday up to 1755.50, leaving outstanding a gap back to Wednesday's 1731.00 close. It was already filled - a reversal back to 1740.00 extended down to 1728.00. Just closing under 1729.00 Friday would confirm the new downleg underway that was triggered by Wednesday's close under 1740.00.

Mar Contract SI; (SLV)
While Thursday's price action tracked gold's wild intraday ride, it lacked the fireworks. The retest of prior highs did continue the pattern of outperformance, although the missing fireworks suggests that silver is simply more complacent. Regardless, closing under 33.60 still would signal a new downleg underway.

30-Year Treasury
Mar Contract US; (TLT)
Thursday's open gapped down and extended well under 141-28 and under 141-00. Just closing under 141-28 confirms the 140-00 target remains in-play. But another close under 141-00 may be difficult near-term if not broken immediately Friday.

Crude Oil
Mar Contract CL; (USO)
Wednesday's rejection of the open's gap up kept alive the last potential for resuming the decline. Thursday's gap up to Wednesday's ~100.00 area high - and then hovering there throughout the day without extending higher or retracing - still allows for resuming the decline, if only because a clear buy signal has not triggered.

Natural Gas
Mar Contract NG; (UNG)
Despite spiking up to 2.58 on EIA news, the reaction was retraced entirely back to the 2.48 area. The delay in exploiting the past week's accumulative action is starting to suggest it wasn't accumulation, at all. The buy signal remains at 2.61.

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.
< 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