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.

FOMC Minutes Add Extra Life to Recent Moves

By

Trending underway extended for gold and the euro while other markets held steady.

PrintPRINT
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: Wednesday's FOMC minutes didn't change much. Trending underway extended, such as gold and the euro, while other markets held steady.

Dollar Basket
Sep Contract DX; (UUP), (UDN)
Probing under Tuesday's lows Wednesday makes any rally attempt suspicious before now probing under 81.40. Wednesday's low attacked 81.60.

Eurodollar
Sep Contract EC; (FXE)
Wednesday afternoon's break higher to 1.2543 confirmed that 1.2570 is in-play, so long as 1.2455 now holds as support.

Gold
Dec Contract GC; (GLD)
Tuesday's warning of near-term resistance at 1643.60 didn't prevent probing 1650.00 Wednesday. It was retraced entirely, back into negative territory, before FOMC minutes triggered a surge to fresh highs at 1654.80. The rally next targeting 1672.00 remains intact so long as 1644.50-1646.00 were to hold as support.

Silver
Sep Contract SI; (SLV)
The rally extended Wednesday to 29.79, nearing its 30.00-30.35 target, which now remains in-play so long as 29.25 holds pullbacks.

30-year Treasury
Sep Contract US; (TLT)
Tuesday's recovery from breaking lower extended higher Wednesday by gapping gap up to test 147-00 and eventually touch 147-25 resistance. Any higher could no longer qualify as only a corrective bounce. Back under 146-24 would reverse momentum down.

Crude Oil
Oct Contract CL; (USO)
Following Tuesday's gap up, Wednesday's open still had enough room to gap down to 96.40 without even touching "lower prior highs," let alone probing any relevant support. An afternoon retest reacted up toward 97.54 session highs to maintain the rally's momentum.

Natural Gas
Sep Contract NG; (UNG), (UNL)
Wednesday's session probed back into the 2.80-2.85 resistance area, but no higher, which would have been likely to extend sharply higher intraday.

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.
PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE