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.

Futures Whimper Into the Weekend

By

Most liquid commodities were soft after Thursday's rally.

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: The weekend wasn't greeted with any bravado. Attempts to extend the week's trending were unsuccessful, such as in bonds and in energies. Attempts to reverse other intraweek trends did not succeed, such as with currencies.

Dollar Basket
Sep Contract DX; (UUP), (UDN)
Friday's gap up to 81.75 peaked short of 81.90 whose recovery would signal the pullback had ended, and another upleg was underway.

Eurodollar
Sep Contract EC; (FXE)
Friday's gap down confirmed the relevance of 1.2570, which was the corrective rally's target met Thursday. A bounce filled the gap back to Thursday's close, which held as resistance. The 1.2425 pullback limit was not touched.

Gold
Dec Contract GC; (GLD)
Friday's currency volatility had little influence after Thursday's rally had already met significant resistance at 1677.50. The reaction down to 1665.00 still has room to test 1656.50 before suggesting it may damage potential for resuming the rally to 1700.00 and 1744.00.

Silver
Sep Contract SI; (SLV)
Friday's session only ranged narrowly supported just above the rally's 30.00-30.35 target. A break under 29.80-29.85 would be the first sign of momentum reversing down.

30-year Treasury
Sep Contract US; (TLT)
The bounce had become likely to extend further for a test of 149-00 resistance, which was tested Friday up to 149-04. Resistance held, suggesting the bounce has ended.

Crude Oil
Oct Contract CL; (USO)
Thursday's rejection of its fresh highs at 98.30 did not extend down to fresh lows Friday, avoiding a second consecutive lower close that would have signaled momentum reversing down. The rally could still resume, or at least the potential to 98.85 could be fulfilled.

Natural Gas
Sep Contract NG; (UNG), (UNL)
Yet another reaction down Friday from trying to recover 2.80-2.85, falling back to 2.71 after testing 2.88 overnight. An intraday probe above 2.85 remains 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
 
Featured Videos

WHAT'S POPULAR IN THE VILLE