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Currencies Tumbled Hard -- Can That Elasticity Spread to Other Markets?
They weren't even first. Recall that gold has had its own sudden reversals recently.
Rod David    

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: Currencies not only extended Thursday's plunges overnight and on Friday, but also essentially duplicated them -- at least, in degree. But the selling pressure was productive, closing under prior lows, and potentially reversing trends down. When one widely held market trends so substantially in such a short time, it's not unusual for other markets to become similarly unsettled.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Thursday's intraday reversal extended up overnight and intraday to attack 80.00. While that is in line with the bigger picture that a bottom is forming, the immediacy surprises me. Back under 79.78 would signal a corrective dip under way.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
The immediate overnight extension of Thursday's intraday reversal to attack seemed impatient, albeit productive. Gapping down under the previous three-week-long consolidation helps to confirm the topping. But near term it becomes vulnerable to a bounce testing 1.3805 or 1.3855 as resistance.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Flat-to-lower ranging avoided triggering a sell signal under 1285.00, but also undermined Thursday's bounce attempt.

Silver
May Contract SI; (NYSEARCA:SLV)
Friday's dip touched the 19.05 support, whose break would otherwise signal a new downleg underway. The touch held, so far.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Friday's weakness attacked the 135-16 signal, whose break would trigger at least a temporary downleg.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Another bounce Thursday night kept alive the on-again/off-again sequence for launching a retest of the recent 104.00 high. Intraday action furthered the sequence by reacting back down from 101.00 to  100.00, which the pattern must hold as support.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's plunge extended down further Friday to within $0.09 cents of its 4.41 target, now requiring that bounces hold 4.55 as resistance.

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.
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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.
Currencies Tumbled Hard -- Can That Elasticity Spread to Other Markets?
They weren't even first. Recall that gold has had its own sudden reversals recently.
Rod David    

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: Currencies not only extended Thursday's plunges overnight and on Friday, but also essentially duplicated them -- at least, in degree. But the selling pressure was productive, closing under prior lows, and potentially reversing trends down. When one widely held market trends so substantially in such a short time, it's not unusual for other markets to become similarly unsettled.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Thursday's intraday reversal extended up overnight and intraday to attack 80.00. While that is in line with the bigger picture that a bottom is forming, the immediacy surprises me. Back under 79.78 would signal a corrective dip under way.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
The immediate overnight extension of Thursday's intraday reversal to attack seemed impatient, albeit productive. Gapping down under the previous three-week-long consolidation helps to confirm the topping. But near term it becomes vulnerable to a bounce testing 1.3805 or 1.3855 as resistance.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Flat-to-lower ranging avoided triggering a sell signal under 1285.00, but also undermined Thursday's bounce attempt.

Silver
May Contract SI; (NYSEARCA:SLV)
Friday's dip touched the 19.05 support, whose break would otherwise signal a new downleg underway. The touch held, so far.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Friday's weakness attacked the 135-16 signal, whose break would trigger at least a temporary downleg.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Another bounce Thursday night kept alive the on-again/off-again sequence for launching a retest of the recent 104.00 high. Intraday action furthered the sequence by reacting back down from 101.00 to  100.00, which the pattern must hold as support.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's plunge extended down further Friday to within $0.09 cents of its 4.41 target, now requiring that bounces hold 4.55 as resistance.

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.
Daily Recap
Currencies Tumbled Hard -- Can That Elasticity Spread to Other Markets?
They weren't even first. Recall that gold has had its own sudden reversals recently.
Rod David    

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: Currencies not only extended Thursday's plunges overnight and on Friday, but also essentially duplicated them -- at least, in degree. But the selling pressure was productive, closing under prior lows, and potentially reversing trends down. When one widely held market trends so substantially in such a short time, it's not unusual for other markets to become similarly unsettled.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Thursday's intraday reversal extended up overnight and intraday to attack 80.00. While that is in line with the bigger picture that a bottom is forming, the immediacy surprises me. Back under 79.78 would signal a corrective dip under way.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
The immediate overnight extension of Thursday's intraday reversal to attack seemed impatient, albeit productive. Gapping down under the previous three-week-long consolidation helps to confirm the topping. But near term it becomes vulnerable to a bounce testing 1.3805 or 1.3855 as resistance.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Flat-to-lower ranging avoided triggering a sell signal under 1285.00, but also undermined Thursday's bounce attempt.

Silver
May Contract SI; (NYSEARCA:SLV)
Friday's dip touched the 19.05 support, whose break would otherwise signal a new downleg underway. The touch held, so far.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Friday's weakness attacked the 135-16 signal, whose break would trigger at least a temporary downleg.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Another bounce Thursday night kept alive the on-again/off-again sequence for launching a retest of the recent 104.00 high. Intraday action furthered the sequence by reacting back down from 101.00 to  100.00, which the pattern must hold as support.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's plunge extended down further Friday to within $0.09 cents of its 4.41 target, now requiring that bounces hold 4.55 as resistance.

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.
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