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Did Gold Rally Too Soon and Too Much to Extend Any Higher?
Plus: Long bonds' FOMC rally may be premature.
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: Employment Situation report -- that was pretty much Friday's story, except for several significant reversals. That should keep things volatile coming into the new week.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Having fulfilled almost all of the downside targets through Thursday, Friday's reaction to the Employment Situation report surged from 79.55 to 79.93. That filled the gap back to Tuesday's close, which sent price back down all the way. Fresh lows under 79.40 seem a minimal requirement at this point.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Friday's reaction down to the Employment Situation report filled the gap back to Tuesday's 1.3810 close. That quickly recovered to the rally's original 1.3885 target. A probe of prior highs at 1.3915 is now likely.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Friday's plunge in reaction to the Employment Situation report originated from an opening bounce to 1285.00 resistance. The low attacked the gap back to the prior Thursday's 1270.40 open and then reacted up to 1305.00. The 1303.00 resistance was still being tested at the close, so no buy signal triggered. A lot of buying pressure was expended before a solid bottom could form. The door is open to rallying, but back under 1289.00 and 1285.00 would target new lows.

Silver
May Contract SI; (NYSEARCA:SLV)
The Employment Situation report's reaction surged to within a nickel of 19.75 resistance. Almost any higher would have reversed the trend. Instead, the bounce did create room to absorb another downdraft that retests the low, so a better bottom could form.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Having fulfilled the rally's sole objective to probe prior highs, the Employment Situation report's reaction easily tumbled 1-1/4 points to 134-16. That also represented what has become "lower prior highs," whose test as support launched a 2-point rally to fresh highs at 136-16, with further room up to 137-00.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Not much volatility greeted the weekend, but exiting it by recovering 100.50-100.65 would signal a probe of the 104.00 high under way.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Friday's gradual slide under 4.71 support puts into play tests of 4.61 and potentially also 4.41, so long as 4.71 now holds 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.
Did Gold Rally Too Soon and Too Much to Extend Any Higher?
Plus: Long bonds' FOMC rally may be premature.
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: Employment Situation report -- that was pretty much Friday's story, except for several significant reversals. That should keep things volatile coming into the new week.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Having fulfilled almost all of the downside targets through Thursday, Friday's reaction to the Employment Situation report surged from 79.55 to 79.93. That filled the gap back to Tuesday's close, which sent price back down all the way. Fresh lows under 79.40 seem a minimal requirement at this point.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Friday's reaction down to the Employment Situation report filled the gap back to Tuesday's 1.3810 close. That quickly recovered to the rally's original 1.3885 target. A probe of prior highs at 1.3915 is now likely.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Friday's plunge in reaction to the Employment Situation report originated from an opening bounce to 1285.00 resistance. The low attacked the gap back to the prior Thursday's 1270.40 open and then reacted up to 1305.00. The 1303.00 resistance was still being tested at the close, so no buy signal triggered. A lot of buying pressure was expended before a solid bottom could form. The door is open to rallying, but back under 1289.00 and 1285.00 would target new lows.

Silver
May Contract SI; (NYSEARCA:SLV)
The Employment Situation report's reaction surged to within a nickel of 19.75 resistance. Almost any higher would have reversed the trend. Instead, the bounce did create room to absorb another downdraft that retests the low, so a better bottom could form.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Having fulfilled the rally's sole objective to probe prior highs, the Employment Situation report's reaction easily tumbled 1-1/4 points to 134-16. That also represented what has become "lower prior highs," whose test as support launched a 2-point rally to fresh highs at 136-16, with further room up to 137-00.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Not much volatility greeted the weekend, but exiting it by recovering 100.50-100.65 would signal a probe of the 104.00 high under way.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Friday's gradual slide under 4.71 support puts into play tests of 4.61 and potentially also 4.41, so long as 4.71 now holds 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.
Did Gold Rally Too Soon and Too Much to Extend Any Higher?
Plus: Long bonds' FOMC rally may be premature.
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: Employment Situation report -- that was pretty much Friday's story, except for several significant reversals. That should keep things volatile coming into the new week.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Having fulfilled almost all of the downside targets through Thursday, Friday's reaction to the Employment Situation report surged from 79.55 to 79.93. That filled the gap back to Tuesday's close, which sent price back down all the way. Fresh lows under 79.40 seem a minimal requirement at this point.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Friday's reaction down to the Employment Situation report filled the gap back to Tuesday's 1.3810 close. That quickly recovered to the rally's original 1.3885 target. A probe of prior highs at 1.3915 is now likely.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Friday's plunge in reaction to the Employment Situation report originated from an opening bounce to 1285.00 resistance. The low attacked the gap back to the prior Thursday's 1270.40 open and then reacted up to 1305.00. The 1303.00 resistance was still being tested at the close, so no buy signal triggered. A lot of buying pressure was expended before a solid bottom could form. The door is open to rallying, but back under 1289.00 and 1285.00 would target new lows.

Silver
May Contract SI; (NYSEARCA:SLV)
The Employment Situation report's reaction surged to within a nickel of 19.75 resistance. Almost any higher would have reversed the trend. Instead, the bounce did create room to absorb another downdraft that retests the low, so a better bottom could form.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Having fulfilled the rally's sole objective to probe prior highs, the Employment Situation report's reaction easily tumbled 1-1/4 points to 134-16. That also represented what has become "lower prior highs," whose test as support launched a 2-point rally to fresh highs at 136-16, with further room up to 137-00.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Not much volatility greeted the weekend, but exiting it by recovering 100.50-100.65 would signal a probe of the 104.00 high under way.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Friday's gradual slide under 4.71 support puts into play tests of 4.61 and potentially also 4.41, so long as 4.71 now holds 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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