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Rod David: Gold's NFP Reaction Isn't the Stuff of One-Day Wonders
Wednesday's head-fake suggests there's still more pessimism to overcome.
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: Gold's head-fake bounce on Wednesday was never completely rejected Thursday. But it was rejected to the point of almost reversing momentum down. Anyway, the first shot across the bow isn't usually followed by a second one. So Friday's trending -- not only in gold -- should extend through Monday morning.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
The basket's weighting prevented extending higher Friday, so Thursday's breakout has yet to be confirmed.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Friday's fresh low confirms the breakout, with near-term support at 1.3655-1.3660 and targeting 1.3575.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Thursday's drop back to its 1285.50 pullback limit launched a bigger rally leg Friday. There is potential to 1317.00 so long as 1298.00 holds as support.

Silver
May Contract SI; (NYSEARCA:SLV)
Curiously, the initially favorable reaction to the employment situation report wasn't maintained. But closing higher Monday would confirm 20.70 is in play.

30-year Treasury
Jun Contract US; (NYSEARCA:TLT)
Greeting Friday's report from closing above 132-06 Thursday made a favorable reaction likelier. But the pullback's depth makes a favorable reaction only temporary. There is potential up to 133-28 and 134-06 so long as pullbacks now hold 132-28 as support.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Closing above 99.80 Thursday put into play 101.00, which was probed Friday, signaling new relative highs above 102.35-102.60 in-play.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Friday's weakness to 4.42 should suffice for resuming the near-term rally up to 4.53.

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.
Rod David: Gold's NFP Reaction Isn't the Stuff of One-Day Wonders
Wednesday's head-fake suggests there's still more pessimism to overcome.
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: Gold's head-fake bounce on Wednesday was never completely rejected Thursday. But it was rejected to the point of almost reversing momentum down. Anyway, the first shot across the bow isn't usually followed by a second one. So Friday's trending -- not only in gold -- should extend through Monday morning.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
The basket's weighting prevented extending higher Friday, so Thursday's breakout has yet to be confirmed.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Friday's fresh low confirms the breakout, with near-term support at 1.3655-1.3660 and targeting 1.3575.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Thursday's drop back to its 1285.50 pullback limit launched a bigger rally leg Friday. There is potential to 1317.00 so long as 1298.00 holds as support.

Silver
May Contract SI; (NYSEARCA:SLV)
Curiously, the initially favorable reaction to the employment situation report wasn't maintained. But closing higher Monday would confirm 20.70 is in play.

30-year Treasury
Jun Contract US; (NYSEARCA:TLT)
Greeting Friday's report from closing above 132-06 Thursday made a favorable reaction likelier. But the pullback's depth makes a favorable reaction only temporary. There is potential up to 133-28 and 134-06 so long as pullbacks now hold 132-28 as support.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Closing above 99.80 Thursday put into play 101.00, which was probed Friday, signaling new relative highs above 102.35-102.60 in-play.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Friday's weakness to 4.42 should suffice for resuming the near-term rally up to 4.53.

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
Rod David: Gold's NFP Reaction Isn't the Stuff of One-Day Wonders
Wednesday's head-fake suggests there's still more pessimism to overcome.
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: Gold's head-fake bounce on Wednesday was never completely rejected Thursday. But it was rejected to the point of almost reversing momentum down. Anyway, the first shot across the bow isn't usually followed by a second one. So Friday's trending -- not only in gold -- should extend through Monday morning.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
The basket's weighting prevented extending higher Friday, so Thursday's breakout has yet to be confirmed.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Friday's fresh low confirms the breakout, with near-term support at 1.3655-1.3660 and targeting 1.3575.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Thursday's drop back to its 1285.50 pullback limit launched a bigger rally leg Friday. There is potential to 1317.00 so long as 1298.00 holds as support.

Silver
May Contract SI; (NYSEARCA:SLV)
Curiously, the initially favorable reaction to the employment situation report wasn't maintained. But closing higher Monday would confirm 20.70 is in play.

30-year Treasury
Jun Contract US; (NYSEARCA:TLT)
Greeting Friday's report from closing above 132-06 Thursday made a favorable reaction likelier. But the pullback's depth makes a favorable reaction only temporary. There is potential up to 133-28 and 134-06 so long as pullbacks now hold 132-28 as support.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Closing above 99.80 Thursday put into play 101.00, which was probed Friday, signaling new relative highs above 102.35-102.60 in-play.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Friday's weakness to 4.42 should suffice for resuming the near-term rally up to 4.53.

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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