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What Silver Is Telling Us About Gold
If silver is a technical indicator for gold, then the yellow metal is getting ready to pop up.
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: Not that gold has been under accumulation, but its decline has slowed and gained no further traction. None of which would be bullish, except that silver is bubbling. At least a corrective bounce should be obvious Tuesday, unless gold's decline were to extend down substantially through the morning.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
A little bit of weakness Monday wasn't enough to undermine the potential for breaking higher noticeably Tuesday. Not decisively rejecting last week's modest strength, despite starting the new week slightly weaker, suggests that a bigger rally can now begin.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Monday's opening gap up duplicated Friday's character, which recovered from gapping down. But no traction was gained for either effort, so Tuesday's open is almost obligated to make clear the decline has resumed.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Monday didn't dip immediately to fresh lows, only eventually. And the fresh lows didn't trend down aggressively. Otherwise, nothing was new about the decline, which would now trigger a corrective bounce above 1295.00 targeting to 1298.00 and potentially 1317.00.

Silver
May Contract SI; (NYSEARCA:SLV)
Monday's gap up settled back down to 19.75 support, but no lower, suggesting that a bigger bounce targeting 20.70 is trying to begin.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Monday's open gapped down and extended lower intraday to 132-16. Recovering back above 132-24 -- a 61.8% retracement of the rally to Thursday's test of the 134-06 target -- suggests the pullback has ended. Back above 133-06 through Tuesday's open (already tested Monday afternoon) would target a retest of 134-06 target.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Friday's bobble and Sunday night's weakness was recovered Monday back up to 102.00, maintaining the rally's momentum without allowing any sell signal to form.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday's opening plunge back to 4.35 retraced all of the follow-through from last week's gap up, but not the gap up itself. That should be done soon, as the pattern already had undermined its upside momentum.

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.
What Silver Is Telling Us About Gold
If silver is a technical indicator for gold, then the yellow metal is getting ready to pop up.
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: Not that gold has been under accumulation, but its decline has slowed and gained no further traction. None of which would be bullish, except that silver is bubbling. At least a corrective bounce should be obvious Tuesday, unless gold's decline were to extend down substantially through the morning.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
A little bit of weakness Monday wasn't enough to undermine the potential for breaking higher noticeably Tuesday. Not decisively rejecting last week's modest strength, despite starting the new week slightly weaker, suggests that a bigger rally can now begin.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Monday's opening gap up duplicated Friday's character, which recovered from gapping down. But no traction was gained for either effort, so Tuesday's open is almost obligated to make clear the decline has resumed.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Monday didn't dip immediately to fresh lows, only eventually. And the fresh lows didn't trend down aggressively. Otherwise, nothing was new about the decline, which would now trigger a corrective bounce above 1295.00 targeting to 1298.00 and potentially 1317.00.

Silver
May Contract SI; (NYSEARCA:SLV)
Monday's gap up settled back down to 19.75 support, but no lower, suggesting that a bigger bounce targeting 20.70 is trying to begin.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Monday's open gapped down and extended lower intraday to 132-16. Recovering back above 132-24 -- a 61.8% retracement of the rally to Thursday's test of the 134-06 target -- suggests the pullback has ended. Back above 133-06 through Tuesday's open (already tested Monday afternoon) would target a retest of 134-06 target.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Friday's bobble and Sunday night's weakness was recovered Monday back up to 102.00, maintaining the rally's momentum without allowing any sell signal to form.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday's opening plunge back to 4.35 retraced all of the follow-through from last week's gap up, but not the gap up itself. That should be done soon, as the pattern already had undermined its upside momentum.

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
What Silver Is Telling Us About Gold
If silver is a technical indicator for gold, then the yellow metal is getting ready to pop up.
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: Not that gold has been under accumulation, but its decline has slowed and gained no further traction. None of which would be bullish, except that silver is bubbling. At least a corrective bounce should be obvious Tuesday, unless gold's decline were to extend down substantially through the morning.

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
A little bit of weakness Monday wasn't enough to undermine the potential for breaking higher noticeably Tuesday. Not decisively rejecting last week's modest strength, despite starting the new week slightly weaker, suggests that a bigger rally can now begin.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Monday's opening gap up duplicated Friday's character, which recovered from gapping down. But no traction was gained for either effort, so Tuesday's open is almost obligated to make clear the decline has resumed.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Monday didn't dip immediately to fresh lows, only eventually. And the fresh lows didn't trend down aggressively. Otherwise, nothing was new about the decline, which would now trigger a corrective bounce above 1295.00 targeting to 1298.00 and potentially 1317.00.

Silver
May Contract SI; (NYSEARCA:SLV)
Monday's gap up settled back down to 19.75 support, but no lower, suggesting that a bigger bounce targeting 20.70 is trying to begin.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Monday's open gapped down and extended lower intraday to 132-16. Recovering back above 132-24 -- a 61.8% retracement of the rally to Thursday's test of the 134-06 target -- suggests the pullback has ended. Back above 133-06 through Tuesday's open (already tested Monday afternoon) would target a retest of 134-06 target.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Friday's bobble and Sunday night's weakness was recovered Monday back up to 102.00, maintaining the rally's momentum without allowing any sell signal to form.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Monday's opening plunge back to 4.35 retraced all of the follow-through from last week's gap up, but not the gap up itself. That should be done soon, as the pattern already had undermined its upside momentum.

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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