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Crude Oil's Pullback May Be Complete
The affect of NFP on currencies could ripple into energies.
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: Thursday's BOE and ECB announcements shook up things that Friday's Employment Situation report will either reinforce or contradict. Either would be predictive, at this stage, of much of the coverage. But the most credible would be improvement in crude oil, which may have completed a corrective dip.

Dollar Basket
Mar Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
The reaction to Thursday morning's BOE and ECB statements triggered an early dip that probed the decline's previously tested 79.80 target down to 79.60. A second consecutive lower close would signal a much larger downleg underway. Closing Friday back above 79.80 would help to begin forming a bottom.

Eurodollar
Mar Contract EC; (NYSEARCA:FXE)
Thursday's reaction to the BOE and ECB statements surged to fresh highs retesting the Island. Not closing back under at least 1.3800 now allows a second consecutive higher close Friday to signal a much larger rally underway, instead of forming a more durable top.

Gold
Apr Contract GC; (NYSEARCA:GLD)
The 1349.00 target was retested Thursday, but not rejected. Its peak stopped short of probing the 1355.00 high, so the pattern is vulnerable to reacting either way on Friday's Employment Situation report. A second consecutive higher close Friday would signal a much bigger upleg underway targeting 1378.50 and potentially 1399.00. Closing back under 1333.00 would start to signal a new downleg underway.

Silver
May Contract SI; (NYSEARCA:SLV)
Thursday's bounce attacked the 21.75 limit whose recovery must be avoided to maintain the pullback's potential to test 20.75 as support.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Not exploiting Wednesday's bounce from Tuesday's dip to 132-08 support left the door open for Thursday to gap down and test the next lower support at 131-24. The next lower support is 131-06, and if tested in reaction to Friday's Employment Situation report, would be likely to launch a significant intraday rally. Otherwise, the next available buy signal would be back above 132-10.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
The pullback's target of 100.00 (+/- 15 cents) was barely pierced by 2 cents at Thursday's low. Recovering 101.85 and 102.45 would signal and confirm momentum reversing to retest the highs back up to 105.00.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's rally back up to Tuesday's highs proved that Wednesday's dip was weak-handed, but stopped short of triggering a new rally leg underway above 4.65, which was still being tested into the close.

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.
Crude Oil's Pullback May Be Complete
The affect of NFP on currencies could ripple into energies.
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: Thursday's BOE and ECB announcements shook up things that Friday's Employment Situation report will either reinforce or contradict. Either would be predictive, at this stage, of much of the coverage. But the most credible would be improvement in crude oil, which may have completed a corrective dip.

Dollar Basket
Mar Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
The reaction to Thursday morning's BOE and ECB statements triggered an early dip that probed the decline's previously tested 79.80 target down to 79.60. A second consecutive lower close would signal a much larger downleg underway. Closing Friday back above 79.80 would help to begin forming a bottom.

Eurodollar
Mar Contract EC; (NYSEARCA:FXE)
Thursday's reaction to the BOE and ECB statements surged to fresh highs retesting the Island. Not closing back under at least 1.3800 now allows a second consecutive higher close Friday to signal a much larger rally underway, instead of forming a more durable top.

Gold
Apr Contract GC; (NYSEARCA:GLD)
The 1349.00 target was retested Thursday, but not rejected. Its peak stopped short of probing the 1355.00 high, so the pattern is vulnerable to reacting either way on Friday's Employment Situation report. A second consecutive higher close Friday would signal a much bigger upleg underway targeting 1378.50 and potentially 1399.00. Closing back under 1333.00 would start to signal a new downleg underway.

Silver
May Contract SI; (NYSEARCA:SLV)
Thursday's bounce attacked the 21.75 limit whose recovery must be avoided to maintain the pullback's potential to test 20.75 as support.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Not exploiting Wednesday's bounce from Tuesday's dip to 132-08 support left the door open for Thursday to gap down and test the next lower support at 131-24. The next lower support is 131-06, and if tested in reaction to Friday's Employment Situation report, would be likely to launch a significant intraday rally. Otherwise, the next available buy signal would be back above 132-10.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
The pullback's target of 100.00 (+/- 15 cents) was barely pierced by 2 cents at Thursday's low. Recovering 101.85 and 102.45 would signal and confirm momentum reversing to retest the highs back up to 105.00.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's rally back up to Tuesday's highs proved that Wednesday's dip was weak-handed, but stopped short of triggering a new rally leg underway above 4.65, which was still being tested into the close.

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.
Crude Oil's Pullback May Be Complete
The affect of NFP on currencies could ripple into energies.
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: Thursday's BOE and ECB announcements shook up things that Friday's Employment Situation report will either reinforce or contradict. Either would be predictive, at this stage, of much of the coverage. But the most credible would be improvement in crude oil, which may have completed a corrective dip.

Dollar Basket
Mar Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
The reaction to Thursday morning's BOE and ECB statements triggered an early dip that probed the decline's previously tested 79.80 target down to 79.60. A second consecutive lower close would signal a much larger downleg underway. Closing Friday back above 79.80 would help to begin forming a bottom.

Eurodollar
Mar Contract EC; (NYSEARCA:FXE)
Thursday's reaction to the BOE and ECB statements surged to fresh highs retesting the Island. Not closing back under at least 1.3800 now allows a second consecutive higher close Friday to signal a much larger rally underway, instead of forming a more durable top.

Gold
Apr Contract GC; (NYSEARCA:GLD)
The 1349.00 target was retested Thursday, but not rejected. Its peak stopped short of probing the 1355.00 high, so the pattern is vulnerable to reacting either way on Friday's Employment Situation report. A second consecutive higher close Friday would signal a much bigger upleg underway targeting 1378.50 and potentially 1399.00. Closing back under 1333.00 would start to signal a new downleg underway.

Silver
May Contract SI; (NYSEARCA:SLV)
Thursday's bounce attacked the 21.75 limit whose recovery must be avoided to maintain the pullback's potential to test 20.75 as support.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Not exploiting Wednesday's bounce from Tuesday's dip to 132-08 support left the door open for Thursday to gap down and test the next lower support at 131-24. The next lower support is 131-06, and if tested in reaction to Friday's Employment Situation report, would be likely to launch a significant intraday rally. Otherwise, the next available buy signal would be back above 132-10.

Crude Oil
Apr Contract CL; (NYSEARCA:USO)
The pullback's target of 100.00 (+/- 15 cents) was barely pierced by 2 cents at Thursday's low. Recovering 101.85 and 102.45 would signal and confirm momentum reversing to retest the highs back up to 105.00.

Natural Gas
Apr Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Thursday's rally back up to Tuesday's highs proved that Wednesday's dip was weak-handed, but stopped short of triggering a new rally leg underway above 4.65, which was still being tested into the close.

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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