Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Crude Oil's Thursday Gusher Gets Capped Friday, While Gold's Mine Is Sealed Off


Interestingly, the euro not only maintained its gain from Thursday, but also extended higher.

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: Two big head fakes were called out Friday, when gold and crude oil retraced Thursday's big bounces. Interestingly, the euro not only maintained its gain from Thursday, but also extended higher.

Dollar Basket
Much of Friday's dip to fresh lows testing 79.20 was retraced intraday, but 79.00 remains in-play so long as 79.55 is not recovered.

Dec Contract EC; (NYSEARCA:FXE)
Thursday's break higher did extend Friday, testing 1.3080 with 1.3100 still in-play so long as 1.3020 now holds as support.

Dec Contract GC; (NYSEARCA:GLD)
The rally already indicated it was tired. Its attempt to extend to the 1814.00 target may yet succeed, but not necessarily easily. In fact, Thursday night's fresh high up to 1798.00 reacted down sharply on Friday's employment report, testing 1774.50. No prior low was broken, so there remains potential to resume the rally, unless the 1770.00 support were broken.

Dec Contract SI; (NYSEARCA:SLV)
Thursday's close above 35.00 was not confirmed by a second consecutive higher close Friday. Instead, the 34.50 pullback limit was tested as support. A second consecutive lower close Monday would signal momentum has instead reversed down.

30-year Treasury
Dec Contract US; (NYSEARCA:TLT)
Despite beginning with a whimper, and not with a bang, recent weakness did complete the topping process and slid sharply lower Friday on the employment situation report. The slide to and through 147-20 could still correct up to 148-26 before extending down more substantially. But closing under 147-04 - and/or a second consecutive lower close Monday - would confirm 145-22 and 145-06 are in-play.

Crude Oil
Nov Contract CL; (NYSEARCA:USO)
Thursday's steep bounce had retraced almost all of Wednesday's deeper drop, but not enough to reverse momentum up or to negate the lower targets in-play. Thanks to Friday morning's nearly $3 slide, closing under 90.25 confirms Thursday's bounce had peaked already. Back under 88.75 would confirm momentum had reversed down.

Natural Gas
Having failed Thursday's attempt to reinstate the rally, Friday's narrow sideways ranging now all but requires fresh lows before another buy signal can be calculated.

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.
Featured Videos