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Gold's Choppiness Is Chipping Away at Something, and Long Bond's FOMC Rally May Be Premature
And the impatient bounces off support suggest that's what it's chipping away at.
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 volatility is within a recent range, while currencies are volatile around their recent ranges. But each reflects very divergent opinion in the markets, likely to launch trends.           

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Tuesday's retracement ended back in the range needed to reverse down without delay and maintain the signal triggered by Monday's break -- and Wednesday's gap down complied. A second consecutive lower close would now confirm the pattern targeting 79.55 and under 79.40.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Monday's breakout targeting 1.3885 and 1.3915 was retraced back into the range Tuesday, and then resumed immediately Wednesday as the pattern required in order to remain valid. Now a second consecutive higher close would confirm.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Tuesday's quick bounce from testing 1285.00-1289.00 support was too optimistic to be bullish. An overnight drop retracing the the bounce proved as much, and its reaction up was also retraced intraday. Closing above 1303.00 would be bullish, but meanwhile an eventual drop under 1285.00 resuming the decline has become likely.

Silver
May Contract SI; (NYSEARCA:SLV)
Wednesday's dip further below 19.75 makes a retest of Friday's 19.04 opening gap down likely at some point in this leg.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Wednesday's bounce up to 134-30 confirmed that Tuesday's drop, which held the 134-10 pullback limit, was only a detour on the way to new highs above 135-10. The next confirmation? New highs above 135-10.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Dipping Wednesday to 99.35 after Tuesday's failed surge above 102.00 doesn't help to resume the bounce for a retest of the highs above 104.00. The reversal down is probably premature to launch a new downleg, at least for this dip, so I have no signal either way at this time.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Wednesday morning's dip recovered, rising back to Tuesday's highs, and is now positioned to greet Thursday's EIA report without much pessimism.

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.
Gold's Choppiness Is Chipping Away at Something, and Long Bond's FOMC Rally May Be Premature
And the impatient bounces off support suggest that's what it's chipping away at.
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 volatility is within a recent range, while currencies are volatile around their recent ranges. But each reflects very divergent opinion in the markets, likely to launch trends.           

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Tuesday's retracement ended back in the range needed to reverse down without delay and maintain the signal triggered by Monday's break -- and Wednesday's gap down complied. A second consecutive lower close would now confirm the pattern targeting 79.55 and under 79.40.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Monday's breakout targeting 1.3885 and 1.3915 was retraced back into the range Tuesday, and then resumed immediately Wednesday as the pattern required in order to remain valid. Now a second consecutive higher close would confirm.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Tuesday's quick bounce from testing 1285.00-1289.00 support was too optimistic to be bullish. An overnight drop retracing the the bounce proved as much, and its reaction up was also retraced intraday. Closing above 1303.00 would be bullish, but meanwhile an eventual drop under 1285.00 resuming the decline has become likely.

Silver
May Contract SI; (NYSEARCA:SLV)
Wednesday's dip further below 19.75 makes a retest of Friday's 19.04 opening gap down likely at some point in this leg.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Wednesday's bounce up to 134-30 confirmed that Tuesday's drop, which held the 134-10 pullback limit, was only a detour on the way to new highs above 135-10. The next confirmation? New highs above 135-10.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Dipping Wednesday to 99.35 after Tuesday's failed surge above 102.00 doesn't help to resume the bounce for a retest of the highs above 104.00. The reversal down is probably premature to launch a new downleg, at least for this dip, so I have no signal either way at this time.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Wednesday morning's dip recovered, rising back to Tuesday's highs, and is now positioned to greet Thursday's EIA report without much pessimism.

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.
Gold's Choppiness Is Chipping Away at Something, and Long Bond's FOMC Rally May Be Premature
And the impatient bounces off support suggest that's what it's chipping away at.
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 volatility is within a recent range, while currencies are volatile around their recent ranges. But each reflects very divergent opinion in the markets, likely to launch trends.           

Dollar Basket
Jun Contract DX; (NYSEARCA:UUP), (NYSEARCA:UDN)
Tuesday's retracement ended back in the range needed to reverse down without delay and maintain the signal triggered by Monday's break -- and Wednesday's gap down complied. A second consecutive lower close would now confirm the pattern targeting 79.55 and under 79.40.

Eurodollar
Jun Contract EC; (NYSEARCA:FXE)
Monday's breakout targeting 1.3885 and 1.3915 was retraced back into the range Tuesday, and then resumed immediately Wednesday as the pattern required in order to remain valid. Now a second consecutive higher close would confirm.

Gold
Jun Contract GC; (NYSEARCA:GLD)
Tuesday's quick bounce from testing 1285.00-1289.00 support was too optimistic to be bullish. An overnight drop retracing the the bounce proved as much, and its reaction up was also retraced intraday. Closing above 1303.00 would be bullish, but meanwhile an eventual drop under 1285.00 resuming the decline has become likely.

Silver
May Contract SI; (NYSEARCA:SLV)
Wednesday's dip further below 19.75 makes a retest of Friday's 19.04 opening gap down likely at some point in this leg.

30-Year Treasury
Jun Contract US; (NYSEARCA:TLT)
Wednesday's bounce up to 134-30 confirmed that Tuesday's drop, which held the 134-10 pullback limit, was only a detour on the way to new highs above 135-10. The next confirmation? New highs above 135-10.

Crude Oil
May Contract CL; (NYSEARCA:USO)
Dipping Wednesday to 99.35 after Tuesday's failed surge above 102.00 doesn't help to resume the bounce for a retest of the highs above 104.00. The reversal down is probably premature to launch a new downleg, at least for this dip, so I have no signal either way at this time.

Natural Gas
May Contract NG; (NYSEARCA:UNG), (NYSEARCA:UNL)
Wednesday morning's dip recovered, rising back to Tuesday's highs, and is now positioned to greet Thursday's EIA report without much pessimism.

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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