Monday, February 8, 2010

There was nothing but platitudes from the G-7 meeting this weekend.  There was conflicting news on Greece.  It’s being said that some European banks aren’t taking Greek paper for repos.  On the other hand, Goldman says that Greek debt spreads are too wide and will begin to narrow soon; this would lower the stress level in the global economy.  The Euro is a bit higher; are traders coming to grips with the Greek situation, or is this just a respite.  Sovereign debt ratings continue to be a topic of discussion; Geithner was defending the US AAA rating on the talk shows this weekend, and UK debt continues to see pressure in higher CDS prices.  There are no economic reports out today, but we get Treasury auctions this week Tuesday through Thursday.  The USDA is supposed to put out a Supply/Demand report tomorrow; it may be delayed because of the snow in DC.

March SP:  Doji Friday, looking for a direction.

March NASDAQ:  Sell day; 1751.50 is resistance.

March Dow:  The 10000 level will be a big pivot point.

March T Bonds:  Sell short day, the 119-08 area is the reference price.

March Yen:  Doji Friday, directional move today?

March Euro:  1.3735 was Fib support; it’s now resistance.

March British Pound:  Buy day; 1.5625 is first resistance.

March Canadian Dollar:  Doji Friday; 9379 is first resistance, 9329 is first support.

March Aussie Dollar:  Bearish under 8665.

April Gold:  Opened higher, but was unable to clear old low resistance at 1074.40.  1059.40 is first support.

March Copper:  Doji Friday; can’t rally today. More downside coming?

March Sugar:  Friday’s break held at Fib support of 25.79.  26.70 is first resistance.

March Coffee:  Buy day; 131.20 is first resistance.

March Cotton:  Buy day; 67.37 is the reference price.  68.20 is first resistance.

March Crude Oil:  It’s bearish under old low resistance around 72.45.

March Natural Gas:  Sell day; 5.656 is first resistance.

March Soybeans:  Time for a rally!  Breakout setup (NR7 and doji).  The 2/3 high at 934-0 is the first rally objective.

March Soymeal:  Breakout setup; the 11/10 low at 275.00 is the first resistance.

March Wheat:  Breakout setup (ID/NR4).  Watch the overnight high and low for breakout points.

March Corn:  Trying to bottom?  355-2 and 358 are resistance.

This is a sample of the analysis from my Swing Trader’s Insight advisory service. For information on STI, and to sign up for a free two week trial, visit here.

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