The dollar bounced back from its earlier weakness and is now trading at 77.91. Feb gold has had a high today at 11208, a low at 11029 and is currently at 11031, -84 on the day. Feb silver has a high today at 17525, a low at 17120 and a last trade at 17130, -190….
In the grains, we have as anticipated, quiet mixed trade. SF has a high at 1018, a low at 1014 and a last trade at 1015, + 3 cents on the day. WH has a high at 529 1/4 , a low at 522 and a last trade at 525, […]
This morning, the dollar index is slightly lower, hanging around the 78 level. Dow cash and S&P cash are within a stone’s throw of their recent 9-month highs. Those high are 10566 in the Dow cash, and 1,119 in the S&P500 cash. Highs so far today are the Dow at 10430 and the S&P at 1,112.
I would keep an eye on those recent highs sitting above as targets.
The metals are higher as both Feb gold and Feb silver rally with the slight weakness in the US dollar. On a cautionary tone, I saw two or three articles this week talking about the […]
I will be doing a couple of updates this week. With Thursday being Christmas Eve Day, I can only advise all of you to trade as little as possible. There may be some action on the opens and the closes, but all in all, I would avoid these markets.
That being said, there are historical tendencies for stocks to rally. Even the clerk at the 7-11 has heard of the Santa Clause Rally, so beware being short this week.
Try as they might, the analysts and commentators on the cable business shows are going to fail to find interesting things to talk about. There really […]
For all intents and purposes, this is looking like the final heavy volume day of the year for these stock indexes. We had our quadruple witching day, with not too much fireworks in reality. Traders tried to smack the indexes lower, with DJH re-testing the 10200 level, which is now a one month low. Its the 7th time we’ve tested 10200 in the last six weeks of trading. Very technical, as the computer worms searched for sell stops, but were unable to find them. DJH snapped back 70 ticks from its lows in the face of the shorts through the afternoon to settle just one […]
The dollar index has backed off from its earlier 3 month high at 78.14, and is now trading just 8 ticks higher at 77.77. The metals rallied in sympathy with this break, along with crude oil, which was surprisingly bid this morning even in the face of the higher dollar.
Feb Gold had a high today at 1118.0 and a low at 1097.6 We are currently up 3.50 at 1110.9
March silver is up 115 at 17310, after posting a low at 17.110 with a high tick at 17.390.
Feb Crude is at 7441, up 33. It posted a low at 7355, and a […]
The trade today was interesting in the grains. All three contracts sold off early with the news of the 3 month high in the dollar index. We were sharply lower through the morning, then watched as all three made nice afternoon comebacks. The beans, however, could not hold onto their afternoon gains, and instead moved lower through the afternoon to settle down 10 cents at 1012, 3 cents above the low of the day.
Corn and wheat managed to sustain their afternoon rallies, however. CH settled at 397 3/4, up 3/4 cent, after testing the waters this morning down at the low of 391. Now […]
Look at my earlier post about the grain markets today. I put a suggestion in there to look for a halfway back bounce for a day- trade. At the time, the markets had had there morning sell-off from the 3-month highs in the dollar index.
At the time, the low in SF was 1010. The high was on the opening at 1026. We posted a new low at 1009 then proceeded to rally half way back to our current level at 1017. Even at 1017, SF is still 7 cents lower on the day, as the old support level of 1020-1021 now is shaping up […]
With today’s fresh 3-month high in the cash dollar index at 78.11, the 50% retracement of the massive down move since last March to November’s lows, is definitely coming into play.
The grains are pretty much ignoring any fundamental news. The story remains the strong dollar, and interestingly the simultaneous bounce in the crude off its lows.
The grains and the gold are feeling the pressure of the 3 month high in the dollar index.
So far today the action is as follows.
SF down 6 cents at 1016 after making a low at 1010. SF posted a high at 1026 on the open for […]
Today the old adage, “never sell a quiet market” looks to be panning out for those who heeded its advice. Today being quadruple witching, with the simultaneous expiration of 1) stock index futures, 2)stock index options, 3)single stock futures, and 4)stock options, should combine for some volatility. Options traders will be coming for the underlying instruments, especially if they sold calls or puts. Everyone needs to be flat before close of business today.
That being said, the stock indexes are slightly higher early in the day.
As we move into the march contracts in the stock indexes, I will have the updated technical points after […]
I posted long term charts of silver and gold tonight. They are at the bottom of this page. I wanted to refresh my memory of the history of those contracts. General opinion seems to be we are headed for inflationary times once again. The last time we had big inflation was in the 1970’s and 1980’s. I was in third or fourth grade and I can remember President Ford with his WIN (whip inflation now) pins.
He wanted the general public, I believe, to help stop inflation. It wasn’t’ until Paul Volker took over the Fed, appointed by President Carter and who served under […]