Friday Gold +8.23 DOW +187.73 CRB +2.00 USD -0.214 NAS +63.42 S&P +25.95

E X T R E M E   M A R K E T   C O M M E N T A R Y
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STOCK INDEXES & MARKETS http://quotes.ino.com/exchanges/?c=indexes+

The September NASDAQ 100 closed sharply higher on Friday as it extended the
rebound off Wednesday’s low. The high-range close sets the stage for a steady
to higher opening when Monday’s night session begins trading. Stochastics and
the RSI are turning neutral to bullish signaling that sideways to higher prices
are possible near-term. If September extends today’s rally, the reaction high
crossing at 2658.00 is the next upside target. Closes below would confirm that
a trend change has taken place while opening the door for sideways to lower
prices near-term. First resistance is the reaction high crossing at 2658.00.
Second resistance is the May 4th gap crossing at 2686.50. First support is the
reaction low crossing near 2516.50. Second support is the reaction low crossing
at 2503.50.

The September S&P 500 index closed sharply higher on Friday and above the
previous reaction high crossing at 1375.70 thereby renewing the rally off
June’s low. The high-range close sets the stage for a steady to higher opening
on Monday. Stochastics and the RSI are turning neutral to bullish signaling
that sideways to higher prices are possible near-term. If September extends
this week’s rally, May’s high crossing at 1395.50 is the next upside target.
Closes below the reaction low crossing at 1320.00 would confirm an end to this
summer’s rally while opening the door for a larger-degree decline into early
August. First resistance is today’s high crossing at 1384.00. Second resistance
is May’s high crossing at 1395.50. First support is Wednesday’s low crossing at
1321.30. Second support is the reaction low crossing at 1320.00.

The Dow closed sharply higher on Friday renewing its rally off June’s low
and closed above the 75% retracement level of the May-June decline crossing at
13,014. Today’s high-range close sets the stage for a steady to higher opening
on Monday. If the Dow extends the aforementioned rally, the 87% retracement
level of the May-June decline crossing at 13,177 it the next upside target.
Closes below the 20-day moving average crossing at 12,795 would confirm that a
short-term top has been posted. First resistance is today’s high crossing at
13,117. Second resistance is the 87% retracement level of the May-June decline
crossing at 13,177. First support is the 20-day moving average crossing at
12,795. Second support is Tuesday’s low crossing at 12,521.
_____________________________________________________________________

INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

September T-bonds closed down 2-08/32’s at 150-08.

September T-bonds closed sharply lower on Friday and below both this year’s
uptrend line and the 20-day moving average crossing at 150-28 confirming that a
double top with June’s high has been posted. The low-range close sets the stage
for a steady to lower opening on Monday. Stochastics and the RSI are diverging
and are turning neutral to bearish signaling that sideways to lower prices are
possible near-term. If September extends today’s breakout below the two
aforementioned support levels, the 25% retracement level of the March-July
rally crossing at 148-20 is the next downside target. If September renews this
year’s rally into uncharted territory, upside targets will be hard to project.
First resistance is Wednesday’s high crossing at 153-11. First support is
today’s low crossing at 149-08. Second support is the 25% retracement level of
the March-July rally crossing at 148-20.

ENERGY MARKETS

September crude oil closed higher due to short covering on Friday as it
consolidated some of the decline off last week’s high. The high-range close
sets the stage for a steady to higher opening when Wednesday’s night session
begins. Stochastics and the RSI remain neutral to bearish signaling that
sideways to lower prices are possible near-term. Closes below the 20-day moving
average crossing at 87.96 would confirm that a short-term top has been posted
while opening the door for a larger-degree decline into early August. If
September renews the rally off June’s low, the 50% retracement level of this
year’s decline crossing at 94.28 is the next upside target. First resistance is
last Thursday’s high crossing at 93.25. Second resistance is the 50%
retracement level of this year’s decline crossing at 94.28. First support is
the 20-day moving average crossing at 87.96. Second support is the reaction low
crossing at 84.05.

September heating oil closed higher on Friday as it extended this week’s
short covering rally off Wednesday’s low. The high-range close sets the stage
for a steady to higher opening when Monday’s session begins trading.
Stochastics and the RSI are turning neutral to bullish hinting that sideways to
higher prices are possible near-term. If September renews the rally off June’s
low, the 62% retracement level of the March-June decline crossing at 302.08 is
the next upside target. Closes below the 20-day moving average crossing at
280.41 would confirm that a short-term top has been posted. First resistance is
the 62% retracement level of the March-June decline crossing at 302.08. Second
resistance is the 75% retracement level of the March-June decline crossing at
312.86. First support is the 20-day moving average crossing at 280.41. Second
support is the reaction low crossing at 270.38.

September unleaded gas closed higher on Friday and above the 10-day moving
average crossing at 276.63 as it extended the rebound off Wednesday’s low. The
high-range close sets the stage for a steady to higher opening when Monday’s
night session begins trading. Stochastics and the RSI are turning neutral
signaling that a short-term trend change is poised to take place. If September
renews the rally off June’s low, the 62% retracement level of the March-June
decline crossing at 288.72 is the next upside target. Closes below Wednesday’s
low crossing at 265.51 are needed to confirm that a short-term top has been
posted. First resistance is the 62% retracement level of the March-June decline
crossing at 288.72. Second resistance is the 75% retracement level of the
March-June decline crossing at 299.72. First support is Wednesday’s low
crossing at 265.51. Second support is the reaction low crossing at 259.39.

September Henry natural gas closed lower on Friday and the low-range close
sets the stage for a steady to lower opening on Monday. Stochastics and the RSI
are overbought and are turning bearish signaling that a short-term top might be
in or is near. Closes below the 20-day moving average crossing at 2.926 are
needed to confirm that a short-term top has been posted. If September resumes
the rally off June’s low, the 38% retracement level of the 2011-2012-decline
crossing at 3.352 is the next upside target. First resistance is Tuesday’s high
crossing at 3.186. Second resistance is the 38% retracement level of the
2011-2012-decline crossing at 3.352. First support is the 10-day moving average
crossing at 3.004. Second support is the 20-day moving average crossing at
2.926.

CURRENCIES

The September Dollar closed lower on Friday as it extends the decline off
Tuesday’s high. A short covering rally tempered early session losses and the
mid-range close sets the stage for a steady opening on Monday. Stochastics and
the RSI have turned bearish signaling that sideways to lower prices are
possible near-term. Today’s close below last Thursday’s low crossing at 82.80
confirms that a short-term top has been posted while opening the door for a
possible test of the 38% retracement level of the April-July rally crossing at
82.25. Closes above the 10-day moving average crossing at 83.33 would temper
the near-term bearish outlook. First resistance is the 10-day moving average
crossing at 83.33. Second resistance is Tuesday’s high crossing at 84.24. First
support is today’s low crossing at 82.40. Second support is the 38% retracement
level of the April-July rally crossing at 82.25.

The September Euro closed higher on Friday and above the 20-day moving
average crossing at 123.06 confirming that a low has been posted. The mid-range
close sets the stage for a steady opening on Monday. Stochastics and the RSI
have turned bullish signaling that sideways to higher prices are possible
near-term. If September extends this week’s rally, the reaction high crossing
at 127.03 is the next upside target. If September extends this year’s decline,
monthly support crossing at 118.74 is the next downside target. First
resistance is today’s high crossing at 123.97. Second resistance is the
reaction high crossing at 127.03. First support is Tuesday’s low crossing at
120.51. Second support is monthly support crossing at 118.74.

The September British Pound closed higher on Friday as it extended the
trading range of the past two-month’s. The high-range close sets the stage for
a steady to higher opening when Monday’s night session begins trading.
Stochastics and the RSI are turning bullish signaling that sideways to higher
prices are possible near-term. If September renews the rally off July’s low,
June’s high crossing at 1.5773 is the next upside target. Closes below the
20-day moving average crossing at 1.5587 would temper the near-term friendly
outlook. First resistance is today’s high crossing at 1.5767. Second resistance
is June’s high crossing at 1.5773. First support is the 20-day moving average
crossing at 1.5587. Second support is the reaction low crossing at 1.5390.

The September Swiss Franc closed higher on Friday and above the 20-day
moving average crossing at crossing at .10253 confirming that a short-term low
has been posted. The mid-range close sets the stage for a steady opening when
Monday’s night session begins trading. Stochastics and the RSI are bullish
signaling that sideways to higher prices are possible near-term. If September
extends this week’s rally, the reaction high crossing at .10588 is the next
upside target. If September renews this year’s decline, monthly support
crossing at .9939 is the next downside target. First resistance is today’s high
crossing at .10324. Second resistance is the reaction high crossing at crossing
at .10588. First support is Tuesday’s low crossing at .10040. Second support is
monthly support crossing at .9939.

The September Canadian Dollar closed higher on Friday as it extends the
rally off June’s low. The high-range close sets the stage for a steady to
higher opening when Monday’s night session begins trading. Stochastics and the
RSI are diverging but turning bullish signaling that sideways to higher prices
are possible near-term. If September extends the rally off June’s low, the 75%
retracement level of the April-June decline crossing at 100.14 is the next
upside target. First resistance is today’s high crossing at 99.56. Second
resistance is the 75% retracement level of this spring’s decline crossing at
100.14. First support is the reaction low crossing at 97.40. Second support is
June’s uptrend line crossing near 97.18.

The September Japanese Yen closed lower due to profit taking on Friday as it
consolidated some of the rally off June’s low. The low-range close sets the
stage for a steady to lower opening when Monday’s night session begins trading.
Stochastics and the RSI are overbought and are turning neutral to bearish
hinting that a short-term top might be in or is near. Closes below the 20-day
moving average crossing at .12659 would confirm that a short-term top has been
posted. If September extends this month’s rally, June’s high crossing at .12895
is the next upside target. First resistance is Thursday’s high crossing at
.12839. Second resistance is June’s high crossing at .12895. First support is
the 20-day moving average crossing at .12659. Second support is the reaction
low crossing at .12514.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

October gold closed higher on Friday as it extended this week’s rally and is
testing the upper boundary of a three-month old trading range, which crosses at
1626.90. The high-range close sets the stage for a steady to higher opening
when Monday’s night session begins trading. Stochastics and the RSI are bullish
signaling that sideways to higher prices are possible near-term. Closes above
the reaction high crossing at 1626.90 are needed to confirm an upside breakout
of the aforementioned trading range. Closes below the 20-day moving average
crossing at 1593.70 would temper the near-term friendly outlook. First
resistance is the reaction high crossing at 1626.90. Second resistance is the
reaction high crossing at 1644.00. First support is the 20-day moving average
crossing at 1593.70. Second support is the reaction low crossing at 1550.00.

September silver closed higher on Friday while extending this month’s
trading range. The high-range close set the stage for a steady to higher
opening when Monday’s night session begins trading. Stochastics and the RSI
have turned bullish signaling that sideways to higher prices are possible
near-term. If September renews the rally off June’s low, June’s high crossing
at 29.915 is the next upside target. If September renews this month’s decline,
June’s low crossing at 26.105 is the next downside target. First resistance is
the reaction high crossing at 29.135. Second resistance is June’s high crossing
at 29.915. First support is June’s low crossing at 26.105. Second support is
weekly support crossing at 24.689.

September copper closed higher due to short covering on Friday as it
consolidates some of the decline off last Thursday’s high. The high-range close
sets the stage for a steady to higher opening when Monday’s night session
begins trading. Stochastics and the RSI are turning neutral to bullish hinting
that a low might be in or is near. Closes above the 20-day moving average
crossing at 344.66 would confirm that a short-term low has been posted. If
September renews this month’s decline, June’s low crossing at 325.00 is the
next downside target. First resistance is the 20-day moving average crossing at
344.66. Second resistance is this month’s high crossing at 355.65. First
support is the reaction low crossing at 326.50. Second support is June’s low
crossing at 325.00.

FOOD & FIBER http://quotes.ino.com/exchanges/?c=food

September coffee close slightly higher on Friday but remains below the
20-day moving average. The low-range close sets the stage for a steady to lower
opening on Monday. Stochastics and the RSI are bearish signaling that
additional weakness is possible. If September extends this week’s decline, the
reaction low crossing at 16.08 is the next downside target. Closes above the
10-day moving average crossing at 18.08 would temper the near-term bearish
outlook. If September renews the rally off June’s low, April’s high crossing at
19.55 is the next upside target.

September cocoa closed higher on Friday as it extends the rally off July’s
low. The high-range close sets the stage for a steady to higher opening on
Monday. Stochastics and the RSI are bullish signaling that sideways to higher
prices are possible near-term. If September extends this week’s rally, July’s
high crossing at 23.75 is the next upside target. If September renews this
month’s decline, the reaction low crossing at 20.85 is the next downside
target.

October sugar closed slightly higher on Friday as it consolidated some of
Thursday’s decline but remains below the 20-day moving average crossing at
22.67. The mid-range close set the stage for a steady opening on Monday.
Stochastics and the RSI have turned bearish signaling that sideways to lower
prices are possible near-term. If October extends this week’s decline, the 50%
retracement level of the June-July rally crossing at 21.62 is the next downside
target. Closes above the 10-day moving average crossing at 23.16 would temper
the near-term bearish outlook.

October cotton closed higher due to short covering on Friday while extending
this month’s trading range. The low-range close sets the stage for a steady to
lower opening on Monday. Stochastics and the RSI remain neutral to bearish
signaling that sideways to lower prices are possible near-term. If October
renews Wednesday’s decline, the reaction low crossing at 66.70 is the next
downside target. From a broad perspective October needs to close above 75.00 or
below 65.00 are needed to confirm a breakout of June’s trading range and point
the direction of the next trending move.

GRAINS http://quotes.ino.com/exchanges/?c=grains

December Corn closed up 17-cents at 7.93 1/4.

December corn closed higher on Friday as disappointment over this week’s
rain event across the Midwest helped to underpin today’s rally. Despite today’s
gains, December remains below psychological resistance crossing at 8.00.
However, the high-range close sets the stage for a steady to higher opening
when Monday’s night session begins trading. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. Closes above the previous all-time high of
$7.99-3/4 could trigger renewed buying, which could open the door for
additional gains into early August. Initial support is Tuesday’s low crossing
at 7.45 1/2. Closes below the 20-day moving average crossing at 7.40 3/4 are
needed to confirm that a short-term top has been posted. First resistance is
Monday’s high crossing at 8.00. First support is Tuesday’s low crossing at 7.45
1/2. Second support is the 20-day moving average crossing at 7.40 3/4.

December wheat closed up 14-cents at 9.11 1/4.

December wheat closed higher on Friday as it extended this week’s short
covering rally. The high-range close sets the stage for a steady to higher
opening when Monday’s night session begins trading. Stochastics and the RSI
remain neutral to bearish signaling that sideways to lower prices are possible
near-term. Closes below the 20-day moving average crossing at 8.70 1/2 would
confirm that a short-term top has been posted while opening the door for
additional weakness into early August. If December renews the rally off June’s
low, the May-2011 high crossing at 9.77 1/2 is the next upside target. First
resistance is Monday’s high crossing at 9.53 1/4. Second resistance is the
May-2011 high crossing at 9.77 1/2. First support is the 20-day moving average
crossing at 8.70 1/2. Second support is the reaction low crossing at 8.16 1/4.

December Kansas City Wheat closed down 16 1/2-cents at 9.26 1/2.

December Kansas City wheat closed higher on Friday and the mid-range close
sets the stage for a steady opening on Monday. Stochastics and the RSI are
neutral to bearish signaling that sideways to lower prices are possible
near-term. Closes below the 20-day moving average crossing at 8.80 1/4 would
confirm that a short-term top has been posted. If December renews this summer’s
rally, the May-2011 high crossing at 9.78 1/2 is the next upside target. First
resistance is last Friday’s high crossing at 9.54. Second resistance is the
May-2011 high crossing at 9.78 1/2. First support is the 20-day moving average
crossing at 8.80 1/4. Second support is Tuesday’s low crossing at 8.75 3/4.

December Minneapolis wheat closed up 11 3/4-cents at 9.78 1/2.

December Minneapolis wheat closed higher due to short covering on Friday as
it consolidates some of the decline off Monday’s high. The mid-range close sets
the stage for a steady opening when Monday’s night session begins to trade.
Stochastics and the RSI remain neutral to bearish signaling that sideways to
lower prices are possible near-term. Closes below the 20-day moving average
crossing at 9.50 1/2 are needed to confirm that a top has been posted. If
December extends this summer’s rally, weekly resistance crossing at 10.70 3/4
is the next upside target. First resistance is Monday’s high crossing at 10.34.
Second resistance is weekly resistance crossing at 10 70 3/4. First support is
the 20-day moving average crossing at 9.50 1/2. Second support is the reaction
low crossing at 8.99 1/4.

SOYBEAN COMPLEX

November soybeans closed up 34 1/4-cents at 16.01 3/4.

November soybeans closed higher on Friday as it consolidated some of
Thursday’s losses. The high-range close sets the stage for a steady to higher
opening when Monday’s night session begins trading. Stochastics and the RSI
remain neutral to bearish signaling that sideways to lower prices are possible
near-term. Closes below the 20-day moving average crossing at 15.58 3/4 would
confirm that a short-term top has been posted while opening the door for a
possible decline to this summer’s uptrend line crossing near 15.05. If November
renews this summer’s rally, psychological resistance crossing at 17.00 is the
next upside target. First resistance is Monday’s high crossing at 16.91 1/2.
Second resistance is psychological resistance crossing at 17.00. First support
is the 20-day moving average crossing at 15.58 3/4. Second support is this
summer’s uptrend line crossing near 15.05.

December soybean meal closed up $13.00 at $476.80.

December soybean meal closed higher on Friday as it consolidated some of the
decline off Monday’s high. The high-range close sets the stage for a steady to
higher opening when Monday’s night session begins trading. Stochastics and the
RSI remain neutral to bearish signaling that sideways to lower prices are
possible near-term. Closes below the 20-day moving average crossing at 458.30
would confirm that a short-term top has been posted. If December renews this
year’s rally into uncharted territory, upside targets will be hard to project.
First resistance is Monday’s high crossing at 509.80. First support is the
20-day moving average crossing at 458.30. Second support is the reaction low
crossing at 433.00.

December soybean oil closed up 41-pts. at 52.81.

December soybean posted an inside day with a higher close on Friday as it
consolidates above the 50% retracement level of the June-July rally crossing at
52.31. The high-range close sets the stage for a steady to higher opening when
Monday’s night session begins trading. Stochastics and the RSI remain neutral
to bearish signaling that additional weakness is possible near-term. If
December extends this week’s decline, the reaction low crossing at 51.36 is the
next downside target. Closes above the 20-day moving average crossing at 54.20
are needed to temper the near-term bearish outlook. First resistance is the
20-day moving average crossing at 54.20. Second resistance is this month’s high
crossing at 56.00. First support is Wednesday’s low crossing at 52.08. Second
support is the reaction low crossing at 51.36.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

August hogs closed down $0.60 at $95.20.

August hogs closed lower due to profit taking on Friday as it consolidates
some of the rally off July’s low. The low-range close sets the stage for a
steady to lower opening when Monday’s night session begins trading. Stochastics
and the RSI remain bullish signaling that sideways to higher prices are
possible near-term. If August extends the rally off lat week’s low, the 87%
retracement level of the February-May decline crossing at 98.18 is the next
upside target. Closes below the 10-day moving average crossing at 93.15 would
temper the near-term friendly outlook. First resistance is today’s high
crossing at 96.25. Second resistance is the 87% retracement level of the
February-May decline crossing at 98.18. First support is the 10-day moving
average crossing at 93.15. Second support is July’s low crossing at 89.75.

August cattle closed up $1.42 at 119.60.

August cattle closed higher on Friday as it renewed the rally off this
month’s low. The high-range close sets the stage for a steady to higher opening
when Monday’s night session begins trading. Stochastics and the RSI remain
neutral to bullish signaling that sideways to higher prices are possible
near-term. If August extends the rally off this month’s low, the reaction high
crossing at 120.55 is the next upside target. If August renews this month’s
decline, April’s low crossing at 114.70 is the next downside target. First
resistance is today’s high crossing at 120.00. Second resistance is the
reaction high crossing at 120.55. First support is July’s low crossing at
115.45. Second support is April’s low crossing at 114.70.

August feeder cattle closed up $1.75 at $137.75.

August Feeder cattle closed higher on Friday while extending the trading
range of the past seven days. The high-range close sets the stage for a steady
to higher opening when Monday’s night session begins trading. Stochastics and
the RSI are neutral to bullish signaling that sideways to higher prices are
possible near-term. Closes above the 20-day moving average crossing at 140.87
would confirm that a short-term low has been posted. If August renews this
summer’s decline, weekly support crossing at 132.66 is the next downside
target. First resistance is the 20-day moving average crossing at 140.87.
Second resistance is the 38% retracement level of the June-July decline
crossing at 143.99. First support is last Tuesday’s low crossing at 133.10.
Second support is weekly support crossing at 132.66.

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E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

LOSERS

KB.Y$$  CHEESE-BLOCKS Cash                         1705.0     -12.5  -0.73
LH.Q12  LEAN HOGS Aug 2012                          95.20     -0.60  -0.63
CSI.U12 SOYBEAN-CORN PRICE RATIO Sep 2012           2.039    -0.005  -0.24
ED.H17  EURODOLLAR Mar 2017                        98.220    -0.145  -0.15
TU.U12  2 YEAR T-NOTES Sep 2012                 110.250000 -0.046875  -0.04

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Free Video Seminar – “Spotting breakouts that lead to trend reversals”

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____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

AUTH    AUTHENTEC                                   8.435     3.365  +66.37
OCZ     OCZ TECH GROUP INC                           7.08      1.64  +30.15
ACI     ARCH COAL                                    6.79      1.53  +29.09
BCOR    BLUCORA                                     16.30      3.55  +27.84
MED     MEDIFAST                                    26.11      5.48  +26.56
DWCH    DATAWATCH CORP                            15.2449    3.1449  +25.99
SIMO    SILICON MOTION TECH                         15.34      2.75  +21.84
EXPE    EXPEDIA                                    54.830     9.120  +19.95
ANR     ALPHA NATURAL RESOURCES                     7.005     1.165  +19.95
SAIA    SAIA                                        22.51      3.71  +19.73

LOSERS

GDOT    GREEN DOT                                    9.05    -14.27  -61.19
ATPGP   ATP OIL & GAS CORP                           5.51     -8.49  -60.64
HZNP    HORIZON PHARMA                               6.31     -1.33  -17.41
CSTR    COINSTAR                                    51.15     -8.07  -13.63
ELGX    ENDOLOGIX                                  12.205    -1.705  -12.26
FB      FACEBOOK                                   23.710    -3.135  -11.68
AMRN    AMARIN                                     13.541    -1.774  -11.58
QLGC    QLOGIC                                      11.15     -1.45  -11.51
MLRUY   MAIL RU GROUP GDR                         28.3408   -3.6799  -11.49
WHX     WHITING USA TRUST I                          9.14     -1.08  -10.57
_____________________________________________________________________

T H A N K   Y O U
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