Key Market Reports and Commentary for Thursday

T H U R S D A Y   M O R N I N G   E X T R E M E   M A R K E T S
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KEY EVENTS TO WATCH FOR:
Thursday, January 31, 2013
7:30 AM ET. Jan Challenger Job-Cut Report

Job Cuts, M/M (previous -43%)

8:30 AM ET. 4 Quarter Employment Cost Index

ECI Quarterly (expected +0.5%; previous +0.4%)

ECI Yearly (previous +2%)

8:30 AM ET. U.S. Weekly Export Sales (previous 189.8K)

Soybeans, In Metric Tons (previous 978.3K)

Wheat, In Metric Tons (previous 647.5K)

8:30 AM ET. Dec Personal Income & Outlays

Personal Income (expected +1%; previous +0.6%)

Personal Spending (expected +0.2%; previous +0.4%)

PCE Price Index Monthly (previous -0.2%)

PCE Price Index Yearly (previous +1.4%)

PCE Core Price Index Monthly (expected +0.1%; previous +0%)

PCE Core Price Index Yearly (previous +1.5%)

8:30 AM ET. Unemployment Insurance Weekly Claims Report – Initial Claims

Weekly Jobless Claims (expected 365K; previous 330K)

Weekly Jobless Claims Net Change (previous -5K)

Cont Jobless Claims (prior week) (previous 3157000)
Cont Jobless Claims Net Chg (prior week) (previous -71K)

9:45 AM ET. Jan ISM-Chicago Business Survey – Chicago PMI

Employment Index (previous 45.9)

New Orders Index (previous 54)

Prices Paid Index (previous 61.7)

Purchasing Managers Index (Adjusted) (expected 50; previous 51.6)

Supplier Deliveries Index (previous 52.4)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. DJ-BTMU U.S. Business Barometer

DJ-BTMU Business Barometer (previous -1.1%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.8%)

10:30 AM ET. EIA Weekly Natural Gas Storage Report

Total Working Gas in Storage (previous 2996B)

Total Working Gas in Storage (Net changed) (previous -172B)

1:00 PM ET. Jan Dow Jones Economic Sentiment Indicator

DJ Economic Sentiment Indicator (previous 46.2)

3:00 PM ET. Jan Agricultural Prices

Farm Prices, M/M (previous -2.4%)

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings (previous 3.25T)

US Foreign Agency Holdings (previous 308.11B)

Foreign Treasury Holdings (previous 2.91T)

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings (previous 13M)

Primary Credit Borrowings W/E Daily Avg. (previous 5M)

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings (previous 567M)

Discount Window Borrowings W/E Daily Avg. (previous 562M)

Friday, February 1, 2013
8:30 AM ET. Jan U.S. Employment Report

Non-Farm Payrolls (expected +166K; previous +155K)

Unemployment Rate (expected 7.8%; previous 7.8%)

Average Hourly Earnings (previous 23.73)

Average Hourly Earnings Net Change (Expected +0.2; previous +0.07)

Manufacturing Payrolls (previous +25K)

Overall Workweek (previous 34.5)

Overall Workweek Net Change (previous +0.1)

Service Producing Payrolls (previous +96K)

Government Payrolls (previous -13K)

Federal Payrolls (previous -3K)

Non-Farm Payrolls (Bench Net Chg)

Private Payroll (previous +168K)

9:00 AM ET. Jan US Manufacturing PMI

9:55 AM ET. Jan Thomson Reuters / University of Michigan Survey of Consumers –final

Sentiment Index End month (expected 71.5; previous 72.9)

Expectations Index End Month (previous 63.8)

12-Month Inflation Forecast (previous 3.2)

5-Year Inflation Forecast (previous 2.9)

Value (Current Period) End Month (previous 87)

10:00 AM ET. Dec Construction Spending – Construction Put in Place

New Construction (expected +0.6%; previous -0.3%)

Residential Construction

10:00 AM ET. Jan ISM Manufacturing Report on Business

Manufacturing PMI (expected 51; previous 50.2)

Prices Index (previous 55.5)

Employment Index (previous 52.7)

Inventories (previous 43)

New Orders Index (previous 50.3)

Production Index (previous 52.6)

11:00 AM ET. Jan Global Manufacturing PMI

4:00 PM ET. Jan Domestic Auto Industry Sales

Annualized Vehicle Sales (expected 15.2M; previous 15.37M)

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

STOCK INDEXES & MARKETS http://quotes.ino.com/exchanges/?c=indexes+

The March NASDAQ 100 was lower due to profit taking overnight while at the
same time extending this month’s trading range above the 62% retracement level
of the September-November decline crossing at 2715.55. Stochastics and the RSI
are neutral signaling that sideways trading is possible near-term. If March
renews the rally off the late-December low, the 87% retracement level of the
September-November decline crossing at crossing at 2804.15 is the next upside
target. Closes below the reaction low crossing at 2707.75 are needed to confirm
that a short-term top has been posted. First resistance is the 75% retracement
level of the September-November decline crossing at crossing at 2761.06. Second
resistance is the 87% retracement level of the September-November decline
crossing at 2804.15. First support is the reaction low crossing at 2707.75.
Second support is the January 2nd gap crossing at 2665.00.

The March S&P 500 index was lower due to profit taking overnight as it
consolidates some of the rally off November’s low. Yesterday’s report that the
US economy shrunk by 0.01% in the fourth quarter of last year has the
possibility of ending this winter’s rally at least for the time being.
Stochastics and the RSI are overbought but 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 1475.86 would confirm that a short-term top has been
posted. If March extends the rally off November’s low, weekly resistance
crossing at 1526.50 is the next upside target. First resistance is Wednesday’s
high crossing at 1505.90. Second resistance is weekly resistance crossing at
1526.50. First support is the 10-day moving average crossing at 1491.26. Second
support is the 20-day moving average crossing at 1475.86.

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March T-bonds was higher due to short covering overnight as it consolidates
some of this month’s decline. Stochastics and the RSI are oversold but remain
neutral to bearish signaling that sideways to lower prices are possible
near-term. If March extends this winter’s decline, weekly support crossing at
139-14 is the next downside target. Closes above the 20-day moving average
crossing at 144-30 would confirm that a short-term low has been posted. First
resistance is the 20-day moving average crossing at 144-30. Second resistance
is the reaction high crossing at 146-17. First support is Wednesday’s low
crossing at 142-19. Second support is weekly support crossing at 139-14.

ENERGY MARKETS http://quotes.ino.com/exchanges/category.html?c=energy

March crude oil was lower due to profit taking overnight as it consolidates
some of this winter’s rally following yesterday’s close above the 75%
retracement level of the September-November decline crossing at 97.78.
Stochastics and the RSI are overbought but remain bullish signaling that
sideways to higher prices are possible near-term. If March extends the rally
off December’s low, the 87% retracement level of the September-November decline
crossing at 99.78 is the next upside target. Closes below the 20-day moving
average crossing at 95.21 are needed to confirm that a short-term top has been
posted. First resistance is Wednesday’s high crossing at 98.24. Second
resistance is the 87% retracement level of the September-November decline
crossing at 99.78. First support is the 10-day moving average crossing at
96.53. Second support is the 20-day moving average crossing at 95.21.

March heating oil was lower due to light profit taking overnight as it
consolidates some of the rally off December’s low. Stochastics and the RSI are
bullish signaling that sideways to higher prices are possible near-term. If
March extends this week’s rally, October’s high crossing at 315.01 is the next
upside target. Closes below the 20-day moving average crossing at 304.44 would
confirm that a short-term top has been posted. First resistance is Wednesday’s
high crossing at 312.40. Second resistance is October’s high crossing at
315.01. First support is the 10-day moving average crossing at 306.71. Second
support is the 20-day moving average crossing at 304.44.

March unleaded gas was slightly lower due to light profit taking overnight
as it consolidates some of this month’s rally. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If March extends this month’s rally, weekly
resistance crossing at 308.23 is the next upside target. Closes below the
20-day moving average crossing at 283.79 would confirm that a short-term top
has been posted. First resistance is Wednesday’s high crossing at 303.98.
Second resistance is weekly resistance crossing at 308.23. First support is the
10-day moving average crossing at 290.28. Second support is the 20-day moving
average crossing at 283.79.

March Henry natural gas was higher due to short covering overnight as it
consolidates some of the decline off this month’s high. Stochastics and the RSI
remain bearish signaling that sideways to lower prices are possible near-term.
If March extends the aforementioned decline, this month’s low crossing at 3.100
is the next downside target. Closes above the 10-day moving average crossing at
3.433 would confirm that a short-term low has been posted. First resistance is
the 10-day moving average crossing at 3.433. Second resistance is the 62%
retracement level of the October-January decline crossing at 3.668. First
support is Tuesday’s low crossing at 3.232. Second support is this month’s low
crossing at 3.100.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The March Dollar was higher overnight as it consolidates some of this week’s
decline. Stochastics and the RSI remain bearish signaling that sideways to
lower prices are possible near-term. If March extends this month’s decline,
December’s low crossing at 79.01 is the next downside target. Closes above the
20-day moving average crossing at 79.93 are needed to confirm that a short-term
low has been posted. First resistance is the 10-day moving average crossing at
79.82. Second resistance is the 20-day moving average crossing at 79.93. First
support is Wednesday’s low crossing at 79.21. Second support is December’s low
crossing at 79.01.

The March Euro was lower due to light profit taking overnight as it
consolidates some of this winter’s rally. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If March extends this winter’s rally, weekly
resistance crossing at 138.31 is the next upside target. Closes below the
20-day moving average crossing at 133.14 would confirm that a short-term top
has been posted. First resistance is Wednesday’s high crossing at 135.92.
Second resistance is weekly resistance crossing at 138.31. First support is the
10-day moving average crossing at 134.28. Second resistance is the 20-day
moving average crossing at 133.14.

The March British Pound was lower overnight hinting that the two-day short
covering bounce off Monday’s low might be coming to an end. However,
stochastics and the RSI are oversold and are turning neutral to bullish hinting
that a short-term low might be in or is near. If March extends this month’s
decline, the 75% retracement level of the May-January rally crossing at 1.5598
is the next downside target. Closes above the 20-day moving average crossing at
1.5943 are needed to confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 1.5813. Second resistance
is the 20-day moving average crossing at 1.5943. First support is Monday’s low
crossing at 1.5670. Second support is the 75% retracement level of the
May-January rally crossing at 1.5598.

The March Swiss Franc was lower due to light profit taking overnight as it
consolidates some of Wednesday’s rally. Stochastics and the RSI remain bullish
signaling that sideways to higher prices are possible near-term. If March
extends this week’s rally, December’s high crossing at .11026 is the next
upside target. Closes below the 10-day moving average crossing at .10814 would
confirm that a short-term top has been posted. First resistance is the
overnight high crossing at .11009. Second resistance is December’s high
crossing at .11026. First support is the 10-day moving average crossing at
.10814. Second support is the 38% retracement level of the July-December rally
crossing at .10679.

The March Canadian Dollar was lower overnight following a three-day short
covering bounce. Stochastics and the RSI are oversold and are turning bullish
hinting that a low might be in or is near. Closes above the 20-day moving
average crossing at 100.62 are needed to confirm that a short-term low has been
posted. If March renews this month’s decline, the 62% retracement level of
2012’s rally crossing at 98.35 is the next downside target. First resistance is
the 10-day moving average crossing at 99.95. Second resistance is the 20-day
moving average crossing at 100.62. First support is Monday’s low crossing at
98.89. Second support is the 62% retracement level of 2012’s rally crossing at
98.35.

The March Japanese Yen was higher overnight as it consolidates some of
Wednesday’s decline. Stochastics and the RSI are oversold but remain neutral to
bearish signaling that additional weakness is possible near-term. If March
extends the decline off September’s high, monthly support crossing at .10702 is
the next downside target. Closes above the 20-day moving average crossing at
.11216 are needed to confirm that a short-term low has been posted. First
resistance is the 20-day moving average crossing at .11216. Second resistance
is the reaction high crossing at .11522. First support is Wednesday’s low
crossing at .10943. Second support is monthly support crossing at .10702.

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

April gold was lower overnight as it consolidates some of this week’s rally.
Stochastics and the RSI are turning neutral to bullish signaling that sideways
to higher prices are possible near-term. If April extends this week’s rally,
the October-November downtrend line crossing near 1697.50 is the next upside
target. If April renews the decline off this month’s high, this month’s low
crossing at 1627.90 is the next downside target. First resistance is the
October-November downtrend line crossing near 1697.50. Second resistance is
this month’s high crossing at 1699.90. First support is Monday’s low crossing
at 1653.20. Second support is this month’s low crossing at 1627.90.

March silver was lower overnight as it consolidates some of this week’s
rally. Stochastics and the RSI are turning neutral to bullish signaling that
sideways to higher prices are possible near-term. Closes above the reaction
high crossing at 32.485 are needed to renew this month’s rally. If March renews
the decline off this month’s high, this month’s low crossing at 29.240 is the
next downside target. First resistance is this month’s high crossing at 32.365.
Second resistance is the reaction high crossing at 32.600. First support is
Monday’s low crossing at 30.745. Second support is this month’s low crossing at
29.240.

March copper was slightly higher overnight and spiked above the previous
reaction high crossing at 375.90. Stochastics and the RSI are bullish signaling
that sideways to higher prices are possible near-term. If March extends this
week’s rally, October’s high crossing at 382.90 is the next upside target.
Closes below the 20-day moving average crossing at 367.93 would confirm that a
short-term top has been posted. First resistance is the overnight high crossing
at 377.25. Second resistance is October’s high crossing at 382.90. First
support is the 20-day moving average crossing at 367.93. Second support is this
month’s low crossing at 359.95.

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

March coffee close lower on Wednesday and is poised to renew last week’s
decline. The low-range close set the stage for a steady to lower opening on
Thursday. Stochastics and the RSI are neutral to bearish signaling that
sideways to lower prices are possible near-term. If March renews last week’s
decline, the reaction low crossing at 14.12 is the next downside target. Closes
above the 10-day moving average crossing at 15.05 would temper the bearish
outlook.

March cocoa closed lower on Wednesday and the mid-range close sets the stage
for a steady opening on Thursday. Stochastics and the RSI are oversold but
remain neutral to bearish signaling that sideways to lower prices are possible
near-term. If March extends the decline off September’s high, the 87%
retracement level of the June-September rally crossing at 21.45 is the next
downside target. Closes above the 20-day moving average crossing at 22.33 would
confirm that a low has been posted.

March sugar closed higher on Wednesday and the high-range close set the
stage for a steady to higher opening on Thursday. Stochastics and the RSI are
bullish hinting that a low might be in or is near. Multiple closes above the
20-day moving average crossing at 18.70 are needed to confirm that a short-term
low has been posted. If March renews this year’s decline, the 75% retracement
level of the 2010-2011 rally crossing at 17.38 is the next downside target.

March cotton closed higher on Wednesday and the high-range close sets the
stage for a steady to higher opening on Thursday. Stochastics and the RSI are
turning neutral signaling that sideways to higher prices are possible
near-term. If March extends this month’s rally, the 62% retracement level of
the 2012-decline crossing at 86.50 is the next upside target. Closes below the
20-day moving average crossing at 77.89 are needed to confirm that a short-term
top has been posted.
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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

March corn was fractionally lower in late-overnight trading after spiking
above the 38% retracement level of the August-January decline crossing at 7.42.
The low-range close sets the stage for a steady to lower opening when the day
session begins trading. Stochastics and the RSI are overbought but remain
bullish signaling that sideways to higher prices are possible near-term. If
March extends this month’s rally, the 50% retracement level of the
August-January decline crossing at 7.61 3/4 is the next upside target. Closes
below the 20-day moving average crossing at 7.15 3/4 would confirm that a
short-term top has been posted. First resistance is the 38% retracement level
of the August-January decline crossing at 7.42. Second resistance is the 50%
retracement level of the August-January decline crossing at 7.61 3/4. First
support is the 20-day moving average crossing at 7.15 3/4. Second support is
the reaction low crossing at 6.86 1/4.

March wheat was lower overnight and the low-range close sets the stage for a
steady to lower opening when the day session begins trading. Stochastics and
the RSI are bullish signaling that sideways to higher prices are possible
near-term. If March renews the rally off this month’s low, the 38% retracement
level of the November-January decline crossing at 8.10 1/2 is the next upside
target. Closes below the 20-day moving average crossing at 7.69 1/4 would
confirm that a short-term top has been posted. First resistance is the 38%
retracement level of the November-January decline crossing at 8.10 1/2. Second
resistance is the 50% retracement level of the November-January decline
crossing at 8.33 1/4. First support is the 20-day moving average crossing at
7.69 1/4. Second support is this month’s low crossing at 7.36 1/4.

March Kansas City Wheat closed up 10-cents at 8.40 3/4.

March Kansas City wheat closed higher on Wednesday and the high-range close
sets the stage for a steady to higher opening on Thursday. Stochastics and the
RSI are turning bullish signaling that sideways to higher prices are possible
near-term. Closes above last Wednesday’s high crossing at 8.38 1/2 would
confirm that a short-term low has been posted. If March renews the decline off
this month’s high, the gap crossing at 8.16 is the next downside target. First
resistance is the reaction high crossing at 8.47. Second resistance is the 38%
retracement level of the November-January decline crossing at 8.53. First
support is last Thursday’s low crossing at 8.29 1/2. Second support is this
month’s low crossing at 7.89 3/4.

March Minneapolis wheat was lower overnight as it extends this month’s
trading range. The low-range close sets the stage for a steady to lower opening
when the day session begins to trade. Stochastics and the RSI are turning
bullish signaling that sideways to higher prices are possible near-term. If
March renews the rally off this month’s low, the reaction high crossing at 9.11
1/2 is the next upside target. If March the decline off this month’s high, this
month’s low crossing at 8.30 is the next downside target. First resistance is
the reaction high crossing at 8.82 1/4. Second resistance is the reaction high
crossing at 9.11 1/2. First support is the reaction low crossing at 8.52 1/4.
Second support is this month’s low crossing at 8.30.

SOYBEAN COMPLEX

March soybeans were lower due to light profit taking overnight as it
consolidates some of Wednesday’s rally. The low-range close sets the stage for
steady to lower prices when the day session begins trading later this morning.
Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If March extends this
month’s rally, the 38% retracement level of the September-January decline
crossing at 14.95 1/4 is the next upside target. Closes below the 20-day moving
average crossing at 14.20 1/4 would confirm that a short-term top has been
posted. First resistance is the overnight high crossing at 14.84 1/4. Second
resistance is the 38% retracement level of the September-January decline
crossing at 14.95 1/4. First support the 20-day moving average crossing at
14.20 1/4. Second support is this month’s low crossing at 13.51 1/2.

March soybean meal was lower due to profit taking overnight as it
consolidates some of Wednesday’s rally. The low-range close sets the stage for
a steady to lower opening when the day session begins trading. Stochastics and
the RSI remain neutral to bullish signaling that sideways to higher prices are
possible near-term. Multiple closes above the overnight high crossing at 434.40
would confirm an upside breakout of the September-December downtrend line while
opening the door for a possible test of the 38% retracement level of the
September-January decline crossing at 440.40. First resistance is the overnight
high crossing at 434.40. Second resistance is the 38% retracement level of the
September-January decline crossing at 440.40. First support is the 20-day
moving average crossing at 414.70. Second support is the reaction low crossing
at 408.00.

March soybean oil was slightly lower due to light profit taking overnight as
it consolidates some of Wednesday’s rally. The low-range close sets the stage
for a steady to lower opening when the day session begins trading. Stochastics
and the RSI are overbought, diverging but are turning neutral to bullish
hinting that sideways to higher prices are possible near-term. If March extends
the rally off December’s low, the 50% retracement level of the
September-November decline crossing at 53.13 is the next upside target. Closes
below the 20-day moving average crossing at 51.09 are needed to confirm that a
short-term top has been posted. First resistance is the 50% retracement level
of the September-November decline crossing at 53.13. Second resistance is the
62% retracement level of the September-November decline crossing at 54.49.
First support is the 10-day moving average crossing at 52.05. Second support is
the 20-day moving average crossing at 51.09.

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

April hogs closed down $0.37 at $89.25.

April hogs closed lower on Wednesday and the low-range close sets the stage
for a steady to lower opening when Thursday’s night session begins trading.
Stochastics and the RSI are bullish signaling that sideways to higher prices
are possible near-term. If April extends the rally off this month’s low, the
reaction high crossing at 90.90 is the next upside target. Closes below last
Wednesday’s low crossing at 87.10 would confirm that a top has been posted.
First resistance is the reaction high crossing at 90.90. Second resistance is
the reaction high crossing at 91.82. First support is last Wednesday’s low
crossing at 87.10. Second resistance is the reaction low crossing at 86.90.

April cattle closed down $0.05 at 132.92.

April cattle closed lower on Wednesday as it consolidated some of Monday’s
rally. The mid-range close sets the stage for a steady to lower opening when
Thursday’s night session begins trading. Stochastics and the RSI are bullish
signaling that sideways to higher prices are possible near-term. Closes above
the 20-day moving average crossing at 133.60 would confirm that a short-term
low has been posted. If April renews this month’s decline, last June’s low
crossing at 127.55 is the next downside target. First resistance is the 20-day
moving average crossing at 133.60. Second resistance is the reaction high
crossing at 135.17. First support is Monday’s gap crossing at 131.25. Second
support is the reaction low crossing at 129.45.

March feeder cattle closed up $0.27 at $149.10.

March Feeder cattle closed higher on Wednesday. The mid-range close sets the
stage for a steady opening when Thursday’s night session begins trading.
Stochastics and the RSI remain bullish signaling that sideways to higher prices
are possible near-term. Closes above the 20-day moving average crossing at
150.72 are needed to confirm that a short-term low has been posted. If March
renews this month’s decline, weekly support low crossing at 141.30 is the next
downside target. First resistance is the 20-day moving average crossing at
150.72. Second resistance is the reaction high crossing at 153.70. First
support is the reaction low crossing at 144.65. Second support is weekly
support crossing at 141.30.

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T H A N K   Y O U
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Key Market Reports and Commentary for Wednesday 29/01/2013

W E D N E S D A Y   M O R N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )
KEY EVENTS TO WATCH FOR:
Wednesday, January 30, 2013
7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 894.8)

Market Composite Index Cur Chg (previous +7%)

Purchase Index (S.A.) (previous 214.9)

Purchase Index (S.A.) Cur Chg (previous +2.5%)

Refinance Index (previous 4916.7)

Refinance Index Cur Chg (previous +7.7%)

8:15 AM ET. Jan ADP National Employment Report

Private Payrolls Forecast (expected +165000; previous +215000)

8:30 AM ET. 4th Quarter Advance estimate GDP

GDP (expected +1%; previous +3.1%)

Chain-Weighted Price Index (expected +1.4%; previous +2.7%)

PCE Price index (previous +1.6%)

Purchase Price Index (previous +1.4%)

Real Final Sales (previous +2.4%)

Core PCE Price index (Ex Food/Energy) (previous +1.1%)

Personal Consumption (previous +1.6%)

10:00 AM ET. Dec Metropolitan Area Employment & Unemployment

10:00 AM ET. Jan Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 363.12M)

Crude Oil Stocks (Net Change) (expected +2.5M; previous +2.81M)

Gasoline Stocks (previous 233.26M)

Gasoline Stocks (Net Change) (expected +1M; previous -1.74M)

Distillate Stocks (previous 132.94M)

Distillate Stocks (Net Change) (expected -1.1M; previous +0.51M)

Refinery Usage (expected 83.7%; previous 83.6%)

Total Products Supplied (previous 18.65M)

Total Products Supplied (Net Change) (previous +0.69M)

2:15 PM ET. U.S. interest rate decision

Federal Funds Rate

Federal Funds Rate Change (Pts)

Federal Funds Rate (Dir) (previous +0)

Discount Rate

Discount Rate Change

FOMC Vote For Action (previous 11)

FOMC Vote Against Action (previous 1)

High Range Value (Current Period)

Low Range Value

Federal Funds Rate Change High Range (previous 0.25)

Federal Funds Rate Change Low Range (previous 0)

N/A              Kentucky public holiday – Franklin D. Roosevelt Day

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STOCK INDEXES & MARKETS http://quotes.ino.com/exchanges/?c=indexes+

September-November decline crossing at 2715.55. Stochastics and the RSI are
turning neutral to bullish signaling that sideways to higher prices are
possible near-term. If March renews the rally off the late-December low, the
87% retracement level of the September-November decline crossing at crossing at
2804.15 is the next upside target. Closes below the reaction low crossing at
2707.75 are needed to confirm that a short-term top has been posted. First
resistance is the 75% retracement level of the September-November decline
crossing at crossing at 2761.06. Second resistance is the 87% retracement level
of the September-November decline crossing at 2804.15. First support is the
reaction low crossing at 2707.75. Second support is the January 2nd gap
crossing at 2665.00.

The March S&P 500 index was lower due to profit taking overnight as it
consolidates some of the rally off November’s low. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If March extends the rally off November’s low,
weekly resistance crossing at 1526.50 is the next upside target. Closes below
the 20-day moving average crossing at 1474.52 would confirm that a short-term
top has been posted. First resistance is the overnight high crossing at
1505.90. Second resistance is weekly resistance crossing at 1526.50. First
support is the 10-day moving average crossing at 1489.44. Second support is the
20-day moving average crossing at 1474.52.

______________________________

_______________________________________
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March T-bonds was lower overnight as it extends this month’s decline.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. If March extends this winter’s decline, weekly support
crossing at 139-14 is the next downside target. Closes above the 20-day moving
average crossing at 145-01 would confirm that a short-term low has been posted.
First resistance is the 20-day moving average crossing at 145-01. Second
resistance is the reaction high crossing at 146-17. First support is the
overnight low crossing at 142-19. Second support is weekly support crossing at
139-14.

ENERGY MARKETS http://quotes.ino.com/exchanges/category.html?c=energy

March crude oil was higher overnight and trading above the 62% retracement
level of the September-November decline crossing at 95.70. Stochastics and the
RSI are overbought but remain bullish signaling that sideways to higher prices
are possible near-term. If March extends the rally off December’s low, the 87%
retracement level of the September-November decline crossing at 99.78 is the
next upside target. Closes below the 20-day moving average crossing at 95.00
are needed to confirm that a short-term top has been posted. First resistance
is the overnight high crossing at 98.00. Second resistance is the 87%
retracement level of the September-November decline crossing at 99.78. First
support is the 10-day moving average crossing at 96.22. Second support is the
20-day moving average crossing at 95.00.

March heating oil was higher overnight as it renews the rally off December’s
low. Stochastics and the RSI are turning bullish again signaling that sideways
to higher prices are possible near-term. If March extends this week’s rally,.
October’s high crossing at 315.01 is the next upside target. Closes below the
20-day moving average crossing at 304.12 would confirm that a short-term top
has been posted. First resistance is the overnight high crossing at 311.70.
Second resistance is October’s high crossing at 315.01. First support is the
20-day moving average crossing at 304.12. Second support is the reaction low
crossing at 297.95.

March unleaded gas was higher overnight as it extends this month’s rally.
Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If March extends this
month’s rally, weekly resistance crossing at 299.29 is the next upside target.
Closes below the 20-day moving average crossing at 282.35 would confirm that a
short-term top has been posted. First resistance is the overnight high crossing
at 298.40. Second resistance is weekly resistance crossing at 299.29. First
support is the 10-day moving average crossing at 286.89. Second support is the
20-day moving average crossing at 282.36.

March Henry natural gas was slightly higher due to short covering overnight
as it consolidates some of the decline off this month’s high. Stochastics and
the RSI are bearish signaling that sideways to lower prices are possible
near-term. If March extends the aforementioned decline, this month’s low
crossing at 3.100 is the next downside target. Closes above the 10-day moving
average crossing at 3.435 would confirm that a short-term low has been posted.
First resistance is the 10-day moving average crossing at 3.435. Second
resistance is the 62% retracement level of the October-January decline crossing
at 3.668. First support is Tuesday’s low crossing at 3.232. Second support is
this month’s low crossing at 3.100.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The March Dollar was lower overnight and has broken out to the downside of
the trading range of the past three weeks. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. If March renews
this month’s decline, December’s low crossing at 79.01 is the next downside
target. Closes above the reaction high crossing at 80.27 are needed to confirm
that a short-term low has been posted. First resistance is the reaction high
crossing at 80.27. Second resistance is December’s high crossing at 81.05.
First support is the reaction low crossing at 79.40. Second support is
December’s low crossing at 79.01.

The March Euro was higher overnight as it extends this winter’s rally.
Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If March extends this
winter’s rally, weekly resistance crossing at 138.31 is the next upside target.
Closes below the 20-day moving average crossing at 132.95 would confirm that a
short-term top has been posted. First resistance is the overnight high crossing
at 135.67. Second resistance is weekly resistance crossing at 138.31. First
support is the 10-day moving average crossing at 134.00. Second resistance is
the 20-day moving average crossing at 132.95.

The March British Pound was higher due to short covering overnight as it
consolidates some of this month’s decline. Stochastics and the RSI are oversold
but remain neutral to bearish signaling that sideways to lower prices are
possible near-term. If March extends this month’s decline, the 75% retracement
level of the May-January rally crossing at 1.5598 is the next downside target.
Closes above the 20-day moving average crossing at 1.5965 are needed to confirm
that a short-term low has been posted. First resistance is the 10-day moving
average crossing at 1.5834. Second resistance is the 20-day moving average
crossing at 1.5965. First support is Monday’s low crossing at 1.5670. Second
support is the 75% retracement level of the May-January rally crossing at
1.5598.

The March Swiss Franc was higher overnight as it extends the rally off this
month’s low. Stochastics and the RSI are bullish signaling that sideways to
higher prices are possible near-term. If March extends this week’s rally, the
reaction high crossing at .10986 is the next upside target. Closes below the
10-day moving average crossing at .10784 would confirm that a short-term top
has been posted. First resistance is the reaction high crossing at .10986.
Second resistance is December’s high crossing at .11026. First support is the
10-day moving average crossing at .10784. Second support is the 38% retracement
level of the July-December rally crossing at .10679.

The March Canadian Dollar was lower overnight following a two-day short
covering bounce. Stochastics and the RSI are oversold and are turning neutral
to bullish hinting that a low might be in or is near. Closes above the 20-day
moving average crossing at 100.70 would confirm that a short-term low has been
posted. If March extends this month’s decline, the 62% retracement level of
2012’s rally crossing at 98.35 is the next downside target. First resistance is
the 10-day moving average crossing at 100.11. Second resistance is the 20-day
moving average crossing at 100.70. First support is Monday’s low crossing at
98.89. Second support is the 62% retracement level of 2012’s rally crossing at
98.35.

The March Japanese Yen was lower overnight and is renewing this winter’s
decline. Stochastics and the RSI are oversold but remain bearish signaling that
additional weakness is possible near-term. If March extends the decline off
September’s high, monthly support crossing at .10702 is the next downside
target. Closes above the 20-day moving average crossing at .11240 are needed to
confirm that a short-term low has been posted. First resistance is the 20-day
moving average crossing at .11240. Second resistance is the reaction high
crossing at .11522. First support is the overnight low crossing at .10943.
Second support is monthly support crossing at .10702.

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

April gold was higher due to short covering overnight as it consolidates
some of the decline off this month’s high. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. If April
extends the aforementioned decline, this month’s low crossing at 1627.90 is the
next downside target. Closes above the 10-day moving average crossing at
1676.60 would confirm that a short-term top has been posted. First resistance
is the 10-day moving average crossing at 1676.60. Second resistance is the
reaction high crossing at 1699.90. First support is Monday’s low crossing at
1653.20. Second support is this month’s low crossing at 1627.90.

March silver was higher due to short covering overnight as it consolidates
some of the decline off this month’s high. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. If March
extends the decline off this month’s high, this month’s low crossing at 29.240
is the next downside target. Closes above the 10-day moving average crossing at
31.615 would confirm that a short-term top has been posted. First resistance is
this month’s high crossing at 32.365. Second resistance is the reaction high
crossing at 32.600. First support is Monday’s low crossing at 30.745. Second
support is this month’s low crossing at 29.240.

March copper was sharply higher overnight and is breaking out to the topside
of a symmetrical triangle, which has formed over the past six weeks.
Stochastics and the RSI are neutral to bullish signaling that sideways to
higher prices are possible near-term. If March extends the overnight triangle
breakout, this month’s high crossing at 375.90 is the next upside target.
Closes below the reaction low crossing at 359.95 would confirm that a
short-term top has been posted. First resistance is this month’s high crossing
at 375.90. Second resistance is October’s high crossing at 382.90. First
support is this month’s low crossing at 359.95. Second support is December’s
low crossing at 352.30.

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

March coffee close higher due to short covering on Tuesday as it
consolidates some of last week’s decline but remains below the 20-day moving
average crossing at 14.99. The high-range close set the stage for a steady to
higher opening on Wednesday. Stochastics and the RSI are bearish signaling that
sideways to lower prices are possible near-term. If March extends last week’s
decline, the reaction low crossing at 14.12 is the next downside target. Closes
above the 10-day moving average crossing at 15.09 would temper the bearish
outlook.

March cocoa closed higher due to short covering on Tuesday as it
consolidates some of this month’s decline. The high-range close sets the stage
for a steady to higher opening on Wednesday. Stochastics and the RSI are
oversold but remain neutral to bearish signaling that sideways to lower prices
are possible near-term. If March extends the decline off September’s high, the
87% retracement level of the June-September rally crossing at 21.45 is the next
downside target. Closes above the 20-day moving average crossing at 22.36 would
confirm that a low has been posted.

March sugar closed lower on Tuesday and the low-range close set the stage
for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral
to bullish hinting that a low might be in or is near. Closes above the 20-day
moving average crossing at 18.74 are needed to confirm that a short-term low
has been posted. If March renews this year’s decline, the 75% retracement level
of the 2010-2011 rally crossing at 17.38 is the next downside target.

March cotton closed higher on Tuesday and the mid-range close sets the stage
for a steady to higher opening on Wednesday. Stochastics and the RSI have
turned bearish hinting that a short-term top might be in or is near. Closes
below the 20-day moving average crossing at 77.50 are needed to confirm that a
short-term top has been posted. If March extends this month’s rally, the 62%
retracement level of the 2012-decline crossing at 86.50 is the next upside
target.
——————————

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

March corn was higher overnight and trading above minor resistance crossing
at 7.35 as it extends Monday’s breakout above the August-November downtrend
line. The high-range close sets the stage for a steady to higher opening when
the day session begins trading. Stochastics and the RSI are overbought but are
neutral to bullish signaling that sideways to higher prices are possible
near-term. Closes above the reaction high crossing at 7.35 are needed to
confirm a trend change while opening the door for a possible test of the 38%
retracement level of the August-January decline crossing at 7.42. Closes below
the 20-day moving average crossing at 7.13 1/4 would confirm that a short-term
top has been posted. First resistance is the reaction high crossing at 7.35.
Second resistance is the 38% retracement level of the August-January decline
crossing at 7.42. First support is last Thursday’s low crossing at 7.14 1/2.
Second support is the 20-day moving average crossing at 7.13 1/4.

March wheat was higher overnight and the high-range close sets the stage for
a steady to higher opening when the day session begins trading. Stochastics and
the RSI are turning neutral to bullish signaling that sideways to higher prices
are possible near-term. If March renews the rally off this month’s low, the 38%
retracement level of the November-January decline crossing at 8.10 1/2 is the
next upside target. Closes below the 20-day moving average crossing at 7.67 1/4
would confirm that a short-term top has been posted. First resistance is the
38% retracement level of the November-January decline crossing at 8.10 1/2.
Second resistance is the 50% retracement level of the November-January decline
crossing at 8.33 1/4. First support is the 20-day moving average crossing at
7.67 1/4. Second support is this month’s low crossing at 7.36 1/4.

March Kansas City Wheat closed down 2-cents at 8.30 3/4.

March Kansas City wheat closed lower on Tuesday and the low-range close sets
the stage for a steady to lower opening on Wednesday. Stochastics and the RSI
are turning neutral to bullish signaling that sideways to higher prices are
possible near-term. Closes above last Wednesday’s high crossing at 8.38 1/2
would confirm that a short-term low has been posted. If March renews the
decline off this month’s high, the gap crossing at 8.16 is the next downside
target. First resistance is the reaction high crossing at 8.47. Second
resistance is the 38% retracement level of the November-January decline
crossing at 8.53. First support is last Thursday’s low crossing at 8.29 1/2.
Second support is this month’s low crossing at 7.89 3/4.

March Minneapolis wheat was higher overnight and the high-range close sets
the stage for a steady to higher opening when the day session begins to trade.
Stochastics and the RSI are turning neutral to bullish signaling that sideways
to higher prices are possible near-term. If March renews the rally off this
month’s low, the reaction high crossing at 9.11 1/2 is the next upside target.
If March the decline off this month’s high, this month’s low crossing at 8.30
is the next downside target. First resistance is the reaction high crossing at
8.82 1/4. Second resistance is the reaction high crossing at 9.11 1/2. First
support is the reaction low crossing at 8.52 1/4. Second support is this
month’s low crossing at 8.30.

SOYBEAN COMPLEX

March soybeans were sharply higher overnight and are renewing this month’s
rally. The high-range close sets the stage for steady to higher prices when the
day session begins trading later this morning. Stochastics and the RSI are
overbought but are neutral to bullish signaling that sideways to higher prices
are possible near-term. If March renews this month’s rally, the 38% retracement
level of the September-January decline crossing at 14.95 1/4 is the next upside
target. Closes below the 20-day moving average crossing at 14.16 would temper
the near-term friendly outlook. First resistance is the overnight high crossing
at 14.74 1/4. Second resistance is the 38% retracement level of the
September-January decline crossing at 14.95 1/4. First support the 20-day
moving average crossing at 14.16. Second support is this month’s low crossing
at 13.51 1/2.

March soybean meal was sharply higher overnight and has renewed this month’s
rally. The high-range close sets the stage for a steady to higher opening when
the day session begins trading. Stochastics and the RSI remain neutral to
bullish signaling that sideways to higher prices are possible near-term. If
March extends this month’s rally, the 38% retracement level of the
September-January decline crossing at 440.40 is the next upside target. First
resistance is the reaction high crossing at 435.80. Second resistance is the
38% retracement level of the September-January decline crossing at 440.40.
First support is the 20-day moving average crossing at 413.40. Second support
is this month’s low crossing at 392.40.

March soybean oil was higher overnight and the high-range close sets the
stage for a steady to higher opening when the day session begins trading.
Stochastics and the RSI are overbought and are turning bearish signaling that a
pause or setback in this month’s rally is possible. Closes below the 20-day
moving average crossing at 50.99 are needed to confirm that a short-term top
has been posted. If March extends the rally off December’s low, the 50%
retracement level of the September-November decline crossing at 53.13 is the
next upside target. First resistance is the 50% retracement level of the
September-November decline crossing at 53.13. Second resistance is the 62%
retracement level of the September-November decline crossing at 54.49. First
support is the 10-day moving average crossing at 51.88. Second support is the
20-day moving average crossing at 50.99.

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

April hogs closed up $0.57 at $89.62.

April hogs closed higher on Tuesday as it rebounds off the 20-day moving
average. The high-range close sets the stage for a steady to higher opening
when Wednesday’s night session begins trading. Stochastics and the RSI are
bullish signaling that sideways to higher prices are possible near-term. If
April extends the rally off this month’s low, the reaction high crossing at
90.90 is the next upside target. Closes below last Wednesday’s low crossing at
87.10 would confirm that a top has been posted. First resistance is the
reaction high crossing at 90.90. Second resistance is the reaction high
crossing at 91.82. First support is last Wednesday’s low crossing at 87.10.
Second resistance is the reaction low crossing at 86.90.

April cattle closed down $0.42 at 132.97.

April cattle posted an inside day with a lower close on Tuesday as it
consolidated some of Monday’s low. The low-range close sets the stage for a
steady to lower opening when Wednesday’s night session begins trading.
Stochastics and the RSI have turned bullish signaling that sideways to higher
prices are possible near-term. Closes above the 20-day moving average crossing
at 133.78 would confirm that a short-term low has been posted. If April renews
this month’s decline, last June’s low crossing at 127.55 is the next downside
target. First resistance is the 20-day moving average crossing at 133.78.
Second resistance is the reaction high crossing at 135.17. First support is
Monday’s gap crossing at 131.25. Second support is the reaction low crossing at
129.45.

March feeder cattle closed down $1.07 at $148.82.

March Feeder cattle closed lower due to profit taking on Tuesday filling
Monday’s gap crossing at 148.80. The low-range close sets the stage for a
steady to lower opening when Wednesday’s night session begins trading.
Stochastics and the RSI remain bullish signaling that sideways to higher prices
are possible near-term. Closes above the 20-day moving average crossing at
150.98 are needed to confirm that a short-term low has been posted. If March
renews this month’s decline, weekly support low crossing at 141.30 is the next
downside target. First resistance is the 20-day moving average crossing at
150.98. Second resistance is the reaction high crossing at 153.70. First
support is the reaction low crossing at 144.65. Second support is weekly
support crossing at 141.30.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Copyright 2012 INO.com. All Rights Reserved.

Key Market Reports and Commentary for Tuesday 29/01/2013

T U E S D A Y   M O R N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )

KEY EVENTS TO WATCH FOR:
Tuesday, January 29, 2013
7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous -1.5%)

Chain Store Sales Index – YoY (previous +3.2%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous -0.4%)

12MonChgPct (previous +1.9%)

52WkChgPct (previous +1.8%)

9:00 AM ET. Nov S&P / Case-Shiller Home Price Index

SP Composite-10 MoM (previous -0.1%)

SP Composite-10 YoY (previous +3.4%)

SP Composite-20 MoM (previous -0.1%)

SP Composite-20 (expected +5.5%; previous +4.3%)

National QoQ

National YoY

10:00 AM ET. 4th Quarter U.S. Housing Vacancies

10:00 AM ET. Jan Consumer Confidence Index

Consumer Confidence Index (expected 64.8; previous 65.1)

Expectation Index (previous 66.5)

Present Situation Index (previous 62.8)

4:30 AM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous +3.17M)

Gasoline Stocks (Net Change) (previous -1.57M)

Distillate Stocks (Net Change) (previous +1.28M)

Refinery Runs (previous 84.3%)

N/A              U.S. Federal Open Market Committee meeting

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

STOCK INDEXES & MARKETS http://quotes.ino.com/exchanges/?c=indexes+

The March NASDAQ 100 lower overnight as it extends this month’s trading
range above the 62% retracement level of the September-November decline
crossing at 2715.55. Stochastics and the RSI are bearish signaling that
sideways to lower prices are possible near-term. Closes below the reaction low
crossing at 2707.75 are needed to confirm that a short-term top has been
posted. If March renews the rally off the late-December low, the 87%
retracement level of the September-November decline crossing at crossing at
2804.15 is the next upside target. First resistance is the 75% retracement
level of the September-November decline crossing at crossing at 2761.06. Second
resistance is the 87% retracement level of the September-November decline
crossing at 2804.15. First support is the reaction low crossing at 2707.75.
Second support is the January 2nd gap crossing at 2665.00.

The March S&P 500 index was lower due to profit taking overnight as it
consolidates some of the rally off November’s low. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If March extends the rally off November’s low,
weekly resistance crossing at 1526.50 is the next upside target. Closes below
the 20-day moving average crossing at 1469.63 would confirm that a short-term
top has been posted. First resistance is Monday’s high crossing at 1500.00.
Second resistance is weekly resistance crossing at 1526.50. First support is
the 10-day moving average crossing at 1484.17. Second support is the 20-day
moving average crossing at 1469.63.

______________________________

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

March T-bonds was higher due to short covering overnight as it consolidates
some of this month’s decline. Stochastics and the RSI are bearish signaling
that sideways to lower prices are possible near-term. If March extends this
winter’s decline, weekly support crossing at 139-14 is the next downside
target. Closes above the 20-day moving average crossing at 145-10 would confirm
that a short-term low has been posted. First resistance is the 20-day moving
average crossing at 145-10. Second resistance is the reaction high crossing at
146-17. First support is Monday’s low crossing at 143-03. Second support is
weekly support crossing at 139-14.

ENERGY MARKETS http://quotes.ino.com/exchanges/category.html?c=energy

March crude oil was slightly higher overnight as it consolidates above the
62% retracement level of the September-November decline crossing at 95.70.
Stochastics and the RSI are overbought and are neutral to bullish signaling
that sideways to higher prices are possible near-term. If March extends the
rally off December’s low, the 75% retracement level of the September-November
decline crossing at 97.46 is the next upside target. Closes below the 20-day
moving average crossing at 94.66 are needed to confirm that a short-term top
has been posted. First resistance is the overnight high crossing at 96.97.
Second resistance is the 75% retracement level of the September-November
decline crossing at 97.46. First support is the 10-day moving average crossing
at 95.70. Second support is the 20-day moving average crossing at 94.66.

March heating oil was slightly lower overnight. Stochastics and the RSI are
turning bearish signaling that sideways to lower prices are possible near-term.
Closes below the reaction low crossing at 297.95 would confirm that a
short-term top has been posted while opening the door for additional weakness
near-term. Closes above the reaction high crossing at 309.37 are needed to
renew the rally off December’s low. First resistance is the reaction high
crossing at 309.37. Second resistance is October’s high crossing at 315.01.
First support is the reaction low crossing at 297.95. Second support is
December’s low crossing at 290.13.

March unleaded gas was lower due to profit taking overnight as it
consolidates some of this month’s rally. Stochastics and the RSI are overbought
but remain neutral to bullish signaling that sideways to higher prices are
possible near-term. If March extends this month’s rally, weekly resistance
crossing at 296.08 is the next upside target. Closes below the 20-day moving
average crossing at 280.98 would confirm that a short-term top has been posted.
First resistance is Monday’s high crossing at 295.31. Second resistance is
weekly resistance crossing at 296.08. First support is the 20-day moving
average crossing at 280.98. Second support is the reaction low crossing at
271.17.

March Henry natural gas was lower overnight as it extends the decline off
this month’s high. Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible near-term. If March extends the aforementioned
decline, this month’s low crossing at 3.100 is the next downside target. Closes
above the 10-day moving average crossing at 3.454 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 3.454. Second resistance is the 62% retracement level of the
October-January decline crossing at 3.668. First support is the overnight low
crossing at 3.252. Second support is this month’s low crossing at 3.100.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The March Dollar was higher overnight as it extends the trading range of the
past three weeks. Stochastics and the RSI are neutral to bearish signaling that
sideways to lower prices are possible near-term. Closes above the reaction high
crossing at 80.27 are needed to confirm that a short-term low has been posted.
If March renews this month’s decline, December’s low crossing at 79.01 is the
next downside target. First resistance is the reaction high crossing at 80.27.
Second resistance is December’s high crossing at 81.05. First support is the
reaction low crossing at 79.40. Second support is December’s low crossing at
79.01.

The March Euro was lower overnight as it consolidated some of last Friday’s
rally. Stochastics and the RSI are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If March
extends this winter’s rally, weekly resistance crossing at 134.94 is the next
upside target. Closes below the 20-day moving average crossing at 132.75 would
confirm that a short-term top has been posted. First resistance is last
Friday’s high crossing at 134.85. Second resistance is weekly resistance
crossing at 134.94. First support is the 20-day moving average crossing at
132.75. Second resistance is the reaction low crossing at 130.44.

The March British Pound was higher due to short covering overnight as it
consolidates some of this month’s decline. Stochastics and the RSI are oversold
but remain neutral to bearish signaling that sideways to lower prices are
possible near-term. If March extends this month’s decline, the 75% retracement
level of the May-January rally crossing at 1.5598 is the next downside target.
Closes above the 20-day moving average crossing at 1.5988 are needed to confirm
that a short-term low has been posted. First resistance is the 10-day moving
average crossing at 1.5860. Second resistance is the 20-day moving average
crossing at 1.5988. First support is Monday’s low crossing at 1.5670. Second
support is the 75% retracement level of the May-January rally crossing at
1.5598.

The March Swiss Franc was higher overnight as it extends the rally off this
month’s low. Stochastics and the RSI are bullish signaling that sideways to
higher prices are possible near-term. Closes above the 20-day moving average
crossing at .10819 would confirm that a short-term low has been posted. If
March renews this month’s decline, the 50% retracement level of the
July-December rally crossing at .10571 is the next downside target. First
resistance is the 20-day moving average crossing at .10819. Second resistance
is the reaction high crossing at .10986. First support is the 38% retracement
level of the July-December rally crossing at .10679. Second support is the 50%
retracement level of the July-December rally crossing at .10571.

The March Canadian Dollar was higher due to short covering overnight as it
consolidates some of this month’s decline. Stochastics and the RSI are oversold
but remain bearish signaling that sideways to lower prices are possible
near-term. If March extends this month’s decline, the 62% retracement level of
2012’s rally crossing at 98.35 is the next downside target. Closes above the
20-day moving average crossing at 100.72 would confirm that a short-term low
has been posted. First resistance is the 10-day moving average crossing at
100.25. Second resistance is the 20-day moving average crossing at 100.72.
First support is Monday’s low crossing at 98.89. Second support is the 62%
retracement level of 2012’s rally crossing at 98.35.

The March Japanese Yen was slightly higher overnight as it consolidates some
of this winter’s decline. Stochastics and the RSI are oversold but remain
bearish signaling that additional weakness is possible near-term. If March
extends the decline off September’s high, monthly support crossing at .10702 is
the next downside target. Closes above the 20-day moving average crossing at
.11271 are needed to confirm that a short-term low has been posted. First
resistance is the 20-day moving average crossing at .11271. Second resistance
is the reaction high crossing at .11522. First support is Monday’s low crossing
at .10961. Second support is monthly support crossing at .10702.

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

April gold was higher due to short covering overnight as it consolidates
some of the decline off this month’s high. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. If April
extends the aforementioned decline, this month’s low crossing at 1627.90 is the
next downside target. Closes above the 10-day moving average crossing at
1678.80 would confirm that a short-term top has been posted. First resistance
is the 10-day moving average crossing at 1678.80. Second resistance is the
reaction high crossing at 1699.90. First support is Monday’s low crossing at
1653.20. Second support is this month’s low crossing at 1627.90.

March silver was higher due to short covering overnight as it consolidates
some of the decline off this month’s high. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. If March
extends the decline off this month’s high, this month’s low crossing at 29.240
is the next downside target. Closes above the 10-day moving average crossing at
31.621 would confirm that a short-term top has been posted. First resistance is
this month’s high crossing at 32.365. Second resistance is the reaction high
crossing at 32.600. First support is Monday’s low crossing at 30.745. Second
support is this month’s low crossing at 29.240.

March copper was slightly higher overnight as it extends this month’s
trading range. Stochastics and the RSI are neutral to bearish signaling that
sideways to lower prices are possible near-term. Closes below the reaction low
crossing at 359.95 would confirm that a short-term top has been posted. If
March renews the rally off this month’s low, this month’s high crossing at
375.90 is the next upside target. First resistance is this month’s high
crossing at 375.90. Second resistance is October’s high crossing at 382.90.
First support is this month’s low crossing at 359.95. Second support is
December’s low crossing at 352.30.

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

March coffee close higher due to short covering on Monday as it consolidates
some of last week’s decline but remains below the 20-day moving average
crossing at 14.98. The high-range close set the stage for a steady to higher
opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible near-term. If March extends last week’s decline,
the reaction low crossing at 14.12 is the next downside target. Closes above
the 10-day moving average crossing at 15.13 would temper the bearish outlook.

March cocoa closed lower on Monday as it extends this month’s decline. The
low-range close sets the stage for a steady to lower opening on Tuesday.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. If March extends the decline off September’s high, the 87%
retracement level of the June-September rally crossing at 21.45 is the next
downside target. Closes above the 20-day moving average crossing at 22.39 would
confirm that a low has been posted.

March sugar closed higher due to short covering on Monday and the high-range
close set the stage for a steady to higher opening on Tuesday. Stochastics and
the RSI are bullish hinting that a low might be in or is near. Closes above the
20-day moving average crossing at 18.79 are needed to confirm that a short-term
low has been posted. If March renews this year’s decline, the 75% retracement
level of the 2010-2011 rally crossing at 17.38 is the next downside target.

March cotton closed higher on Monday and the high-range close sets the stage
for a steady to higher opening on Tuesday. Stochastics and the RSI are
overbought and are turning bearish hinting that a short-term top might be in or
is near. Closes below the 20-day moving average crossing at 77.11 are needed to
confirm that a short-term top has been posted. If March extends this month’s
rally, the 62% retracement level of the 2012-decline crossing at 86.50 is the
next upside target.
——————————

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

March corn was higher overnight as it extends Monday’s breakout above the
August-November downtrend line. The high-range close sets the stage for a
steady to higher opening when the day session begins trading. Stochastics and
the RSI are overbought but are neutral to bullish signaling that sideways to
higher prices are possible near-term. Closes above the reaction high crossing
at 7.35 are needed to confirm a trend change while opening the door for a
possible test of the 38% retracement level of the August-January decline
crossing at 7.42. Closes below the 20-day moving average crossing at 7.11 1/4
would confirm that a short-term top has been posted. First resistance is the
reaction high crossing at 7.35. Second resistance is the 38% retracement level
of the August-January decline crossing at 7.42. First support is last
Thursday’s low crossing at 7.14 1/2. Second support is the 20-day moving
average crossing at 7.11 1/4.

March wheat was higher overnight and the high-range close sets the stage for
a steady to higher opening when the day session begins trading. Stochastics and
the RSI are turning neutral to bullish signaling that sideways to higher prices
are possible near-term. If March renews the rally off this month’s low, the 38%
retracement level of the November-January decline crossing at 8.10 1/2 is the
next upside target. Closes below the 20-day moving average crossing at 7.67 1/2
would confirm that a short-term top has been posted. First resistance is the
38% retracement level of the November-January decline crossing at 8.10 1/2.
Second resistance is the 50% retracement level of the November-January decline
crossing at 8.33 1/4. First support is the 20-day moving average crossing at
7.67 1/2. Second support is this month’s low crossing at 7.36 1/4.

March Kansas City Wheat closed up 3 1/4-cents at 8.32 3/4.

March Kansas City wheat closed higher due to short covering on Monday as it
consolidates some of last week’s decline. The high-range close sets the stage
for a steady to higher opening on Tuesday. Stochastics and the RSI are neutral
to bearish signaling that sideways to lower prices are possible near-term. If
March renews last week’s decline, the gap crossing at 8.16 is the next downside
target. Closes above last Wednesday’s high crossing at 8.38 1/2 would confirm
that a short-term low has been posted. First resistance is the reaction high
crossing at 8.47. Second resistance is the 38% retracement level of the
November-January decline crossing at 8.53. First support is last Thursday’s low
crossing at 8.29 1/2. Second support is this month’s low crossing at 7.89 3/4.

March Minneapolis wheat was higher overnight and the high-range close sets
the stage for a steady to higher opening when the day session begins to trade.
Stochastics and the RSI are turning neutral to bullish signaling that sideways
to higher prices are possible near-term. If March renews the rally off this
month’s low, the reaction high crossing at 9.11 1/2 is the next upside target.
If March renews last week’s decline, this month’s low crossing at 8.30 is the
next downside target. First resistance is the reaction high crossing at 8.82
1/4. Second resistance is the reaction high crossing at 9.11 1/2. First support
is the reaction low crossing at 8.52 1/4. Second support is this month’s low
crossing at 8.30.

SOYBEAN COMPLEX

March soybeans were fractionally higher overnight. The high-range close sets
the stage for steady to higher prices when the day session begins trading later
this morning. Stochastics and the RSI are overbought but are neutral to bullish
signaling that sideways to higher prices are possible near-term. If March
renews this month’s rally, the 38% retracement level of the September-January
decline crossing at 14.95 1/4 is the next upside target. Closes below the
20-day moving average crossing at 14.12 3/4 would temper the near-term friendly
outlook. First resistance is last Tuesday’s high crossing at 14.60 3/4. Second
resistance is the 38% retracement level of the September-January decline
crossing at 14.95 1/4. First support the 20-day moving average crossing at
14.12 3/4. Second support is this month’s low crossing at 13.51 1/2.

March soybean meal was slightly higher overnight and the high-range close
sets the stage for a steady to slightly higher opening when the day session
begins trading. Stochastics and the RSI remain neutral to bullish signaling
that sideways to higher prices are possible near-term. Closes above the
reaction high crossing at 423.80 are needed to confirm that a low has been
posted and would open the door for additional gains near-term. If March renews
the decline off December’s high, the 62% retracement level of the 2010-2012
rally crossing at 379.10 is the next downside target. First resistance is the
reaction high crossing at 423.80. Second resistance is the reaction high
crossing at 435.80. First support is this month’s low crossing at 392.40.
Second support is the 62% retracement level of the 2010-2012-rally crossing at
379.10.

March soybean oil was slightly higher overnight. The mid-range close sets
the stage for a steady to higher opening when the day session begins trading.
Stochastics and the RSI are overbought and are turning bearish signaling that a
pause or setback in this month’s rally is possible. Closes below the 20-day
moving average crossing at 50.88 are needed to confirm that a short-term top
has been posted. If March extends the rally off December’s low, the 50%
retracement level of the September-November decline crossing at 53.13 is the
next upside target. First resistance is the 50% retracement level of the
September-November decline crossing at 53.13. Second resistance is the 62%
retracement level of the September-November decline crossing at 54.49. First
support is the 10-day moving average crossing at 51.78. Second support is the
20-day moving average crossing at 50.88.

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

April hogs closed up $0.12 at $89.05.

April hogs closed higher on Monday as it consolidates above the 20-day
moving average crossing at 88.60. The low-range close sets the stage for a
steady to lower opening when Tuesday’s night session begins trading.
Stochastics and the RSI are bullish signaling that sideways to higher prices
are possible near-term. If April extends last week’s rally, the reaction high
crossing at 90.90 is the next upside target. Closes below last Wednesday’s low
crossing at 87.10 would confirm that a top has been posted. First resistance is
the reaction high crossing at 90.90. Second resistance is the reaction high
crossing at 91.82. First support is last Wednesday’s low crossing at 87.10.
Second resistance is the reaction low crossing at 86.90.

April cattle closed up $2.65 at 133.40.

April cattle gapped up and closed sharply higher on Monday signaling that a
short-term low might be in or is near. The high-range close sets the stage for
a steady to higher opening when Tuesday’s night session begins trading.
Stochastics and the RSI are oversold but are turning neutral to bullish
signaling that sideways to higher prices are possible near-term. Closes above
the 20-day moving average crossing at 133.99 would confirm that a short-term
low has been posted. If April renews this month’s decline, last June’s low
crossing at 127.55 is the next downside target. First resistance is the 20-day
moving average crossing at 133.99. Second resistance is the reaction high
crossing at 135.17. First support is the reaction low crossing at 129.45.
Second support is last June’s low crossing at 127.55.

March feeder cattle closed up $1.95 at $149.90.

March Feeder cattle gapped up and closed higher on Monday signaling that a
short-term low might be in or is near. The mid-range close sets the stage for a
steady opening when Tuesday’s night session begins trading. Stochastics and the
RSI are bullish signaling that sideways to higher prices are possible
near-term. Closes above the 20-day moving average crossing at 151.27 are needed
to confirm that a short-term low has been posted. If March renews this month’s
decline, weekly support low crossing at 141.30 is the next downside target.
First resistance is the 20-day moving average crossing at 151.27. Second
resistance is the reaction high crossing at 153.70. First support is the
reaction low crossing at 144.65. Second support is weekly support crossing at
141.30.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Copyright 2012 INO.com. All Rights Reserved.

Benzinga Market Primer for January 29, 2013

Morning_Header_Final

Futures Slip on Earnings, FOMC

•U.S. equity futures slipped in early Tuesday trade following mixed earnings reports Monday and ahead of the FOMC meeting that is set to end Wednesday.
•It will be interesting to see the policy statement on Wednesday, as the new Fed Presidents take their seats on the FOMC due to the annual rotation and the new FOMC has a slightly more dovish tilt.

Top News

In other news around the markets:

•Spanish retail sales in December fell 10.7 percent from the same period a year ago, worse than the prior reading of -7.8 percent and below forecasts of a decline of 8.9 percent.
•China’s top economic think tank, the Chinese Academy of Social Sciences, lifted its 2013 growth forecast to 8.4 percent from 8.2 percent noting that first half growth should be stronger than the second half.
•Moody’s downgraded six Canadian banks Monday including Bank of Montreal (NYSE: BMO) and Toronto Dominion (NYSE: TD), citing a deteriorating housing market and high consumer debt levels.
•S&P 500 futures declined 1.4 points to 1,495.50.
•The EUR/USD was lower at 1.3442.
•Spanish 10-year government bond yields declined to 5.24 percent.
•Italian 10-year government bond yields rose to 4.221 percent.
•Gold rose 0.43 percent to $1,662.20 per ounce.

Click here for more of Benzinga’s Top News stories!

Asian Markets

•Asian shares were mixed overnight led higher by Japanese and Chinese shares.
•The Japanese Nikkei Index rose 0.39 percent and the Shanghai Composite Index rose 0.53 percent while the Hang Seng Index declined 0.07 percent.
•Also, the Korean Kospi rose 0.84 percent and Australian shares rose 1.11 percent.

European Markets

•European shares were mostly lower in early trade, albeit slightly lower, following the weak Spanish retail data.
•The Spanish Ibex Index fell 0.25 percent and the Italian MIB Index declined 0.22 percent.
•Meanwhile, the German DAX declined 0.1 percent and the French CAC fell 0.26 percent while U.K. shares rose 0.14 percent.

Commodities

•Commodities were mixed overnight with energy futures lagging and metal futures leading.
•WTI Crude futures were flat at $96.44 per barrel and Brent Crude futures declined 0.27 percent to $113.17 per barrel.
•Copper futures were flat at $366.15 per pound despite strength in Australian and Chinese shares.
•Gold was higher and silver futures rose 0.81 percent to $31.03 per ounce.

Currencies

•Currency markets were mixed overnight with yen and euro crosses indicating a risk-off feel while the pound recouped some of its heavy losses from Monday and the Australian dollar rallied.
•The EUR/USD was lower at 1.3442, the GBP/USD was higher at 1.5724 after declining strongly on Monday, and the dollar fell against the yen to 90.50.
•Overall, the Dollar Index rose 0.02 percent on strength against the euro, the Swiss franc, and the Swedish krone.
•Also, the AUD/USD was higher at 1.0449, a gain of 0.3 percent.

Pre-Market Movers

Stocks moving in the pre-market included:

•Yahoo (NASDAQ: YHOO) shares rose 2.95 percent after the company reported earnings that beat analyst forecasts.
•Salesforce.com (NYSE: CRM) shares declined 1.16 percent pre-market after the company reported earnings.
•BMC Software (NASDAQ: BMC) shares declined 7.15 percent pre-market following the company’s earnings report.
•Newmont Mining (NYSE: NEM) shares rose 1 percent pre-market as gold prices rallied strongly.

Earnings

Notable companies expected to report earnings Tuesday include:

•Amazon (NASDAQ: AMZN) is expected to report fourth quarter EPS of $0.28 vs. $0.38 a year ago.
•Corning (NYSE: GLW) is expected to report fourth quarter EPS of $0.33 vs. $0.33 a year ago.
•EMC (NYSE: EMC) is expected to report fourth quarter EPS of $0.52 vs. $0.49 a year ago.
•Ford (NYSE: F) is expected to report fourth quarter EPS of $0.26 vs. $0.22
•Valero (NYSE: VLO) is expected to report fourth quarter EPS of $1.17 vs. a loss of $0.21 per share a year ago.
•Pfizer (NYSE: PFE) is expected to report fourth quarter EPS of $0.44 vs. $0.50 a year ago.

Click here for more of Benzinga’s earnings news!

Economics

•On the economics calendar Tuesday, the January FOMC meeting begins today and the Redbook is due out.
•Also, the S&P Case-Shiller Home Price Index is due out and consumer confidence data is expected.
•In addition, the Treasury is set to auction 4-week bills and 5-year notes.
•Overnight, Spanish GDP data is due out and Italian and German bond auctions are expected.

Good luck and good trading.

©2013 Benzinga | 24471 West Ten Mile Rd. | Southfield MI | 48033

Key Market Reports and Commentary for Monday 28/01/2013

M O N D A Y   M O R N I N G   E X T R E M E   M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )
KEY EVENTS TO WATCH FOR:
Monday, January 28, 2013
8:30 AM ET. Dec Advance Report on Durable Goods

Total Orders (previous +0.7%)

Orders, Ex-Defense (previous +0.8%)

Orders, Ex-Transportation (previous +1.6%)

8:30 AM ET. Dec Chicago Fed Midwest Manufacturing Index

Manufacturing Index (MoM) (previous +1.6%)

Manufacturing Index (YoY) (previous +7.3%)

Auto Output Index (MoM) (previous +3.6%)

Auto Output Index (YoY) (previous +17.9%)

Machinery Output Index (MoM) (previous +0.2%)

Machinery Output Index (YoY) (previous +3.4%)

Resource Output Index (MoM) (previous +0.7%)

Resource Output Index (YoY) (previous +1.9%)

Steel Output Index (MoM) (previous +0.9%)

Steel Output Index (YoY) (previous +4%)

10:00 AM ET. Dec Pending Home Sales Index
Current (previous 106.4)

MoM Pct Change (Current Period) (previous +1.7%)

YoY Pct Change (Current Period) (previous +9.8%)

10:30 AM ET. Jan Texas Manufacturing Outlook Survey

Business Activity Index (previous 6.8)

Manufacturing Production Index (previous 2.7)

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

STOCK INDEXES & MARKETS http://quotes.ino.com/exchanges/?c=indexes+

The March NASDAQ 100 closed higher on Friday as it consolidated some of
Thursday’s decline. 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 bearish hinting that a short-term top might be in or is near. Closes
below the 20-day moving average crossing at 2714.17 would confirm that a
short-term top has been posted. If March extends the rally off December’s low,
the 87% retracement level of the September-November decline crossing at 2804.15
is the next upside target. First resistance is Wednesday’s high crossing at
2764.00. Second resistance is the 87% retracement level of the
September-November decline crossing at 2804.15. First support is the 20-day
moving average crossing at 2714.17. Second support is the January 2nd gap
crossing at 2665.00.

The March S&P 500 closed higher on Friday as it extends this year’s 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 are overbought
but remain neutral to bullish signaling that sideways to higher prices are
possible near-term. If March extends the rally off November’s low, weekly
resistance crossing at 1526.50 is the next upside target. Closes below the
20-day moving average crossing at 1460.03 would confirm that a short-term top
has been posted. First resistance is today’s high crossing at 1498.70. Second
resistance is weekly resistance crossing at 1526.50. First support is the
10-day moving average crossing at 1478.64. Second support is the 20-day moving
average crossing at 1460.03.

The Dow close higher on Friday as it extends the rally off November’s low.
The high-range close sets the stage for a steady to higher opening on Monday.
Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If the Dow extends the
rally off November’s low, weekly resistance crossing at 14,021 is the next
upside target. Closes below the 20-day moving average crossing at 13,472 are
needed to confirm that a short-term top has been posted. First resistance is
today’s high crossing at 13,889. Second resistance is monthly resistance
crossing at 14,021. First support is the 10-day moving average crossing at
13,648. Second support is the 20-day moving average crossing at 13,472.

______________________________

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

March T-bonds closed down 1-23/32’s at 144-04.

March T-bonds closed sharply lower on Friday and below the reaction low
crossing at 144-28 confirming that this month’s corrective rally has ended. The
low-range close sets the stage for a steady to lower opening on Monday.
Stochastics and the RSI are turning neutral to bearish with today’s decline
signaling that sideways to lower prices are possible near-term. If March renews
the decline off November’s high, September’s low crossing at 143-08 is the next
downside target. Multiple closes above the reaction high crossing at 146-17 are
needed to confirm that a short-term low has been posted. First resistance is
the reaction high crossing at 146-17. Second resistance is the January 2nd gap
crossing at 146-23. First support is this month’s low crossing at 143-17.
Second support is September’s low crossing at 143-08.

ENERGY MARKETS http://quotes.ino.com/exchanges/category.html?c=energy

March crude oil posted an inside day with a slightly higher close on Friday.
The mid-range close sets the stage for a steady to higher opening when Monday’s
night session begins. Stochastics and the RSI are overbought and are turning
neutral to bearish hinting that a short-term top might be in or is near. If
March extends this month’s rally, the 75% retracement level of the
September-November decline crossing at 97.80 is the next upside target. Closes
below the 20-day moving average crossing at 94.15 would confirm that a
short-term top has been posted. First resistance is Wednesday’s high crossing
at 96.98 Second resistance is the 75% retracement level of the
September-November crossing at 97.80. First support is the 10-day moving
average crossing at 95.28. Second support is the 20-day moving average crossing
at 94.15.

March heating oil closed lower due to profit taking on Friday as it
consolidates some of the rally off last week’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 bullish signaling that sideways to higher
prices are possible near-term. If March extends the rally off December’s low,
the reaction high crossing at 309.37 is the next upside target. Closes below
the 20-day moving average crossing at 303.05 would temper the near-term
friendly outlook. First resistance is the reaction high crossing at 309.37.
Second resistance is October’s high crossing at 315.01. First support is the
20-day moving average crossing at 303.05. Second support is the reaction low
crossing at 297.95.

March unleaded gas closed higher on Friday and above September’s high
crossing at 287 53 it extends the rally off December’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 overbought but remain neutral to
bullish signaling that sideways to higher prices are possible near-term. If
March extends this month’s rally, last March’s high crossing at 295.13 is the
next upside target. Closes below the 20-day moving average crossing at 279.43
would confirm that a short-term top has been posted. First resistance is
today’s high crossing at 289.95. Second resistance is last March’s high
crossing at 295.13. First support is the 20-day moving average crossing at
279.43. Second support is last Wednesday’s low crossing at 271.17.

March Henry natural gas closed higher due to short covering on Friday as it
consolidates some of Thursday’s decline. The high-range close sets the stage
for a steady to higher opening on Monday. Stochastics and the RSI have turned
bearish hinting that a short-term top might be in or is near. Closes below the
20-day moving average crossing at 3.380 would confirm that a short-term top has
been posted. If March extends this month’s rally, the 62% retracement level of
the October-January decline crossing at 3.669 is the next upside target. First
resistance is the 50% retracement level of the October-January decline crossing
at 3.551. Second resistance is the 62% retracement level crossing at 3.669.
First support is the 20-day moving average crossing at 3.380. Second support is
the reaction low crossing at 3.331.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The March Dollar 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
turning neutral to bearish signaling that sideways to lower prices are possible
near-term. If March extends the rally off last week’s low, the reaction high
crossing at 80.79 is the next upside target. If March renews this month’s
decline, December’s low crossing at 79.01 is the next downside target. First
resistance is the reaction crossing at 80.79. Second resistance is December’s
high crossing at 81.05. First support is last Monday’s low crossing at 79.40.
Second support is December’s low crossing at 79.01.

The March Euro closed higher on Friday and broke out to the topside of the
trading range of the past two weeks thereby renewing this winter’s rally. The
high-range close sets the stage for a steady to higher opening on Monday.
Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If March renews this
month’s rally, weekly resistance crossing at 134.94 is the next upside target.
Closes below the 20-day moving average crossing at 132.54 would confirm that a
short-term top has been posted. First resistance is today’s high crossing at
134.85. Second resistance is weekly resistance crossing at 134.94. First
support is the 20-day moving average crossing at 132.54. Second support is this
month’s low crossing at 130.46.

The March British Pound closed higher due to short covering on Friday as it
consolidates some of this month’s decline. 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 oversold but remain neutral to bearish signaling
that sideways to lower prices are possible near-term. If March extends this
month’s decline, the 62% retracement level of 2012’s rally crossing at 1.5723
is the next downside target. Closes above the 20-day moving average crossing at
1.6029 are needed to confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 1.5937. Second resistance
the 20-day moving average crossing at 1.6029. First support is today’s low
crossing at 1.5741. Second support is the 62% retracement level of 2012’s rally
crossing at 1.5723.

The March Swiss Franc closed higher due to short covering on Friday as it
extends the rally off Monday’s low. The mid-range close sets the stage for a
steady to higher opening when Monday’s night session begins trading.
Stochastics and the RSI are bullish hinting that a low might be in or is near.
Closes above the 20-day moving average crossing at .10834 would confirm that a
short-term low has been posted. If March renews this month’s decline, the 50%
retracement level of the July-December rally crossing at .10571 is the next
downside target. First resistance is the 20-day moving average crossing at
.10834. Second resistance is the reaction high crossing at .10986. First
support is the reaction low crossing at .10657. Second support is the 50%
retracement level of the July-December rally crossing at .10571.

The March Canadian Dollar closed lower on Friday and below November’s low
crossing at 99.19 as it extends this month’s decline. The mid-range close sets
the stage for a steady opening when Monday’s night session begins trading.
Stochastics and the RSI are oversold but remain bearish signaling that sideways
to lower prices are possible near-term. If March extends this month’s decline,
the 50% retracement level of the 2011-2012-rally crossing at 98.34 is the next
downside target. Closes above the 20-day moving average crossing at 100.82
would confirm that a short-term low has been posted. First resistance is the
20-day moving average crossing at 100.82. Second resistance is this month’s
high crossing at 101.75. First support is today’s low crossing at 98.89. Second
support is the 50% retracement level of the 2011-2012-rally crossing at 98.34.

The March Japanese Yen closed lower on Friday as it renewed the decline off
September’s high. 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
diverging but are turning neutral to bearish again signaling that additional
weakness is possible near-term. If March extends the decline off September’s
high, monthly support crossing at .10702 is the next downside target. Closes
above the 20-day moving average crossing at .11330 are needed to confirm that a
short-term top has been posted. First resistance is the 20-day moving average
crossing at .11330. Second resistance is the reaction high crossing at .11522.
First support is today’s low crossing at .10969. Second support is monthly
support crossing at .10702.

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

April gold closed sharply lower on Friday as it extends yesterday’s breakout
below the 20-day moving average. 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 turning bearish signaling that sideways to lower prices are
possible near-term. If April extends this week’s decline, this month’s low
crossing at 1627.90 is the next downside target. Closes above the reaction high
crossing at 1697.20 are needed to confirm that a trend change has taken place.
First resistance is the reaction high crossing at 1697.20. Second resistance is
the reaction high crossing at 1726.70. First support is this month’s low
crossing at 1627.90. Second support is the 75% retracement level of the
May-October rally crossing at 1604.60.

March silver closed lower on Friday and below the 10-day moving average
crossing at 31.586 signaling that a short-term top is in or near. The low-range
close set the stage for a steady to lower opening when Monday’s night session
begins trading. Stochastics and the RSI are overbought and are turning bearish
signaling that sideways to lower prices are possible near-term. Closes below
the 20-day moving average crossing at 30.984 would confirm that a short-term
top has been posted. If March renews this month’s rally, the reaction high
crossing at 32.600 is the next upside target. First resistance is Wednesday’s
high crossing at 32.485. Second resistance is the reaction high crossing at
32.600. First support is the 20-day moving average crossing at 30.984. Second
support is the reaction low crossing at 29.240.

March copper closed lower on Friday and below the 10-day moving average
crossing at 365.94 signaling that a short-term top has been posted. 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 turning neutral to
bearish signaling that sideways to lower prices are possible near-term. If
March renews the decline off this month’s high, the reaction low crossing at
358.15 is the next downside target. First resistance is the reaction high
crossing at 371.80. Second resistance is this month’s high crossing at 375.90.
First support is last Wednesday’s low crossing at 359.95. Second support is the
reaction low crossing at 358.15.

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

March coffee close higher due to short covering on Friday as it consolidates
some of this week’s decline but remains below the 20-day moving average
crossing at 14.97. The high-range close set the stage for a steady to higher
opening on Monday. Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible near-term. If March extends this week’s decline,
the reaction low crossing at 14.12 is the next downside target. Closes above
the 10-day moving average crossing at 15.17 would temper the bearish outlook.

March cocoa closed lower on Friday as it extends this week’s decline. The
low-range close sets the stage for a steady to lower opening on Monday.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. If March extends the decline off September’s high, the 87%
retracement level of the June-September rally crossing at 21.45 is the next
downside target. Closes above the 10-day moving average crossing at 22.43 would
confirm that a low has been posted.

March sugar closed lower on Friday and the low-range close set the stage for
a steady to lower opening on Monday. Stochastics and the RSI are turning
bullish hinting that a low might be in or is near. Closes above the 20-day
moving average crossing at 18.83 are needed to confirm that a short-term low
has been posted. If March extends this year’s decline, the 75% retracement
level of the 2010-2011 rally crossing at 17.38 is the next downside target.

March cotton closed sharply lower due to profit taking on Friday as it
consolidated some of the rally off November’s low. The low-range close sets the
stage for a steady to lower opening on Monday. 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
76.86 are needed to confirm that a short-term top has been posted. If March
extends this month’s rally, the 62% retracement level of the 2012-decline
crossing at 86.50 is the next upside target.
——————————

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

March Corn closed down 3 1/2-cents at 7.20 3/4.

March corn closed lower on Friday as it consolidates below the
August-November downtrend line. 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 signaling that
sideways to lower prices are possible near-term. Closes below the 20-day moving
average crossing at 7.07 3/4 would confirm that a short-term top has been
posted. Closes above the reaction high crossing at 7.35 would confirm a trend
change while opening the door for a possible test of the 38% retracement level
of the August-January decline crossing at 7.41 3/4. First resistance is the
reaction high crossing at 7.35. Second resistance is the 38% retracement level
of the August-January decline crossing at 7.41 3/4. First support is the 20-day
moving average crossing at 7.07 3/4. Second support is the reaction low
crossing at 6.86 1/4.

March wheat closed up 8-cents at 7.76 1/2.

March wheat closed higher due to short covering on Friday as it consolidates
some of this week’s decline. 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 bearish hinting that a short-term top might be in or is near.
Closes below the 20-day moving average crossing at 7.66 3/4 are needed to
confirm that a short-term top has been posted. If March renews the rally off
this month’s low, the 38% retracement level of the November-January decline
crossing at 8.10 1/2 is the next upside target. First resistance is Tuesday’s
high crossing at 7.99 3/4. Second resistance is the 38% retracement level of
the November-January decline crossing at 8.10 1/2. First support is this
month’s low crossing at 7.36 1/4. Second support is the 75% retracement level
of this year’s rally crossing at 7.25 3/4.

March Kansas City Wheat closed up 8-cents at 8.29 1/2.

March Kansas City wheat closed higher due to short covering on Friday as it
consolidates some of this week’s decline. The high-range close sets the stage
for a steady to higher opening on Monday. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. If March
extends this week’s decline, the gap crossing at 8.16 is the next downside
target. Closes above Wednesday’s high crossing at 8.38 1/2 would confirm that a
short-term low has been posted. First resistance is the reaction high crossing
at 8.47. Second resistance is the 38% retracement level of the November-January
decline crossing at 8.53. First support is Thursday’s low crossing at 8.29 1/2.
Second support is this month’s low crossing at 7.89 3/4.

March Minneapolis wheat closed up 9 1/2-cents at 8.65.

March Minneapolis wheat closed higher on Friday as it consolidates some of
this week’s decline. The high-range close sets the stage for a steady to higher
opening when Monday’s night session begins to trade. Stochastics and the RSI
are bearish signaling that sideways to lower prices are possible near-term. If
March extends this week’s decline, this month’s low crossing at 8.30 is the
next downside target. If March renews the rally off this month’s low, the
reaction high crossing at 9.11 1/2 is the next upside target. First resistance
is last Friday’s high crossing at 8.82 1/4. Second resistance is the reaction
high crossing at 9.11 1/2. First support is today’s low crossing at 8.52 1/4.
Second support is this month’s low crossing at 8.30.

SOYBEAN COMPLEX

March soybeans closed up 5 3/4-cents at 14.41.

March soybeans closed higher on Friday and 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. If March
extends this month’s rally, December’s high crossing at 15.01 1/4 is the next
upside target. Closes below the 20-day moving average crossing at 14.09 1/2
would signal that a short-term top has been posted. First resistance is
Tuesday’s high crossing at 14.60 3/4. Second resistance is December’s high
crossing at 15.01 1/4. First support is the 20-day moving average crossing at
14.09 1/2. Second support is this month’s low crossing at 13.51 1/2.

March soybean meal closed up $1.70 at $416.40.

March soybean meal closed higher on Friday extending the trading range of
the past two weeks. 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. If March extends the rally off this month’s low, the reaction high
crossing at 435.80 is the next upside target. Closes below the 20-day moving
average crossing at 413.20 would temper the near-term friendly outlook. If
March renews the decline off September’s high, the 62% retracement level of the
2012 rally crossing at 379.10 is the next downside target. First resistance is
the reaction high crossing at 435.80. Second resistance is December’s high
crossing at 457.90. First support is the 20-day moving average crossing at
413.20. Second support is this month’s low crossing at 392.40.

March soybean oil closed down 1-pts. at 52.10.

March soybean closed lower on Friday and the mid-range close sets the stage
for a steady 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 50.60 would confirm that a short-term top has been posted. If March
extends the rally off December’s low, the 50% retracement level of the
September-November decline crossing at 53.13 is the next upside target. First
resistance is Tuesday’s high crossing at 52.67. Second resistance is the 50%
retracement level of the September-November decline crossing at 53.13. First
support is the 10-day moving average crossing at 51.37. Second support is the
20-day moving average crossing at 50.60.

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

April hogs closed down $0.75 at $88.92.

April hogs closed lower due to profit taking on Friday but remains above the
20-day moving average crossing at 88.70. 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 bullish signaling that sideways to higher prices
are possible near-term. If April extends this week’s rally, the reaction high
crossing at 90.90 is the next upside target. Closes below Wednesday’s low
crossing at 87.10 would confirm that a top has been posted. First resistance is
the reaction high crossing at 90.90. Second resistance is the reaction high
crossing at 91.82. First support is Wednesday’s low crossing at 87.10. Second
resistance is the reaction low crossing at 86.90.

April cattle closed up $0.40 at 130.75.

April cattle were higher on Friday as it extends this week’s short covering
rally. 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 oversold but
remain neutral to bearish signaling that sideways to lower prices are possible
near-term. If April renews this month’s decline, last June’s low crossing at
127.55 is the next downside target. Closes above the 20-day moving average
crossing at 134.16 would confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 131.91. Second resistance
is the 20-day moving average crossing at 134.16. First support is last Friday’s
low crossing at 129.45. Second support is last June’s low crossing at 127.55.

March feeder cattle closed unchanged at $147.95.

March Feeder cattle closed unchanged on Friday as it consolidated some of
the short covering rally off last Friday’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 turning bullish hinting that a low might be in or
is near. Closes above the 20-day moving average crossing at 151.47 are needed
to confirm that a short-term low has been posted. If March renews this month’s
decline, weekly support low crossing at 141.30 is the next downside target.
First resistance is the 10-day moving average crossing at 148.37. Second
resistance is the 20-day moving average crossing at 151.47. First support is
last Friday’s low crossing at 144.65. Second support is weekly support crossing
at 141.30.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Copyright 2012 INO.com. All Rights Reserved.

Does 1503 Represent a Breakout? – 01/28/2013

Does 1503 Represent a Breakout?

Friday’s close at 1503 is a classic cliff hanger. “Tune in next week for the conclusion to this dramatic tale”.

And that dramatic tale is about whether this move represents a clear breakout above 1500. I contemplate this notion with fellow Zacks’ experts in this post: How Easily Will 1500 Fall?

The answer to this question greatly depends on the quality of economic reports next week as we have some heavy weights on the docket including monthly employment, ISM Manufacturing and Q4 GDP.

If all goes well with these announcements, then we will likely continue above 1500. If these reports give a sense of potential economic weakness, then stocks will correct. And if mediocre, then we consolidate around 1500 for a while.

Invest accordingly.

Best,

Steve Reitmeister (aka Reity… pronounced “Righty”)
Executive VP, Zacks Investment Research

Benzinga Market Primer for January 28, 2013

Morning_Header_Final

Futures Flat on Global Weakness

•U.S. equity futures were flat in pre-market trade Monday as weakness in European share spilled over into futures markets in the U.S.
•However, the moves come in spite of a rally in financials in Italy as Banco Monte Dei Paschi di Sienna had its capital plan approved, paving the way for it receive bailout funds.

Top News

In other news around the markets:

•Money flowed bank into peripheral banks in December as deposits climbed in Greece, Spain, Italy, and France, while money flowed out of Germany and Cyprus.
•The Bank of Korean may be the latest nation looking to weaken its currency following similar moves by Japan, as capital inflows are strengthening the Won and hurting exports.
•Chinese industrial companies earned record profits in December, with profits rising 17.3 percent from the same period a year ago.
•S&P 500 futures were flat at 1,495.70.
•The EUR/USD was lower at 1.3447.
•Spanish 10-year government bond yields rose to 5.164 percent.
•Italian 10-year government bond yields rose to 4.156 percent.
•Gold fell 0.07 percent to $1,657.60.

Click here for more of Benzinga’s Top News stories!

Asian Markets

•Asian shares were mixed overnight with Japanese shares lagging and Chinese shares rallying strongly.
•The Japanese Nikkei Index fell 0.94 percent while the Shanghai Composite Index rose 2.14 percent and the Hang Seng Index rose 0.39 percent.
•Also, the Korean Kospi declined 0.36 percent and Australian shares rose 0.52 percent.

European Markets

•European shares were mostly flat in early trade with Italy seeing notable strength led by financials.
•The Spanish Ibex Index fell 0.1 percent and the Italian MIB Index rose 0.42 percent.
•Meanwhile, the German DAX fell 0.09 percent, the French CAC declined 0.09 percent, and U.K. shares fell 0.02 percent.

Commodities

•Commodities were mostly lower overnight led by natural gas as weather in the northern U.S. warms.
•WTI Crude futures fell 0.02 percent to $95.86 per barrel and Brent Crude futures fell 0.29 percent to $112.95 per barrel while Natural Gas futures declined 2.06 percent to $3.37 per million BTU.
•Copper futures rose 0.05 percent to $365.35 per pound on strength in Australia.
•Gold was lower and silver futures declined 0.74 percent to $30.98 per ounce.

Currencies

•Currency markets were in general risk-off mode as the euro declined and the yen gained.
•The EUR/USD was lower at 1.3447 and the dollar fell against the yen to 90.60.
•Overall, the Dollar Index rose 0.08 percent on strength against the pound, the euro, and the Canadian dollar.
•The pound saw weakness overnight following comments from incoming Bank of England Governor Mark Carney that he is keen on easing policy further in the U.K.

Pre-Market Movers

Stocks moving in the pre-market included:

•Xerox (NYSE: XRX) shares rose 1.51 percent pre-market as the company reported strong earnings last Friday.
•Salesforce.com (NYSE: CRM) shares rose 1.23 percent pre-market as the company mulls a 4-for-1 stock split.
•Corning (NYSE: GLW) shares fell 1.06 percent pre-market ahead of the company’s earnings release Tuesday.
•Hewlett-Packard (NYSE: HPQ) shares rose 0.65 percent pre-market following positive comments from a Seeking Alpha post.

Earnings

Notable companies expected to report earnings Monday include:

•Biogen Idec (NASDAQ: BIIB) is expected to report fourth quarter EPS of $1.46 vs. $1.51 a year ago.
•BMC Software (NASDAQ: BMC) is expected to report fiscal third quarter EPS of $1.01 vs. $0.93 a year ago.
•Caterpillar (NYSE: CAT) is expected to report fourth quarter EPS of $1.70 vs. $2.32 a year ago.
•Seagate Technology (NASDAQ: STX) is expected to report second quarter EPS of $1.28 vs. $1.32 a year ago.
•Yahoo (NASDAQ: YHOO) is expected to report fourth quarter EPS of $0.28 vs. $0.24 a year ago.

Click here for more of Benzinga’s earnings news!

Economics

•On the economics calendar Monday, durable goods and pending home sales data are due out, followed by the Dallas Fed Manufacturing Index.
•In addition, the Treasury is set to auction 3- and 6-month bills and 2-year notes.
•Overnight, Spanish retail sales and an Italian bill auction are expected.

Good luck and good trading.

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