Key Market Reports and Commentary for Thursday 19/19/2013

Morning Markets Report
Prepared on Thursday, September 19, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is up 28 points to 15622. The US Dollar Index moved lower 0.128 points to 80.142. Gold is higher 3.66 dollars to 1363.63. Silver is declining 0.1000 dollars to 22.9200. The Dow Industrials climbed 147.21 points, at 15676.94, while the S&P 500 edged higher by 20.76 points, last seen at 1725.52. The Nasdaq Composite rose 37.08 points to 3782.78. Streaming charts of these markets are available 24/7 at MarketClub

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Key Events for Thursday

8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 511K)

Soybeans, In Metric Tons (previous 1097K)

Wheat, In Metric Tons (previous 726.2K)

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

Weekly Jobless Claims (expected 330K; previous 292K)

Weekly Jobless Claims Net Change (previous -31K)

Cont Jobless Claims (prior week) (previous 2871000)

Cont Jobless Claims Net Chg (prior week) (previous -73K)

8:30 AM ET. 2nd Quarter International Transactions

Current Account (expected -97B; previous -106.15B)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. Aug Existing Home Sales

Total Sales (expected 5.25M; previous 5.39M)

Percent Change (expected -2.6%; previous +6.5%)

Month’s Supply (previous 5.1)

Median Price (previous 213500)

Median Price – Yrly % Chg (previous +13.7%)

10:00 AM ET. Aug Leading Indicators

Leading Index (expected +0.7%; previous +0.6%)

Coincident Index (previous +0.2%)

Lagging Index (previous -0.2%)

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

DJ-BTMU Business Barometer (previous +0.1%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.7%)

10:00 AM ET. Sept Philadelphia Fed Business Outlook Survey

Business Activity (expected 9; previous 9.3)

Prices Paid (previous 17.3)

Employment (previous 3.5)

New Orders (previous 5.3)

Prices Received (previous 9.9)

Delivery Times (previous -9)

Inventories (previous -11.3)

Shipments (previous -0.9)

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

Total Working Gas in Storage (previous 3253B)

Total Working Gas in Storage (Net change) (previous +65B)

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings

US Foreign Agency Holdings

Foreign Treasury Holdings

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings

Primary Credit Borrowings W/E

Daily Avg.

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings

Discount Window Borrowings W/E Daily Avg.

4:30 PM ET. Money Stock Measures


 

Currencies Snapshot
Symbol Last Change %
US DOLLAR INDEX 80.142 -0.128 -0.16%
POWERSHARES DB US DOLLAR INDEX 21.6576 -0.2424 -1.12%
US Dollar/Canadian Dollar 1.01859 -0.00357 -0.35%
Euro/US Dollar 1.35530 +0.00221 +0.16%
JAPANESE YEN Dec 2013 0.010117 -0.000096 -0.94%
SWISS FRANC Dec 2013 1.0998 +0.0042 +0.38%

CURRENCIES

December Dollar closed sharply lower on Wednesday and below key support marked by June’s low crossing at 80.95. 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 oversold but remain bearish signaling that sideways to lower prices are possible near-term. If September extends this month’s decline, February’s low crossing at 79.66 is the next downside target. Closes above the 20-day moving average crossing at 81.89 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 81.89. Second resistance is this month’s high crossing at 83.15. First support is today’s low crossing at 80.31. Second support is February’s low crossing at 79.66.

The December Euro closed higher on Wednesday and above August’s high thereby renewing the rally off July’s low. The high-range close sets the stage for a steady to higher 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 December extends the aforementioned rally, February’s high crossing at 137.17 is the next upside target. Closes below the 10-day moving average crossing at 132.98 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 135.16. Second resistance is February’s high crossing at 137.17. First support is the 10-day moving average crossing at 132.98. Second support is this month’s low crossing at 131.10.

The December British Pound closed sharply higher on Wednesday as it extends this summer’s rally. The high-range close sets the stage for a steady to higher opening when Thursday’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 December extends the aforementioned rally, the December 2012 high crossing at 1.6264 is the next upside target. Closes below the 20-day moving average crossing at 1.5676 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1.6112. Second resistance is the December 2012 high crossing at 1.6264. First support is the 10-day moving average crossing at 1.5797. Second resistance is the 20-day moving average crossing at 1.5677.

The December Swiss Franc closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher 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 December extends this month’s rally, January’s high crossing at .11062 is the next upside target. Closes below the 10-day moving average crossing at .10753 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .10986. Second resistance is January’s high crossing at .11062. First support is the 10-day moving average crossing at .10753. Second support is this month’s low crossing at .10584.

The December Canadian Dollar closed higher on Wednesday as it extends the rally off August’s low. The high-range close sets the stage for a steady to higher opening when Thursday’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 December extends the rally off August’s low, June’s high crossing at 98.22 is the next upside target. Closes below the 20-day moving average crossing at 95.69 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 97.81. Second resistance is June’s high crossing at 98.22. First support is the 10-day moving average crossing at 96.46. Second support is the 20-day moving average crossing at 95.69.

The December Japanese Yen closed higher on Wednesday and above the 20-day moving average crossing at .10114 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher 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 September extends today’s rally, the reaction high crossing at .10330 is the next upside target. Closes below the 10-day moving average crossing at .10060 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .10223. Second resistance is the reaction high crossing at .10330. First support is last Wednesday’s low crossing at .9943. Second support is July’s low crossing at .9860.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Nov 2013 107.87 +0.59 +0.55%
NEW YORK HARBOR ULSD Oct 2013 3.0575 +0.0170 +0.56%
NATURAL GAS Nov 2013 3.808 +0.021 +0.55%
RBOB GASOLINE Nov 2013 2.7392 +0.0124 +0.46%
POWERSHARES DYNAMIC ENERGY 50.940 +0.570 +1.12%
UNITED STATES GASOLINE 57.9000 +1.4000 +2.41%

ENERGIES

October crude oil closed higher on Wednesday and above the 10-day moving average crossing at 108.05 tempering the near-term bearish outlook. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, the 38% retracement level of the April-August rally crossing at 102.43 is the next downside target. Multiple closes above the 10-day moving average are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 110.70. Second resistance is August’s high crossing at 112.24. First support is the reaction low crossing at 104.21. Second support is the 38% retracement level of the April-August rally crossing at 102.43.

October heating oil closed higher due to short covering on Wednesday as it rebounds off the 50% retracement level of the April-August rally crossing at 299.66. The high-range close sets the stage for a steady to higher opening when Thursday’s trading begins. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, the 62% retracement level of the April-August rally crossing at 294.14 is the next downside target. Closes above the 20-day moving average crossing at 311.06 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 311.06. Second resistance is the reaction high crossing at 317.56. First support is the 62% retracement level of the April-August rally crossing at 294.14. Second support is August’s low crossing at 292.61.

October unleaded gas closed higher due to short covering on Wednesday as it consolidated some of the decline off August’s high. The high-range close sets the stage for a steady to higher opening when Thursday’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 October extends the decline off August’s high, the 75% retracement level of the April-August rally crossing at 259.52 is the next downside target. Closes above the 20-day moving average crossing at 281.90 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 275.94. Second resistance is the 20-day moving average crossing at 281.90. First support is Tuesday’s low crossing at 264.43. Second support is the 75% retracement level of the April-August rally crossing at 259.52.

October Henry natural gas closed lower due to profit taking on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August’s low, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. Closes below the 20-day moving average crossing at 3.611 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 50% retracement level of the May-August decline crossing at 3.841. Second resistance is the 62% retracement level of the May-August decline crossing at 4.003. First support is the 20-day moving average crossing at 3.611. Second support is the reaction low crossing at 3.483.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2620 -3 -0.11%
COFFEE Dec 2013 116.3 +1.4 +1.22%
ORANGE JUICE-A Nov 2013 126.70 -0.05 -0.04%
IPATH DJ-UBS SUGAR TRUST 59.440 +0.680 +1.15%
IPATH DJ-UBS SOFTS TRUST 46.2000 -0.4599 -1.00%

FOOD & FIBER

December coffee closed lower on Tuesday as it extends this summer’s decline. The mid-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If December extends this summer’s decline, monthly support crossing at 10.21 is the next downside target. Closes above the reaction high crossing at 12.10 would confirm that a low has been posted.

December cocoa closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling additional gains are possible near-term. If December extends the rally off June’s low, the 2012 high crossing at 27.25 is the next upside target. Closes below the 20-day moving average crossing at 25.26 would confirm that a short-term top has been posted.

October sugar closed higher due to short covering on Wednesday. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16.68 would confirm that a short-term top has been posted. If October renews this month’s rally, June’s high crossing at 17.49 is the next upside target.

October 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 remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends last week’s rally, the 38% retracement level of the August-September decline crossing at 86.70 is the next downside target. Closes below the 20-day moving average crossing at 84.22 would confirm that a short-term top has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 461.75 +5.50 +1.20%
OATS Dec 2013 303.75 -3.00 -0.99%
WHEAT Dec 2013 658.00 +11.50 +1.78%
TEUCRIUM CORN 34.6500 +0.1800 +0.52%
IPATH DJ-UBS GRAINS TRUST 46.650 +0.270 +0.58%
ELEMENTS MLCX GRAINS INDEX TRUST 6.2232 -0.0168 -0.27%
SOYBEANS Nov 2013 1360.00 +12.25 +0.91%
SOYBEAN (MINI) Nov 2013 1360.750 +13.000 +0.97%
SOYBEAN MEAL Dec 2013 430.8 +5.0 +1.17%
TEUCRIUM SOYBEAN 24.2200 +0.0300 +0.12%

GRAINS

Corn closed up 2 1/4-cents at 4.56 1/4.

December corn closed higher due to short covering on Wednesday as it consolidated some of the decline off August’s high. The high-range close sets the stage for a steady to higher opening when Thursday’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 December extends the decline off August’s high, August’s low crossing at 4.45 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.70 3/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 4.70 3/4. Second resistance is August’s high crossing at 5.08 1/4. First support is today’s low crossing at 4.52. Second support is August’s low crossing at 4.45 3/4.

December wheat closed up 3 1/2-cents at 6.46 1/2.

December wheat closed higher on Wednesday while extending the trading range of the past two weeks. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August’s high, August’s low crossing at 6.35 1/2 is the next downside target. Closes above last Thursday’s high would open the door for a possible test of the reaction high crossing at 6.76 1/2 later this month. First resistance is last Thursday’s high crossing at 6.55. Second resistance is the reaction high crossing at 6.76 1/2. First support is the reaction low crossing at 6.36 3/4. Second support is August’s low crossing at 6.35 1/2.

December Kansas City Wheat closed up 1 1/4-cents at 6.91 1/2.

December Kansas City wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off April’s high, weekly support crossing at 6.76 3/4 is the next downside target. Closes above last Thursday’s high would open the door for a possible test of the reaction high crossing at 7.17. First resistance is last Thursday’s high crossing at 7.03. Second resistance is the reaction high crossing at 7.17. First support is last Monday’s low crossing at 6.88 1/2. Second support is weekly support crossing at 6.76 3/4.

December Minneapolis wheat closed up 3/4-cents at 7.00 1/4.

December Minneapolis wheat closed fractionally higher on Wednesday due to short covering. Stochastics and the RSI are oversold but remain bearish signaling that additional weakness is possible. If December renews this summer’s decline, weekly support crossing at 6.93 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.18 3/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.18 3/4. Second resistance is the reaction high crossing at 7.48. First support is today’s low crossing at 6.98 1/4. Second support is weekly support crossing at 6.93 3/4.

SOYBEAN COMPLEX

soybeans closed up 5 1/4-cents at 13.47 3/4.

November soybeans closed higher due to short covering on Wednesday as it consolidated some of this week’s losses. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the August 26th gap crossing at 13.31 1/2 are needed to confirm that a short-term top has been posted. If November renews the rally off August’s low, weekly resistance crossing at 14.49 is the next upside target. First resistance is August’s high crossing at 14.09 1/2. Second resistance is weekly resistance crossing at 14.49. First support is today’s low crossing at 13.32. Second support is the August 26th gap crossing at 13.31 1/2.

December soybean meal closed down $0.80 at 425.80.

December soybean meal closed lower on Wednesday as it extends the decline off last Friday’s high. The mid-range close sets the stage for a steady opening when Thursday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the August 26th gap crossing at 420.30 are needed to confirm that a short-term top has been posted. If December renews the rally off August’s low, weekly resistance crossing at 460.60 is the next upside target. First resistance is last Friday’s high crossing at 451.20. Second resistance is weekly resistance crossing at 460.60. First support is the August 26th gap crossing at 420.30. Second support is the reaction low crossing at 415.60.

December soybean oil closed up 47 pts. at 42.71.

December soybeans closed higher on Wednesday as it consolidated some of the decline off August’s high. The high-range close sets the stage for a steady to higher opening when Thursday’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 December extends this week’s decline, August’s low crossing at 41.85 is the next downside target. Closes above the 20-day moving average crossing at 43.45 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 43.45. Second resistance is the reaction high crossing at 44.46. First support is today’s low crossing at 42.03. Second support is August’s low crossing at 41.85.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15676.94 +147.21 +0.94%
NASDAQ COMPOSITE INDEX (COMBINED) 3782.78 +37.08 +0.98%
S&P 500 CASH 1725.52 +20.76 +1.20%
SPDR S&P 500 173.06 +1.99 +1.15%
QQQQ VOLATILITY INDEX 12.60 -0.50 -3.97%
iShares RUSSELL 2000 INDEX 107.095 +1.015 +0.95%

U.S. STOCK INDEXES

December NASDAQ 100 closed higher on Wednesday as it extends this year’s high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought, diverging but are turning neutral signaling that sideways to higher prices are possible near-term. If December extends this year’s rally, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3125.16 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 3228.50. Second resistance is monthly high crossing at 3329.82. First support is the 10-day moving average crossing at 3166.15. Second support is the 20-day moving average crossing at 3125.16.

The December S&P 500 closed sharply higher on Wednesday and posted a new all-time high. The high-range close sets the stage for a steady to higher opening when Thursday’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 December extends the rally off August’s low into uncharted territory, upside targets will be hard to project. Closes below the 20-day moving average crossing at 1657.30 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1722.80. Second resistance is unknown now that December is trading into uncharted territory. First support is the 10-day moving average crossing at 1678.56. Second support is the 20-day moving average crossing at 1657.30.

The Dow posted a new all-time high on Wednesday after the Fed announced that it would not make any changes to quantitative easing at this point in time. The high-range close sets the stage for a steady to higher opening on Thursday. 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 August’s low, upside targets will now be hard to project. Closes below the 20-day moving average crossing at 15,084 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 15,709. Second resistance is unknown. First support is the 10-day moving average crossing at 15,284. Second support is the 20-day moving average crossing at 15,084.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 131.87500 -0.06250 -0.05%
iShares FLOATING RATE NOTE 50.64 0.00 0.00%
5 YEAR T-NOTES Dec 2013 120.710938 +0.109375 +0.09%
ULTRA T-BONDS Dec 2013 140.15625 -0.12500 -0.09%
POWERSHARES SENIOR LOAN PORTF 24.8000 +0.0100 +0.04%

INTEREST RATES

T-bonds closed up 1-25/32 at 132-03.

December T-bonds closed higher on Wednesday 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 December extends the rally off this month’s low, the 25% retracement level of the May-September decline crossing at 133-09 is the next upside target. Closes below the 10-day moving average crossing at 129-23 would confirm that a short-term top has been posted. First resistance is the 25% retracement level of the May-September decline crossing at 133-09. Second resistance is the 38% retracement level of the May-September decline crossing at 135-28. First support is this month’s low crossing at 128-12. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Oct 2013 158.900 +0.600 +0.38%
LEAN HOGS Dec 2013 87.950 0.000 0.00%
LIVE CATTLE Dec 2013 129.625 +0.675 +0.52%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.4851 +0.1850 +0.67%

LIVESTOCK

hogs closed up $0.75 at $91.72.

October hog closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’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 October extends the rally off March’s low, weekly resistance crossing at 95.30 is the next upside target. Closes below the 20-day moving average crossing at 88.70 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 92.20. Second resistance is weekly resistance crossing at 95.30. First support is the 10-day moving average crossing at 90.80. Second support is the 20-day moving average crossing at 88.70.

October cattle closed up $0.10 at 125.27.

October cattle closed higher on Wednesday extending the trading range of the past eight days. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI have turned bullish hinting that a low might be in or is near-term. Closes above the 20-day moving average crossing at 126.05 would confirm that a low has been posted. If October extends the decline off August’s high, August’s low crossing at 124.12 is the next downside target. First resistance is the 20-day moving average crossing at 126.05. Second resistance is the reaction high crossing at 127.25. First support is Tuesday’s low crossing at 124.30. Second support is August’s low crossing at 124.12.

October feeder cattle closed up $0.42 at $158.30.

October Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are turning bearish signaling that sideways to lower prices are possible near-term. If October renews this month’s decline, August’s low crossing at 155.85 is the next downside target. If October renews the rally off August’s low, August’s high crossing at 160.70 is the next upside target. First resistance is the reaction high crossing at 160.00. Second resistance is August’s high crossing at 160.70. First support is gap support crossing at 158.02. Second support is August’s low crossing at 155.85.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1367.6 +60.0 +4.40%
SPDR GOLD SHARES 131.96 +5.46 +4.14%
SILVER Dec 2013 23.005 +1.441 +6.28%
PALLADIUM Dec 2013 719.20 +16.10 +2.24%
DIREXION DAILY GOLD MINERS BEA 24.32 -9.44 -38.53%
POWERSHARES DB PRECIOUS METALS 45.1500 +1.9252 +4.25%

PRECIOUS METALS

October gold closed higher on Wednesday following the Feds announcement to continue with quantitative easing for the time being. The high-range close sets the stage for a steady to higher opening when Thursday’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 1374.10 are needed to confirm that a short-term low has been posted. If October renews this month’s decline, August’s low crossing at 1272.10 is the next downside target. First resistance is the 20-day moving average crossing at 1374.10. Second resistance is August’s high crossing at 1432.90. First support is today’s low crossing at 1281.80. Second resistance is August’s low crossing at 1272.10.

December silver closed sharply higher on Wednesday and the high-range close set the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 23.322 are needed to confirm that a low has been posted. If December extends the decline off August’s high, August’s low crossing at 19.145 is the next downside target. First resistance is the 20-day moving average crossing at 23.322. Second resistance is August’s high crossing at 25.160. First support is today’s low crossing at 21.225. Second support is the reaction low crossing at 19.145.

December copper closed higher on Wednesday and above the 20-day moving average crossing at 327.27 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday’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. If December extends the decline off August’s high, the reaction low crossing at 314.00 is the next downside target. First resistance is today’s high crossing at 332.05. Second resistance is August’s high crossing at 339.50. First support is the reaction low crossing at 319.05. Second support is the reaction low crossing at 314.00.


 

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3. MFS.Z13.E MSCI EAFE INDEX Dec 2013 1851.6 +49.0 +2.65% 10,119 +100    Entry Signal
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5. MFS.U13.E MSCI EAFE INDEX Sep 2013 1857.4 +49.1 +2.64% 8,883 +100    Entry Signal
6. M6E.Z13.E E-MICRO EUR/USD Dec 2013 1.3556 +0.0047 +0.35% 2,373 +100    Entry Signal
7. ZQ.Q14.E 30 DAY FED FUND Aug 2014 99.825 +0.035 +0.04% 1,486 +100    Entry Signal
8. E7.Z13.E EURO FX (E-MINI) Dec 2013 1.3554 +0.0045 +0.33% 1,510 +100    Entry Signal
9. ZQ.U14.E 30 DAY FED FUND Sep 2014 99.805 +0.045 +0.05% 1,466 +100    Entry Signal
10. ZQ.M14.E 30 DAY FED FUND Jun 2014 99.855 +0.020 +0.02% 1,359 +100    Entry Signal
Annunci

Key Market Reports and Commentary for Thursday 12/09/2013

Morning Markets Report
Prepared on Thursday, September 12, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is declining 6 points to 15324. The US Dollar Index edged higher by 0.011 points to 81.537. Gold has slipped 22.28 dollars to 1341.45. Silver has eased 0.5013 dollars to 22.6147. The Dow Industrials trended higher 135.54 points, at 15326.60, while the S&P 500 rose 5.14 points, last seen at 1689.13. The Nasdaq Composite retreated 6.23 points to 3722.79. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
A Short Guide To The Middle East
Wednesday Sep 11th

Apple Tanks and The NASDAQ Sinks
Wednesday Sep 11th

Is Putin now dictating American diplomacy in the Middle East?
Wednesday Sep 11th

Key Events for Thursday

8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 215.1K)

Soybeans, In Metric Tons (previous 459.2K)

Wheat, In Metric Tons (previous 747.4K)

8:30 AM ET. Aug Import & Export Price Indexes

Import Prices (expected +0.5%; previous +0.2%)

Non-Petroleum Prices (previous -0.5%)

Petroleum Prices (previous +3.2%)

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

Weekly Jobless Claims (expected 330K; previous 323K)

Weekly Jobless Claims Net Change (previous -9K)

Cont Jobless Claims (prior week) (previous 2951000)

Cont Jobless Claims Net Chg (prior week) (previous -43K)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

DJ-BTMU Business Barometer (previous +0.2%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.5%)

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

Total Working Gas in Storage (previous 3188B)

Total Working Gas in Storage (Net Change) (previous +58B)

12:00 PM ET. World Agricultural Supply & Demand Estimates (WASDE)

U.S. Corn, Ending Stocks, Bushels (previous 1.84B)

U.S. Soybeans, Ending Stocks, (previous 220M Bushels)

U.S. Wheat, Ending Stocks, Bushels (previous 0.55B)

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings

Primary Credit Borrowings W/E Daily Avg.

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings

Discount Window Borrowings W/E Daily Avg.

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings

US Foreign Agency Holdings

Foreign Treasury Holdings


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.537 +0.011 +0.01%
POWERSHARES DB US DOLLAR INDEX 22.01 -0.08 -0.36%
US Dollar/Canadian Dollar 1.03159 +0.00005 0.00%
Euro/US Dollar 1.32959 -0.00131 -0.10%
JAPANESE YEN Sep 2013 0.010063 +0.000057 +0.57%
SWISS FRANC Sep 2013 1.0748 -0.0003 -0.03%

CURRENCIES

December Dollar closed lower on Wednesday and below the 20-day moving average crossing at 81.93 confirming that a short-term top has been posted. 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 bearish signaling that sideways to lower prices are possible near-term. If September extends today’s decline, the reaction low crossing at 81.39 is the next downside target. Closes above the 10-day moving average crossing at 82.31 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 82.3. Second resistance is the 50% retracement level of the July-August decline crossing at 82.87. First support is the reaction low crossing at 81.39. Second support is August’s low crossing at 81.03.

The December Euro closed higher on Wednesday and above the 20-day moving average crossing at 132.99 confirming that a low has been posted. The high-range close sets the stage for a steady to higher 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 December extends today’s rally, the reaction high crossing at 134.15 is the next upside target. Closes below the 10-day moving average crossing at 132.35 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 134.15. Second resistance is August’s high crossing at 134.58. First support is the 50% retracement level of the July-August rally crossing at 131.10. Second support is the 62% retracement level of the July-August rally crossing at 130.27.

The December British Pound closed higher on Wednesday as it extended the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, weekly resistance crossing at 1.5901 is the next upside target. Closes below the 20-day moving average crossing at 1.5602 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1.5818. Second resistance is weekly resistance crossing at 1.5901. First support is the 20-day moving average crossing at 1.5602. Second resistance is the reaction low crossing at 1.5420.

The December Swiss Franc closed higher on Wednesday extending the short covering rally off last Friday’s low. The high-range close sets the stage for a steady to higher opening when Thursday’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 .10780 would confirm that a short-term low has been posted. If December renews the decline off August’s high, the 62% retracement level of the July-August rally crossing at .10543 is the next downside target. First resistance is the 20-day moving average crossing at .10780. Second resistance is the reaction high crossing at .10938. First support is last Friday’s low crossing at .10584. Second support is the 62% retracement level of the July-August rally crossing at .10543.

The December Canadian Dollar closed higher on Wednesday as it extends the rally off August’s low. The high-range close sets the stage for a steady to higher 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 December extends the rally off August’s low, the reaction high crossing at 98.86 is the next upside target. Closes below the 10-day moving average crossing at 95.44 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 96.73. Second resistance is the reaction high crossing at 98.86. First support is the 20-day moving average crossing at 95.59. Second support is the 10-day moving average crossing at 95.44.

The December Japanese Yen closed higher due to short covering on Wednesday as it consolidated some of the decline off August’s high. The high-range close sets the stage for a steady to higher opening when Thursday’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 September extends the aforementioned decline, July’s low crossing at .9860 is the next downside target. Closes above the 20-day moving average crossing at .10153 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at .10153. Second resistance is the reaction high crossing at .10330. First support is today’s low crossing at .9943. Second support is July’s low crossing at .9860.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Oct 2013 108.41 +0.85 +0.79%
NEW YORK HARBOR ULSD Oct 2013 3.1002 +0.0284 +0.92%
NATURAL GAS Nov 2013 3.626 -0.017 -0.47%
RBOB GASOLINE Oct 2013 2.7513 +0.0391 +1.44%
POWERSHARES DYNAMIC ENERGY 50.262 -0.298 -0.59%
UNITED STATES GASOLINE 57.9401 -0.4299 -0.74%

ENERGIES

October crude oil closed higher due to short covering on Wednesday as it consolidates some of this week’s decline. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins. Stochastics and the RSI are turning neutral to bearish hinting that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 107.45 are needed to confirm that a short-term top has been posted. If October renews this summer’s rally, weekly resistance crossing at 114.83 is the next upside target. First resistance is August’s high crossing at 112.24. Second resistance is weekly resistance crossing at 114.83. First support is the 20-day moving average crossing at 107.45. Second support is the reaction low crossing at 103.50.

October heating oil posted an inside day with a higher close on Wednesday but remains below the 20-day moving average crossing at 311.39. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, August’s low crossing at 292.61 is the next downside target. Closes above last Friday’s high crossing at 317.56 would confirm that a short-term low has been posted. First resistance is last Friday’s high crossing at 317.56. Second resistance is August’s high crossing at 322.90. First support is Tuesday’s low crossing at 305.33. Second support is August’s low crossing at 292.61.

October unleaded gas closed lower on Wednesday extending the decline off August’s high. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, August’s low crossing at 269.93 is the next downside target. Closes above the 20-day moving average crossing at 284.56 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 284.56. Second resistance is August’s high crossing at 298.21. First support is today’s low crossing at 270.78. Second support is August’s low crossing at 269.93.

October Henry natural gas closed lower on Wednesday. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 3.543 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If October renews the rally off August’s low, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. First resistance is the 38% retracement level of the May-August decline crossing at 3.680. Second resistance is the 50% retracement level of the May-August decline crossing at 3.842. First support is the 20-day moving average crossing at 3.543. Second support is August’s low crossing at 3.154.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2567 -4 -0.16%
COFFEE Dec 2013 120.75 -0.05 -0.04%
ORANGE JUICE-A Nov 2013 135.05 -1.95 -1.44%
IPATH DJ-UBS SUGAR TRUST 59.7615 -0.1385 -0.23%
IPATH DJ-UBS SOFTS TRUST 44.8801 -0.3799 -0.81%

FOOD & FIBER

December coffee closed higher on Wednesday and above the 20-day moving average crossing at 118.88 confirming that a low has been posted. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends today’s rally, August’s high crossing at 12.70 is the next upside target. If December renews this summer’s decline, monthly support crossing at 10.21 is the next downside target.

December cocoa closed higher on Wednesday as it extends the rally off June’s low. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling additional gains are possible near-term. If December extends the rally off June’s low, the 87% retracement level of the 2012-2013-decline crossing at 26.43 is the next upside target. Closes below the 20-day moving average crossing at 24.98 would confirm that a short-term top has been posted.

October sugar closed slightly lower on Wednesday as it consolidated some of the rally off August’s low. The mid-range close set the stage for a steady opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, June’s high crossing at 17.49 is the next upside target. Closes below the 10-day moving average crossing at 16.66 would confirm that a short-term top has been posted.

October cotton closed lower on Wednesday 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 on Thursday. Stochastics and the RSI have turned bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 85.79 would confirm that a low has been posted. If October renews the decline off August’s high, May’s low crossing at 81.83 is the next downside target.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 468.75 -3.75 -0.79%
OATS Dec 2013 323.25 +1.00 +0.31%
WHEAT Dec 2013 646.00 -2.00 -0.31%
TEUCRIUM CORN 35.6901 +0.1501 +0.42%
IPATH DJ-UBS GRAINS TRUST 47.4500 +0.1800 +0.38%
ELEMENTS MLCX GRAINS INDEX TRUST 6.3226 +0.0526 +0.83%
SOYBEANS Nov 2013 1352.50 -5.75 -0.42%
SOYBEAN (MINI) Nov 2013 1352.00 -6.25 -0.46%
SOYBEAN MEAL Dec 2013 424.9 -3.1 -0.72%
TEUCRIUM SOYBEAN 24.3049 -0.1851 -0.76%

GRAINS

Corn closed up 3 1/2-cents at 4.72 1/2.

December corn closed higher due to short covering on Wednesday. There is little movement in the corn market as traders square positions ahead of tomorrow’s USDA world supply and demand estimates. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August’s high, August’s low crossing at 4.45 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.73 3/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 4.73 3/4. Second resistance is August’s high crossing at 5.08 1/4. First support is last Thursday’s low crossing at 4.57. Second support is August’s low crossing at 4.45 3/4.

December wheat closed up 1 1/2-cents at 6.48.

December wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off August’s high, August’s low crossing at 6.35 1/2 is the next downside target. Closes above the 20-day moving average crossing at 6.49 1/4 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 6.49 1/4. Second resistance is August’s high crossing at 6.79 3/4. First support is last Thursday’s low crossing at 6.36 3/4. Second support is August’s low crossing at 6.35 1/2.

December Kansas City Wheat closed unchanged at 6.94 3/4.

December Kansas City wheat closed unchanged on Wednesday. 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 December extends the decline off April’s high, weekly support crossing at 6.76 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.00 1/2 is the next upside target. First resistance is the 20-day moving average crossing at 7.00 1/2. Second resistance is the reaction high crossing at 7.17. First support is Monday’s low crossing at 6.88 1/2. Second support is weekly support crossing at 6.76 3/4.

December Minneapolis wheat closed up 4 1/4-cents at 7.10.

December Minneapolis wheat closed higher due to short covering on Wednesday as it consolidated some of this summer’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this summer’s decline, psychological support crossing at 7.00 is the next downside target. Closes above the 20-day moving average crossing at 7.28 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.28. Second resistance is the reaction high crossing at 7.48. First support is Monday’s low crossing at 7.01 1/4. Second support is psychological support crossing at 7.00.

SOYBEAN COMPLEX

soybeans closed up 3 1/4-cents at 13.58 1/4.

November soybeans closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the August 26th gap crossing at 13.31 1/2 are needed to confirm that a short-term top has been posted. If November renews the rally off August’s low, weekly resistance crossing at 14.49 is the next upside target. First resistance is August’s high crossing at 14.09 1/2. Second resistance is weekly resistance crossing at 14.49. First support is the 20-day moving average crossing at 13.33 3/4. Second support is the August 26th gap crossing at 13.31 1/2.

December soybean meal closed up $2.80 at 428.00.

December soybean meal closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the August 26th gap crossing at 420.30 are needed to confirm that a short-term top has been posted. If December renews the rally off August’s low, weekly resistance crossing at 460.60 is the next upside target. First resistance is August’s high crossing at 445.80. Second resistance is weekly resistance crossing at 460.60. First support is the August 26th gap crossing at 420.30. Second support is the 20-day moving average crossing at 416.80.

December soybean oil closed down 11 pts. at 42.96.

December soybeans closed lower on Wednesday extending Monday’s breakout below the 20-day moving average crossing at 43.61. 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 bearish signaling that sideways to lower prices are possible near-term. If December extends this week’s decline, the reaction low crossing at 42.67 is the next downside target. Closes above last Friday’s high crossing at 44.46 would temper the near-term bearish outlook. First resistance is last Friday’s high crossing at 44.46. Second resistance is August’s high crossing at 45.32. First support is the reaction low crossing at 42.67. Second support is August’s low crossing at 41.85.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15326.60 +135.54 +0.88%
NASDAQ COMPOSITE INDEX (COMBINED) 3722.79 -6.23 -0.17%
S&P 500 CASH 1689.13 +5.14 +0.30%
SPDR S&P 500 169.33 +0.46 +0.27%
QQQQ VOLATILITY INDEX 13.19 -0.50 -3.79%
iShares RUSSELL 2000 INDEX 104.970 +0.010 +0.01%

U.S. STOCK INDEXES

December NASDAQ 100 closed lower due to profit taking on Wednesday as it consolidates some of the rally off August’s low. The high-range close sets the stage for a steady to higher opening when Thursday’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 December extends the aforementioned rally, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3098.51 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 3182.00. Second resistance is monthly high crossing at 3329.82. First support is the 20-day moving average crossing at 3098.51. Second support is August’s low crossing at 3049.25.

The December S&P 500 closed higher on Wednesday as it extends the rally off August’s low. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, the reaction high crossing at 1684.40 is the next upside target. Closes below the 20-day moving average crossing at 1646.12 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1680.70. Second resistance is the reaction high crossing at 1684.40. First support is the 20-day moving average crossing at 1646.12. Second support is August’s low crossing at 1621.00.

The Dow closed higher on Wednesday as it extends the rally off August’s low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. Closes. If the Dow extends the rally off August’s low, the 62% retracement level of August’s decline crossing at 15,315 is the next upside target. Closes below the 10-day moving average crossing at 14,964 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 15,305. Second resistance is the 62% retracement level of August’s decline crossing at 15,315. First support is the 10-day moving average crossing at 14,964. Second support is August’s low crossing at 14,760.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 129.8750 +0.5000 +0.39%
iShares FLOATING RATE NOTE 50.6465 -0.0035 -0.01%
5 YEAR T-NOTES Dec 2013 119.320313 +0.117188 +0.10%
ULTRA T-BONDS Dec 2013 138.28125 +0.68750 +0.50%
POWERSHARES SENIOR LOAN PORTF 24.81 +0.01 +0.04%

INTEREST RATES

T-bonds closed up 22/32 at 129-16.

December T-bonds closed higher on Wednesday. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off July’s high, weekly support crossing at 125-29 is the next downside target. Closes above the 20-day moving average crossing at 130-05 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 130-05. Second resistance is the reaction high crossing at 132-04. First support is last Friday’s low crossing at 128-12. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Oct 2013 158.400 +0.175 +0.11%
LEAN HOGS Dec 2013 87.500 +0.250 +0.29%
LIVE CATTLE Dec 2013 128.725 +0.150 +0.12%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.39 -0.03 -0.11%

LIVESTOCK

hogs closed down $0.55 at $90.30.

October hog closed lower due to profit taking on Wednesday as it consolidated some of the rally off March’s low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this week’s rally, weekly resistance crossing at 95.30 is the next upside target. Closes below the 20-day moving average crossing at 87.69 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 91.10. Second resistance is weekly resistance crossing at 95.30. First support is the 10-day moving average crossing at 89.04. Second support is the 20-day moving average crossing at 87.69.

October cattle closed up $0.03 at 125.05.

October cattle closed slightly higher on Wednesday. However, 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the aforementioned decline, August’s low crossing at 124.12 is the next downside target. Closes above the 20-day moving average crossing at 126.77 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 125.92. Second resistance is the 20-day moving average crossing at 126.77. First support is last Friday’s low crossing at 124.90. Second support is August’s low crossing at 124.12.

October feeder cattle closed up $0.45 at $158.22.

October Feeder cattle closed higher on Wednesday. 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 neutral to bearish signaling that sideways to lower prices are possible near-term. Tuesday’s close below gap support crossing at 158.02 has tempered the near-term friendly outlook. If October renews the rally off August’s low, August’s high crossing at 160.70 is the next upside target. First resistance is last Tuesday’s high crossing at 160.00. Second resistance is August’s high crossing at 160.70. First support is gap support crossing at 158.02. Second support is August’s low crossing at 155.85.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1341.7 -22.1 -1.62%
SPDR GOLD SHARES 131.71 -0.03 -0.02%
SILVER Dec 2013 22.660 -0.512 -2.20%
PALLADIUM Dec 2013 694.00 +2.80 +0.40%
DIREXION DAILY GOLD MINERS BEA 31.1702 -0.6998 -2.24%
POWERSHARES DB PRECIOUS METALS 45.2274 +0.0574 +0.13%

PRECIOUS METALS

October gold closed lower on Wednesday extending yesterday’s breakout below the 20-day moving average. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If October extends this week’s decline, the reaction low crossing at 1351.60 is the next downside target. Closes above the 10-day moving average crossing at 1390.00 would temper the near-term bearish outlook. First resistance is the reaction high crossing at 1432.90. Second resistance is May’s high crossing at 1489.00. First support is the reaction low crossing at 1351.60. Second resistance is August’s low crossing at 1272.10.

December silver closed higher due to short covering on Wednesday but remains below the 20-day moving average. The high-range close set the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends this week’s decline, the reaction low crossing at 22.320 is the next downside target. If December renews the rally off June’s low, the 50% retracement level of the September-June decline crossing at 26.862 is the next upside target. First resistance is August’s high crossing at 25.160. Second resistance is the 50% retracement level of the September-June decline crossing at 26.862. First support is today’s low crossing at 22.785. Second support is the reaction low crossing at 22.320.

December copper closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. 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 330.32 would confirm that a short-term low has been posted. If December renews the decline off August’s high, the reaction low crossing at 314.00 is the next downside target. First resistance is the 20-day moving average crossing at 330.32. Second resistance is August’s high crossing at 339.50. First support is last Thursday’s low crossing at 322.00. Second support is the reaction low crossing at 314.00.


 

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8. GM GENERAL MOTORS 36.295 -0.705 -1.94% 26,271,097 +90    Entry Signal
9. VALE VALE 16.350 -0.460 -2.81% 25,483,284 +90    Entry Signal
10. BSX BOSTON SCIENTIFIC 11.915 -0.035 -0.29% 24,783,871 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. EC.U13 EURO FX Sep 2013 1.3310 +0.0042 +0.32% 225,376 +100    Entry Signal
2. S.H14 SOYBEANS Mar 2014 1340.50 +2.25 +0.17% 10,415 +100    Entry Signal
3. GE.Z13.E EURODOLLAR Dec 2013 99.705 0.000 0.00% 18,548 +100    Entry Signal
4. 6N.U13.E NEW ZEALAND $ Sep 2013 0.8144 +0.0058 +0.72% 7,443 +100    Entry Signal
5. MFS.U13.E MSCI EAFE INDEX Sep 2013 1795.0 +5.6 +0.31% 7,107 +100    Entry Signal
6. SM.F14 SOYBEAN MEAL Jan 2014 426.3 +2.1 +0.49% 4,508 +100    Entry Signal
7. 6N.Z13.E NEW ZEALAND $ Dec 2013 0.8091 +0.0055 +0.69% 3,893 +100    Entry Signal
8. MFS.Z13.E MSCI EAFE INDEX Dec 2013 1789.2 +5.1 +0.28% 2,668 +100    Entry Signal
9. ZM.N14.E SOYBEAN MEAL Jul 2014 398.1 -4.4 -1.09% 148 +100    Entry Signal
10. ZM.K14.E SOYBEAN MEAL May 2014 402.0 -4.6 -1.13% 355 +100    Entry Signal

Key Market Reports and Commentary for Thursday 29/08/2013

Morning Markets Report
Prepared on Thursday, August 29, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is up 41 points to 14847. The US Dollar Index edged higher by 0.394 points to 81.831. Gold has slipped 6.99 dollars to 1409.97. Silver is lower 0.3557 dollars to 23.9843. The Dow Industrials moved up 48.38 points, at 14824.51, while the S&P 500 edged higher by 4.48 points, last seen at 1634.96. The Nasdaq Composite gained 15.90 points to 3594.42. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Today’s Video Update: Countdown To Syria And Other Important Market Elements
Wednesday Aug 28th

Using the MACD to Trade Binary options
Wednesday Aug 28th

Poll: Should the U.S. Military Launch a Military Attack Against Syria?
Tuesday Aug 27th

Key Events for Thursday

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

Weekly Jobless Claims (expected 331K; previous 336K)

Weekly Jobless Claims Net Change (previous +13K)

Cont Jobless Claims (prior week) (previous 2999000)

Cont Jobless Claims Net Chg (prior week) (previous +29K)

8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 492.6K)

Soybeans, In Metric Tons (previous 946.9K)

Wheat, In Metric Tons (previous 494K)

8:30 AM ET. 2 Quarter Preliminary Corporate Profits

8:30 AM ET. 2 Quarter 2nd estimate GDP

GDP (expected +2.2%; previous +1.7%)

Chain-Weighted Price Index (expected +0.7%; previous +0.7%)

Corporate Profits (previous -1.4%)

PCE Price Index (previous +0%)

Purchase Price Index (previous +0.3%)

Real Final Sales (previous +1.3%)

Core PCE Price Index (Ex Food/Energy) (previous +0.8%)

Personal Consumption (previous +1.8%)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

DJ-BTMU Business Barometer (previous +0.1%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.2%)

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

Total Working Gas in Storage (previous 3063B)

Total Working Gas in Storage (Net Change) (previous +57B)

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings

US Foreign Agency Holdings

Foreign Treasury Holdings

4:30 AM ET. Federal Discount Window Borrowings

Primary Credit Borrowings

Primary Credit Borrowings W/E Daily Avg.

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings

Discount Window Borrowings W/E Daily Avg.

4:30 PM ET. Money Stock Measures


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.831 +0.394 +0.51%
POWERSHARES DB US DOLLAR INDEX 22.0000 +0.0800 +0.36%
US Dollar/Canadian Dollar 1.05000 +0.00120 +0.11%
Euro/US Dollar 1.32540 -0.00860 -0.64%
JAPANESE YEN Sep 2013 0.010184 -0.000053 -0.52%
SWISS FRANC Sep 2013 1.0775 -0.0077 -0.71%

CURRENCIES

September Dollar closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the reaction high crossing at 81.99 are needed to confirm that a short-term low has been posted. If September renews the decline off July’s high, June’s low crossing at 80.61 is the next downside target. First resistance is the reaction high crossing at 81.99. Second resistance is August’s high crossing at 82.61. First support is last Tuesday’s low crossing at 80.77. Second support is June’s low crossing at 80.61.

The September Euro closed lower on Wednesday. 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 diverging and are turning neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 133.32 are needed to confirm that a short-term top has been posted. If September renews the rally off July’s low, the 75% retracement level of the February-July decline crossing at 134.65 is the next upside target. First resistance is the 75% retracement level of the February-July decline crossing at 134.65. Second resistance is the 87% retracement level of the February-July decline crossing at 135.84. First support is the 20-day moving average crossing at 133.32. Second support is the reaction low crossing at 131.87.

The September British Pound closed lower on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 1.5506 would confirm that a short-term top has been posted. If September renews the rally off July’s low, June’s high crossing at 1.5743 is the next upside target. First resistance is August’s high crossing at 1.5716. Second resistance is June’s high crossing at 1.5743. First support is the 20-day moving average crossing at 1.5506. Second resistance is the reaction low crossing at 1.5419.

The September Swiss Franc closed lower on Wednesday. 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 diverging and are neutral hinting that a short-term top might be in or is near. Closes below the reaction low crossing at .10766 would confirm that a short-term top has been posted. If September renews the rally off July’s low, June’s high crossing at .10962 is the next upside target. First resistance is Tuesday’s high crossing at .10936. Second resistance is June’s high crossing at .10962. First support is the reaction low crossing at .10766. Second support is the reaction low crossing at .10644.

The September Canadian Dollar closed higher due to short covering on Wednesday as it consolidated some of this month’s decline. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 96.18 would confirm that a short-term low has been posted. If September renews this month’s decline, July’s low crossing at 94.09 is the next downside target. First resistance is the 10-day moving average crossing at 95.80. Second resistance is the 20-day moving average crossing at 96.18. First support is last week’s low crossing at 94.55. Second support is July’s low crossing at 94.09.

The September Japanese Yen closed lower on Wednesday. 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 turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends Tuesday’s rally, the reaction high crossing at .10440 is the next upside target. Closes below the reaction low crossing at .10086 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .10329. Second resistance is the reaction high crossing at .10440. First support is the reaction low crossing at .10086. Second support is the reaction low crossing at .10002.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Oct 2013 109.28 -0.82 -0.75%
NEW YORK HARBOR ULSD Oct 2013 3.1945 -0.0168 -0.53%
NATURAL GAS Nov 2013 3.689 -0.001 -0.03%
RBOB GASOLINE Oct 2013 2.9379 -0.0237 -0.80%
POWERSHARES DYNAMIC ENERGY 49.4500 +0.3607 +0.73%
UNITED STATES GASOLINE 62.960 +0.781 +1.24%

ENERGIES

October crude oil closed higher on Wednesday as it extends this summer’s rally. Profit taking tempered early-session gains and the low-range close sets the stage for a steady to lower opening when Thursday’s night session begins. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If October extends this summer’s rally, weekly resistance crossing at 114.83 is the next upside target. Closes below the 20-day moving average crossing at 106.04 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 112.24. Second resistance is weekly resistance crossing at 114.83. First support is the 20-day moving average crossing at 106.04. Second support is the reaction low crossing at 103.50.

October heating oil closed higher on Wednesday as it extended the rally off April’s low. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August’s low, the contract high crossing at 324.56 is the next upside target. Closes below the 20-day moving average crossing at 306.77 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 322.20. Second resistance is the contract high crossing at 324.56. First support is the 10-day moving average crossing at 310.38. Second support is the 20-day moving average crossing at 306.77.

October unleaded gas closed higher on Wednesday renewing the rally off April’s low. The mid-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August’s low, weekly resistance crossing at 316.32 is the next upside target. Multiple closes below the 20-day moving average crossing at 283.19 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 298.21. Second resistance is weekly resistance crossing at 316.32. First support is the 20-day moving average crossing at 283.19. Second support is the reaction low crossing at 278.44.

October Henry natural gas closed higher on Wednesday as it extended this month’s rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends this month’s rally, the 38% retracement level of the May-August decline crossing at 3.680 is the next upside target. Closes below the 20-day moving average crossing at 3.421 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 3.628. Second resistance is the 38% retracement level of the May-August decline crossing at 3.680. First support is the 20-day moving average crossing at 3.421. Second support is August’s low crossing at 3.154.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2492 -6 -0.24%
COFFEE Dec 2013 118.20 -0.25 -0.21%
ORANGE JUICE-A Nov 2013 136.70 +1.15 +0.84%
IPATH DJ-UBS SUGAR TRUST 57.23 -0.08 -0.14%
IPATH DJ-UBS SOFTS TRUST 48.06 +0.10 +0.22%

FOOD & FIBER

September coffee closed higher on Wednesday as it consolidated some of this summer’s decline. The high-range close set the stage for a steady to higher 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 September renews this month’s decline, monthly support crossing at 10.21 is the next downside target. Closes above the 20-day moving average crossing at 118.11 would confirm that a low has been posted.

September cocoa gapped up and closed higher on Wednesday while extending this month’s trading range. The low-range close sets 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. Multiple closes below the 20-day moving average crossing at 24.23 would confirm that a short-term top has been posted. If September renews the rally off June’s low, the 62% retracement level of the 2011-2013-decline crossing at 25.55 is the next upside target.

October sugar closed lower on Wednesday. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 16.73 would confirm that a low has been posted. If October renews this month’s decline, the reaction low crossing at 16.09 is the next downside target.

October cotton closed lower on Wednesday and is poised to renew this month’s decline. The low-range close sets the stage for a steady to lower 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 October extends this month’s decline, July’s low crossing at 83.55 is the next downside target. Closes above last Wednesday’s gap crossing at 88.76 would confirm that a low has been posted.


 

Free actionable trade ideas each week – View This Week’s Trade!

 


Grains Snapshot
Symbol Last Change %
CORN Dec 2013 478.75 -2.00 -0.42%
OATS Dec 2013 348.50 0.00 0.00%
WHEAT Dec 2013 655.75 -3.75 -0.57%
TEUCRIUM CORN 36.411 -0.269 -0.74%
IPATH DJ-UBS GRAINS TRUST 48.2165 -0.3135 -0.65%
ELEMENTS MLCX GRAINS INDEX TRUST 6.4610 -0.0483 -0.75%
SOYBEANS Nov 2013 1370.25 -2.50 -0.18%
SOYBEAN (MINI) Nov 2013 1370.50 -2.25 -0.16%
SOYBEAN MEAL Dec 2013 428.6 -0.7 -0.16%
TEUCRIUM SOYBEAN 24.7622 -0.0128 -0.05%

GRAINS

Corn closed down 5 1/2-cents at 4.80 3/4.

December corn closed lower on Wednesday as it consolidated some of Monday’s rally. 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 turning neutral to bearish leaving upside potential uncertain. If December extends the rally off this month’s low, July’s high crossing at 5.28 1/4 is the next upside target. Closes below the 20-day moving average crossing at 4.68 1/2 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 5.08 1/4. Second resistance is July’s high crossing at 5.28 1/4. First support is the 20-day moving average crossing at 4.68 1/2. Second support is the reaction low crossing at 4.63 1/2.

December wheat closed down 4 1/4-cents at 6.59 1/2.

December wheat closed lower on Wednesday. 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 December extends Monday’s rally, August’s high crossing at 6.79 3/4 is the next upside target. Closes below the 10-day moving average crossing at 6.51 3/4 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 6.76 1/2. Second resistance is August’s high crossing at 6.79 3/4. First support is August’s low crossing at 6.35 1/2. Second support is weekly support crossing at 6.25 3/4.

December Kansas City Wheat closed down 3/4-cents at 7.10 1/4.

December Kansas City wheat closed fractionally lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends Monday’s rally, August’s high crossing at 7.25 is the next upside target. If December resumes the decline off April’s high, weekly support crossing at 6.76 3/4 is the next downside target. First resistance is Monday’s high crossing at 7.17. Second resistance is August’s high crossing at 7.25. First support is last Wednesday’s low crossing at 6.95. Second support is weekly support crossing at 6.76 3/4.

December Minneapolis wheat closed up 3 1/2-cents at 7.40 1/2.

December Minneapolis wheat closed higher on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 7.40 1/4 are needed to confirm that a low has been posted. If December resumes the decline off April’s high, psychological support crossing at 7.00 is the next downside target. First resistance is Monday’s high crossing at 7.48. Second resistance is the reaction high crossing at 7.88 1/2. First support is last Friday’s low crossing at 7.23 1/4. Second support is psychological support crossing at 7.00.

SOYBEAN

COMPLEX

soybeans closed up 2 1/4-cents at 13.72 3/4.

November soybeans 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 are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off this month’s low, weekly resistance crossing at 14.49 is the next upside target. Closes below Monday’s gap crossing at 13.31 1/2 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 14.09 1/2. Second resistance is weekly resistance crossing at 14.49. First support is Monday’s gap crossing at 13.31 1/2. Second support is the 10-day moving average crossing at 13.17.

December soybean meal closed down $1.10 at 429.30.

December soybean meal closed lower on Wednesday as it consolidated some of the rally off August’s low. 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 overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, weekly resistance crossing at 460.60 is the next upside target. Closes below Monday’s gap crossing at 420.30 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 445.80. Second resistance is weekly resistance crossing at 460.60. First support is Monday’s gap crossing at 420.30. Second support is the 10-day moving average crossing at 410.40.

December soybean oil closed up 26 pts. at 44.78.

December soybeans closed higher on Wednesday. The high-range close sets the stage for a steady to higher 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 December extends this month’s rally, the 38% retracement level of this year’s decline crossing at 46.29 is the next upside target. Closes below the 20-day moving average crossing at 43.13 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 45.32. Second resistance is the 38% retracement level of this year’s decline crossing at 46.29. First support is the 20-day moving average crossing at 43.13. Second support is August’s low crossing at 41.85.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 14824.51 +48.38 +0.33%
NASDAQ COMPOSITE INDEX (COMBINED) 3594.42 +15.90 +0.44%
S&P 500 CASH 1634.96 +4.48 +0.27%
SPDR S&P 500 163.93 +0.60 +0.37%
QQQQ VOLATILITY INDEX 15.90 -0.27 -1.70%
iShares RUSSELL 2000 INDEX 100.9800 +0.2200 +0.22%

U.S. STOCK INDEXES

September NASDAQ 100 posted an inside day with a higher close on Wednesday as it consolidated some of Tuesday’s decline. The high-range close sets the stage for a steady to higher opening when Thursday’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 September extends the decline off August’s high, the 38% retracement level of the June-August rally crossing at 3021.61 is the next downside target. Closes above the 20-day moving average crossing at 3103.86 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3103.86. Second resistance is August’s high crossing at 3144.25. First support is Tuesday’s low crossing at 3052.50. Second support is the 38% retracement level of the June-August rally crossing at 3021.61.

The September S&P 500 closed higher due to short covering on Wednesday as it consolidated some Tuesday’s decline. The high-range close sets the stage for a steady to higher opening when Thursday’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 September extends the decline off August’s high, the 62% retracement level of the June-August rally crossing at 1611.47 is the next downside target. Closes above the 20-day moving average crossing at 1670.03 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1647.21. Second resistance is the 20-day moving average crossing at 1670.03. First support is today’s low crossing at 1625.00. Second support is the 62% retracement level of the June-August rally crossing at 1611.47.

The Dow closed higher due to short covering on Wednesday as it consolidated some of the decline off this month’s high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold remain neutral to bearish signaling that sideways to lower prices are possible near-term. If the Dow extends this month’s decline, the 87% retracement level of the July-August rally crossing at 14,692 is the next downside target. Closes above the 20-day moving average crossing at 15,232 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 14,963. Second resistance is the 20-day moving average crossing at 15,232. First support is today’s low crossing at 14,760. Second support is the 87% retracement level of the June-July rally crossing at 14,692.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 132.40625 -0.06250 -0.05%
iShares FLOATING RATE NOTE 50.66 0.00 0.00%
5 YEAR T-NOTES Sep 2013 120.445313 -0.039063 -0.03%
ULTRA T-BONDS Sep 2013 141.43750 0.00000 0.00%
POWERSHARES SENIOR LOAN PORTF 24.66 +0.05 +0.20%

INTEREST RATES

T-bonds closed down 17/32 at 132-21.

September T-bonds closed lower on Wednesday as it consolidated some of the rally off last week’s low but remains above the 10-day moving average. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, August’s high crossing at 135-02 is the next upside target. If September renews the decline off July’s high, weekly support crossing at 125-29 is the next downside target. First resistance is today’s high crossing at 133-16. Second resistance is August’s high crossing at 135-02. First support is last Thursday’s low crossing at 129-28. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Oct 2013 157.650 +0.025 +0.02%
LEAN HOGS Oct 2013 86.00 -0.05 -0.06%
LIVE CATTLE Oct 2013 127.075 +0.150 +0.12%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.0900 0.0000 0.00%

LIVESTOCK

hogs closed up $0.70 at $85.10.

October hog closed lower on Wednesday as it consolidated some of this week’s rally. 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 turning bullish signaling that sideways to higher prices are possible near-term. If October renews last week’s decline, July’s low crossing at 82.95 is the next downside target. First resistance is the reaction high crossing at 87.10. Second resistance is August’s high crossing at 88.30. First support is Monday’s low crossing at 83.80. Second support is July’s low crossing at 82.95.

October cattle closed up $0.20 at 126.92.

October cattle closed higher on Wednesday. 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 126.90 are needed to confirm that a top has been posted. If October renews this month’s rally, the 62% retracement level of the December-May decline crossing at 130.76 is the next upside target. First resistance is the 50% retracement level of the December-May decline crossing at 128.95. Second resistance is the 62% retracement level of the December-May decline crossing at 130.76. First support is the 20-day moving average crossing at 126.90. Second support is the August 8th gap crossing at 124.40.

October feeder cattle closed up $0.67 at $157.62.

October Feeder cattle closed higher due to short covering on Wednesday. The low-range close sets the stage for a steady to lower opening when Wednesday’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 October extends Monday’s decline, the 38% retracement level of the May-August rally crossing at 155.34 is the next downside target. Closes above the 20-day moving average crossing at 159.28 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 159.28. Second resistance is August’s high crossing at 160.70. First support is Monday’s low crossing at 155.85. Second support is the 38% retracement level of the May-August rally crossing at 155.34.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1411.7 -7.1 -0.50%
SPDR GOLD SHARES 136.70 -0.05 -0.04%
SILVER Dec 2013 24.175 -0.264 -1.08%
PALLADIUM Dec 2013 740.95 -7.30 -0.98%
DIREXION DAILY GOLD MINERS BEA 27.09 +2.13 +7.90%
POWERSHARES DB PRECIOUS METALS 47.10 -0.08 -0.17%

PRECIOUS METALS

October gold closed lower due to profit taking on Wednesday as it consolidated some of the rally off June’s low. The low-range close sets the stage for a steady to lower opening when Thursday’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 October extends the aforementioned rally, May’s high crossing at 1489.00 is the next upside target. Closes below the 20-day moving average crossing at 1346.80 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1432.90. Second resistance is May’s high crossing at 1489.00. First support is the 10-day moving average crossing at 1383.50. Second resistance is the 20-day moving average crossing at 1346.80.

September silver closed lower on Wednesday as it consolidated some of the rally off June’s low. The low-range close set the stage for a steady to lower opening when Wednesday’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 September extends the rally off June’s low, the 50% retracement level of the September-June decline crossing at 26.727 is the next upside target. Closes below the 20-day moving average crossing at 21.927 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 25.120. Second resistance is the 50% retracement level of the September-June decline crossing at 26.727. First support is the 10-day moving average crossing at 23.518. Second support is the 20-day moving average crossing at 21.927.

September copper 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 bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 328.50 would confirm that a short-term top has been posted. If September renews the rally off June’s low, June’s high crossing at 341.25 is the next upside target. First resistance is Monday’s high crossing at 338.85. Second resistance is June’s high crossing at 341.25. First support is last Wednesday’s low crossing at 328.70. Second support is the 20-day moving average crossing at 328.50.


 

Top Stocks
# symbol name last net % volume score triangles
1. ASTX ASTEX PHARMACEUTICALS 6.841 +1.361 +19.96% 14,324,780 +100    Entry Signal
2. ZLC ZALE CORP 11.66 +2.70 +23.22% 7,093,555 +100    Entry Signal
3. AVGO AVAGO TECHNOLOGIES 38.270 +1.715 +4.48% 6,575,510 +90    Entry Signal
4. ARAY ACCURAY 6.64 +0.54 +8.12% 5,324,064 +90    Entry Signal
5. SLB SCHLUMBERGER 82.73 +1.56 +1.89% 4,830,385 +90    Entry Signal
6. PNG PAA NATURAL GAS STORAGE 22.691 +1.601 +7.07% 4,731,574 +90    Entry Signal
7. DDD 3D SYSTEMS 50.4248 +1.0348 +2.05% 3,845,945 +100    Entry Signal
8. HALO HALOZYME THERAPEUTICS 8.135 +0.775 +9.52% 3,819,202 +90    Entry Signal
9. MHR MAGNUM HUNTER RESOURCES 4.72 0.00 0.00% 3,304,855 +90    Entry Signal
10. APC ANADARKO PETROLEUM 92.58 +1.70 +1.84% 3,236,421 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. EC.U13 EURO FX Sep 2013 1.3339 -0.0047 -0.35% 209,542 +100    Entry Signal
2. S.X13 SOYBEANS Nov 2013 1372.75 +2.25 +0.16% 126,818 +100    Entry Signal
3. HO.M14.E NEW YORK HARBOR ULSD Jun 2014 3.0671 +0.0237 +0.78% 3,939 +100    Entry Signal
4. LC.J14 LIVE CATTLE Apr 2014 132.825 +0.250 +0.19% 3,274 +100    Entry Signal
5. HO.V13.E NEW YORK HARBOR ULSD Oct 2013 3.1945 -0.0168 -0.53% 2,351 +100    Entry Signal
6. LE.J14.E LIVE CATTLE Apr 2014 132.725 -0.100 -0.08% 75 +100    Entry Signal
7. BZ.Z13.E CRUDE OIL BRENT LAST DAY Dec 2013 112.81 -0.95 -0.84% 2,005 +100    Entry Signal
8. ZS.F14.E SOYBEANS Jan 2014 1365.50 -3.00 -0.22% 1,608 +100    Entry Signal
9. ZS.K14.E SOYBEANS May 2014 1312.75 -6.75 -0.51% 1,201 +100    Entry Signal
10. ZS.H14.E SOYBEANS Mar 2014 1339.75 -6.25 -0.46% 962 +100    Entry Signal

Key Market Reports and Commentary for Friday 23/08/2013

Morning Markets Report
Prepared on Friday, August 23, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is down 2 points to 14937. The US Dollar Index moved higher by 0.098 points to 81.579. Gold is up 0.34 dollars to 1374.69. Silver is down 0.0440 dollars to 23.0690. The Dow Industrials rose 66.19 points, at 14963.74, while the S&P 500 moved up 14.16 points, last seen at 1656.96. The Nasdaq Composite gained 38.78 points to 3638.57. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Today’s Video Update: Tears for Sears after disappointing earnings
Thursday Aug 22nd

FOMC Minutes… Head for the Hills!!!
Thursday Aug 22nd

Today’s Video Update: Time to buy the Dow and Netflix?
Wednesday Aug 21st

Key Events for Friday

8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 777K)

Soybeans, In Metric Tons (previous 1882.9K)

Wheat, In Metric Tons (previous 495.7K)

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

Weekly Jobless Claims (previous 320K)

Weekly Jobless Claims Net Change (previous -15K)

Cont Jobless Claims (prior week) (previous 2969000)

Cont Jobless Claims Net Chg (prior week) (previous -54K)

9:00 AM ET. Aug US Flash Manufacturing PMI

9:00 AM ET. 2nd Quarter U.S. Quarterly House Price Index

9:00 AM ET. June U.S. Monthly House Price Index

House Price Index (previous 201.8)

House Price Index (MoM) (previous +0.7%)

House Price Index (YoY) (previous +7.3%)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. July Leading Indicators

Leading Index (previous +0%)

Coincident Index (previous +0.2%)

Lagging Index (previous +0.3%)

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

DJ-BTMU Business Barometer (previous -0.1%)

DJ-BTMU Business Barometer (52 Wk) (previous +0%)

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

Total Working Gas in Storage (previous 3006B)

Total Working Gas in Storage (Net Change) (previous +65B)

11:00 AM ET. Aug Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

Manufacturing Activity Index (previous 21)

Manufacturing Activity Index (6 Mon) (previous 17)

Manufacturing Composite Index (previous 6)

6-Month Composite Expectations Index (previous 7)

4:30 PM ET. Money Stock

10:00 AM ET. July Mass Layoffs

10:00 AM ET. July New Residential Sales

Overall Sales (previous 497K)

Percent Change (previous +8.3%)

Months’ Supply (previous 3.9)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.579 +0.098 +0.13%
POWERSHARES DB US DOLLAR INDEX 22.0399 +0.0599 +0.27%
US Dollar/Canadian Dollar 1.05500 +0.00265 +0.25%
Euro/US Dollar 1.33560 +0.00140 +0.10%
JAPANESE YEN Sep 2013 0.010096 -0.000049 -0.48%
SWISS FRANC Sep 2013 1.0808 -0.0018 -0.17%

CURRENCIES

The September Euro currency closed down 24 points at 1.3353 today. Prices closed nearer the session high today and saw more profit taking. Prices Tuesday hit a six-month high. Bulls still have the near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart.

The September Japanese yen closed down 87 points at 1.0147 today. Prices closed nearer the session low. The bulls still have the slight near-term technical advantage. However, a six-week-old uptrend on the daily bar chart was negated today.

The September Swiss franc closed down 30 points at 1.0826 today. Prices closed nearer the session high today. The bulls have the overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart.

The September Canadian dollar closed down 57 points at .9498 today. Prices closed near the session low again today and hit another fresh six-week low today. Bears have the near-term technical advantage and have gained downside momentum this week.

The September British pound closed down 117 points at 1.5579 today. Prices closed nearer the session low and saw profit taking today. Prices Wednesday hit a nine-week high. Bulls still have the solid near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart.

The September U.S. dollar index closed up .322 at 81.545 today. Prices closed nearer the session low and saw more short covering. The greenback bears still have the overall near-term technical advantage. Prices are still in a six- week-old downtrend on the daily bar chart, but now just barely.

 


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Oct 2013 105.00 -0.03 -0.03%
NEW YORK HARBOR ULSD Oct 2013 3.0783 +0.0046 +0.15%
NATURAL GAS Nov 2013 3.691 -0.005 -0.14%
RBOB GASOLINE Oct 2013 2.8484 +0.0100 +0.35%
POWERSHARES DYNAMIC ENERGY 48.5180 -0.5660 -1.15%
UNITED STATES GASOLINE 60.50 +0.38 +0.63%

ENERGIES

ENERGIES: October Nymex crude oil closed up $1.17 at $105.01 today. Prices closed nearer the session high today. Bulls have the overall near-term technical advantage.

October heating oil closed down 75 points at $3.0740 today. Prices closed nearer the session low today. Bulls have the near-term technical advantage.

October (RBOB) unleaded gasoline closed up 185 points at $2.8369 today. Prices closed near the session high today. The gasoline bulls have the near-term technical advantage.

October natural gas closed up 7.5 cents at $3.566 today. Prices closed nearer the session high and hit a four-week high today. The nat gas bears still have the overall near- term technical advantage. However, the bulls are gaining some upside momentum.

 


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2453 -1 -0.04%
COFFEE Dec 2013 117.40 +0.35 +0.30%
ORANGE JUICE-A Nov 2013 138.5 +0.6 +0.43%
IPATH DJ-UBS SUGAR TRUST 59.0201 -0.3899 -0.69%
IPATH DJ-UBS SOFTS TRUST 48.06 +0.10 +0.22%

FOOD & FIBER

SOFTS: October sugar closed down 6 points at 16.26 cents today. Prices closed near the session low today and hit another fresh four-week low. The stronger U.S. dollar index was bearish for sugar today. The sugar bears have the solid overall near-term technical advantage.

September coffee closed steady at 113.50 cents today. Prices closed near mid-range today and hit another fresh contract low. The stronger U.S. dollar index limited buying interest in the coffee market today. The coffee bears have the solid overall near-term technical advantage.

September cocoa closed down $5 at $2,415 a ton today. Prices closed near the session low today on more profit taking. The stronger U.S. dollar index was bearish for cocoa today. The cocoa bulls have the overall near-term technical advantage. However, a seven-week-old uptrend on the daily bar chart has been at least temporarily negated.

December cotton closed down 6 points at 84.18 cents today. Prices closed nearer the session low and hit another fresh five-week low. Very serious near-term technical damage has been inflicted this week. Cotton bears have the overall near-term technical advantage.

September orange juice closed up 125 points at $1.3875 today. Prices closed nearer the session high today and hit a two-week high. The bulls and bears are on a level near- term technical playing field.

September lumber futures closed up $2.20 at $317.00 today. Prices closed nearer the session high. Bulls and bears are on a level overall near-term technical playing field.

 


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 467.5 +3.0 +0.65%
OATS Dec 2013 325.50 -7.00 -2.11%
WHEAT Dec 2013 641.75 +1.25 +0.20%
TEUCRIUM CORN 35.2601 -1.2199 -3.46%
IPATH DJ-UBS GRAINS TRUST 46.4000 -0.7300 -1.58%
ELEMENTS MLCX GRAINS INDEX TRUST 6.2826 -0.0874 -1.41%
SOYBEANS Nov 2013 1295.25 +8.50 +0.66%
SOYBEAN (MINI) Nov 2013 1286.750 -17.250 -1.34%
SOYBEAN MEAL Dec 2013 404.4 +4.1 +1.02%
TEUCRIUM SOYBEAN 23.8328 +0.5828 +2.45%

GRAINS

December corn futures closed down 18 1/2 cents at $4.65 Thursday. Prices closed near the session low today. Better-than-expected rainfall amounts fell in the western U.S. Corn Belt Thursday, and that was bearish for corn. “Rain makes grain” was the mantra on the trading floor in Chicago Thursday. The bears have the solid overall near-term technical advantage in corn and regained downside momentum Thursday.

November soybeans closed down 16 cents at $12.88 a bushel Thursday. Prices closed nearer the session low and saw profit taking from recent strong gains. More rain than expected fell in the western U.S. Corn Belt Thursday, and that was bearish for beans. However, there is more heat and dry weather in the forecast for the region. Soybean bulls still have the overall near-term technical advantage.

December soybean meal closed down $6.90 at $401.20 Thursday. Prices closed near mid-range and saw profit taking after hitting a contract high on Wednesday. The meal bulls still have the solid overall near-term technical advantage.

December bean oil closed down 49 points at 42.68 cents Thursday. Prices closed near the session low. The bears have the solid overall near-term technical advantage and regained some downside momentum Thursday.

December Chicago SRW wheat closed down 8 3/4 cents at $6.40 1/2 Thursday. Prices closed near the session low and are right back near the recent contract low. The wheat market bears have the solid overall near-term technical advantage.

December HRW wheat closed down 7 cents at $6.94 3/4 Thursday. Prices closed near the session low and closed at a fresh contract low close Thursday. The HRW wheat market bears have the solid overall near-term technical advantage.

 


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 14963.74 +66.19 +0.44%
NASDAQ COMPOSITE INDEX (COMBINED) 3638.57 +38.78 +1.07%
S&P 500 CASH 1656.96 +14.16 +0.85%
SPDR S&P 500 166.02 +1.46 +0.88%
QQQQ VOLATILITY INDEX 14.40 -0.45 -3.14%
iShares RUSSELL 2000 INDEX 102.84 +1.36 +1.32%

U.S. STOCK INDEXES

STOCK MARKET COMMENT: The U.S. stock indexes closed higher today. The Nasdaq was shut down for three hours in the afternoon, and that took some buying interest away from all the indexes. The stock index bulls still have the overall near-term technical advantage, but are fading. The market place had some time to digest Wednesday afternoon’s FOMC minutes that revealed no clear consensus from FOMC members on when to start to wind down the Fed’s monthly bond-buying program, also known as quantitative easing. While the minutes were not all that different from the last minutes of the FOMC that were released several weeks ago, the “take-away” the market place garnered from this latest Fed event was that “tapering” of quantitative easing is coming, and likely sooner rather than later. The FOMC minutes reinforced ideas that the long, long road of very easy money from the world’s major central banks will reach an end in the coming months. Such was deemed bullish for the U.S. dollar, and bearish for world bond markets and periphery currencies. U.S. 10-year note yields hit a two- year high of 2.925% overnight. German and U.K. bond yields also hit multi-year highs overnight. Asian currency and financial markets remained strained Thursday. The Indian rupee and Turkish lira hit new record lows versus the U.S. dollar Thursday. Indian and Indonesian central bank officials have taken steps to stabilize their currencies, but with only very limited success. There are worries about an “Asian contagion” that has in the past roiled markets worldwide. Rising interest rates in the major world economies have put pressure on the periphery currencies. Chinese manufacturing data Thursday showed improvement from the prior month. The HSBC purchasing managers index rose to 50.1 in August from 47.7 in July. A reading over 50.0 suggests economic growth. China is the world’s second- largest economy, but the leading worldwide importer of many key raw commodities. The China data somewhat assuaged the Asian markets, but the concerns of an Asian contagion outweighed the positive China data. Traders and investors have moved the ongoing Egypt unrest to the back burner for the moment, as there are no major, new developments there. However, any escalation in violence is likely to impact the market place. News reports that Syria has used chemical weapons against its civilians, with hundreds killed, is a matter that will be closely monitored by the market place, and is yet another geopolitical hotspot that could flare up to become a major markets factor.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 130.56250 -0.03125 -0.02%
iShares FLOATING RATE NOTE 50.652 +0.002 0.00%
5 YEAR T-NOTES Sep 2013 119.898438 -0.117188 -0.10%
ULTRA T-BONDS Sep 2013 138.50000 +0.18750 +0.14%
POWERSHARES SENIOR LOAN PORTF 24.71 +0.07 +0.28%

INTEREST RATES

U.S. T-Bonds closed down 6/32 at 130 20/32 today. Prices closed nearer the session high and did hit another contract low early on. Bond market bears have the solid overall near-term technical advantage. Prices are in a 3.5- month-old downtrend on the daily bar chart.

 


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Sep 2013 157.700 0.000 0.00%
LEAN HOGS Oct 2013 84.45 +0.05 +0.06%
LIVE CATTLE Oct 2013 127.250 +0.050 +0.04%
IPATH DJ-UBS LIVESTOCK TRUST SUB 26.9978 -0.1822 -0.68%

LIVESTOCK

October live cattle closed down $0.77 at $127.20 today. Prices closed near the session low and hit a fresh two-week low today. The U.S. dollar index was solidly higher today and that helped to pressure cattle. Profit taking was featured. Cattle bulls still have the overall near-term technical advantage.

October feeder cattle closed down $0.07 at $160.00 today. Mild profit taking was featured. The feeder bulls still have the solid overall near-term technical advantage and are hovering near a six-month high. Prices are in a three- month-old uptrend on the daily bar chart.

October lean hogs closed down $1.42 at $84.40 today. Prices gapped sharply lower on the daily bar chart and closed nearer the session low again today. Prices hit a fresh three-week low as serious near-term chart damage was inflicted today to suggest a market top is in place. The hog bulls and bears are now back on a level near-term technical playing field.

 


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1372.8 +2.0 +0.15%
SPDR GOLD SHARES 132.82 +0.75 +0.56%
SILVER Sep 2013 23.050 +0.015 +0.06%
PALLADIUM Sep 2013 753.00 -2.05 -0.27%
DIREXION DAILY GOLD MINERS BEA 24.661 -1.139 -4.61%
POWERSHARES DB PRECIOUS METALS 45.6599 +0.3899 +0.86%

PRECIOUS METALS

METALS: December gold futures closed up $2.00 an ounce at $1,372.10 today. Prices closed near mid-range. Gold managed slight gains despite a stronger U.S. dollar index, which does encourage the gold market bulls. The gold market bulls and bears are on a level near-term technical playing field. A seven-week-old uptrend is in place on the daily bar chart.

September silver futures closed up $0.092 an ounce at $23.06 today. Prices closed nearer the session high today. Silver bulls have the near-term technical advantage.

September N.Y. copper closed up 190 points at 332.55 cents today. Prices closed near mid-range today. Copper bulls have the overall near-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart.

 


 

Top Stocks
# symbol name last net % volume score triangles
1. MU MICRON TECH 13.77 +0.14 +1.01% 13,742,857 +100    Entry Signal
2. P PANDORA MEDIA 21.6750 +0.1850 +0.85% 9,490,137 +100    Entry Signal
3. TSL TRINA SOLAR 9.06 +0.09 +1.00% 8,705,291 +100    Entry Signal
4. CLF CLIFFS NATURAL RESOURCES 22.45 +1.24 +5.53% 7,774,045 +90    Entry Signal
5. IAG IAMGOLD 6.34 +0.12 +1.89% 6,483,848 +100    Entry Signal
6. MHR MAGNUM HUNTER RESOURCES 4.34 +0.28 +6.48% 5,866,584 +100    Entry Signal
7. SLW SILVER WHEATON 27.0699 +0.6199 +2.29% 5,122,857 +90    Entry Signal
8. DELL DELL 13.795 +0.010 +0.07% 4,458,794 +100    Entry Signal
9. PSEC PROSPECT CAPITAL 11.24 +0.27 +2.40% 3,925,329 +100    Entry Signal
10. HAIN HAIN CELESTIAL GROUP 80.8801 +7.9801 +9.87% 2,938,766 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. EC.U13 EURO FX Sep 2013 1.3354 -0.0022 -0.16% 200,664 +90    Entry Signal
2. SM.Z13 SOYBEAN MEAL Dec 2013 400.3 -7.8 -1.95% 48,793 +90    Entry Signal
3. SM.U13 SOYBEAN MEAL Sep 2013 413.3 -8.2 -1.98% 15,406 +90    Entry Signal
4. HO.Z13.E NEW YORK HARBOR ULSD Dec 2013 3.0700 -0.0039 -0.13% 12,670 +85    Entry Signal
5. GE.U13.E EURODOLLAR Sep 2013 99.7300 0.0000 0.00% 10,947 +90    Entry Signal
6. BZ.Z13.E CRUDE OIL BRENT LAST DAY Dec 2013 108.03 +0.10 +0.09% 4,965 +85    Entry Signal
7. ZM.Z13.E SOYBEAN MEAL Dec 2013 404.4 +4.1 +1.02% 3,594 +90    Entry Signal
8. PL.V13.E PLATINUM Oct 2013 1541.5 +1.4 +0.09% 2,836 +100    Entry Signal
9. RB.G14.E RBOB GASOLINE Feb 2014 2.7480 +0.0131 +0.48% 2,724 +85    Entry Signal
10. HO.G14.E NEW YORK HARBOR ULSD Feb 2014 3.0600 -0.0032 -0.10% 1,814 +85    Entry Signal

Morning Markets Report
Prepared on Thursday, August 22, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is up 45 points to 14892. The US Dollar Index moved up 0.258 points to 81.635. Gold has gained 4.71 dollars to 1368.40. Silver has gained 0.2000 dollars to 23.0600. The Dow Industrials trended lower by 105.44 points, at 14897.55, while the S&P 500 softened 9.55 points, last seen at 1642.80. The Nasdaq Composite slipped 13.91 points to 3599.68. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Today’s Video Update: Time to buy the Dow and Netflix?
Wednesday Aug 21st

Poll: Would you watch a cable news channel by Al Jazeera?
Wednesday Aug 21st

Know the Zone & Improve Your Gap Trading
Wednesday Aug 21st

Key Events for Thursday

8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 777K)

Soybeans, In Metric Tons (previous 1882.9K)

Wheat, In Metric Tons (previous 495.7K)

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

Weekly Jobless Claims (previous 320K)

Weekly Jobless Claims Net Change (previous -15K)

Cont Jobless Claims (prior week) (previous 2969000)

Cont Jobless Claims Net Chg (prior week) (previous -54K)

9:00 AM ET. Aug US Flash Manufacturing PMI

9:00 AM ET. 2nd Quarter U.S. Quarterly House Price Index

9:00 AM ET. June U.S. Monthly House Price Index

House Price Index (previous 201.8)

House Price Index (MoM) (previous +0.7%)

House Price Index (YoY) (previous +7.3%)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. July Leading Indicators

Leading Index (previous +0%)

Coincident Index (previous +0.2%)

Lagging Index (previous +0.3%)

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

DJ-BTMU Business Barometer (previous -0.1%)

DJ-BTMU Business Barometer (52 Wk) (previous +0%)

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

Total Working Gas in Storage (previous 3006B)

Total Working Gas in Storage (Net Change) (previous +65B)

11:00 AM ET. Aug Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing

Manufacturing Activity Index (previous 21)

Manufacturing Activity Index (6 Mon) (previous 17)

Manufacturing Composite Index (previous 6)

6-Month Composite Expectations Index (previous 7)

4:30 PM ET. Money Stock

10:00 AM ET. July Mass Layoffs

10:00 AM ET. July New Residential Sales

Overall Sales (previous 497K)

Percent Change (previous +8.3%)

Months’ Supply (previous 3.9)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.635 +0.258 +0.33%
POWERSHARES DB US DOLLAR INDEX 21.945 +0.075 +0.34%
US Dollar/Canadian Dollar 1.04940 -0.00030 -0.03%
Euro/US Dollar 1.33100 -0.00250 -0.19%
JAPANESE YEN Sep 2013 0.010132 -0.000102 -1.00%
SWISS FRANC Sep 2013 1.0780 -0.0076 -0.70%

CURRENCIES

September Dollar was higher due to short covering overnight. Stochastics and the RSI are diverging but are turning neutral to bullish hinting that a low might be in or is near. Closes above last Thursday’s high crossing at 81.99 are needed to confirm that a short-term low has been posted. If September renews the decline off July’s high, June’s low crossing at 80.61 is the next downside target. First resistance is last Thursday’s high crossing at 81.99. Second resistance is August’s high crossing at 82.61. First support is Tuesday’s low crossing at 80.77. Second support is June’s low crossing at 80.61.

The September Euro was lower due to profit taking overnight as it consolidated some of the rally off July’s low. Stochastics and the RSI are diverging and are turning neutral to bearish signaling that a double top with June’s high might have been posted with Tuesday’s high. Closes below last Thursday’s low crossing at 132.07 would confirm that a double top has been posted while opening the door for additional weakness near-term. If September extends the rally off July’s low, the 75% retracement level of the February-July decline crossing at 134.65 is the next upside target. First resistance is Tuesday’s high crossing at 134.54. Second resistance is the 75% retracement level of the February-July decline crossing at 134.65. First support is last Thursday’s low crossing at 132.07. Second support is the reaction low crossing at 131.87.

The September British Pound was sharply lower overnight as it consolidates some of the rally off July’s low. Stochastics and the RSI are overbought and are turning neutral to bearish hinting that a double top with June’s high could have been posted with Wednesday’s high. Closes below the 20-day moving average crossing at 1.5456 would confirm that a double top has been posted. If September extends the rally off July’s low, June’s high crossing at 1.5743 is the next upside target. First resistance is Wednesday’s high crossing at 1.5716. Second resistance is June’s high crossing at 1.5743. First support is the 10-day moving average crossing at 1.5578. Second support is the 20-day moving average crossing at 1.5456.

The September Swiss Franc was lower due to profit taking overnight as it consolidates some of the rally off last Thursday’s low. Stochastics and the RSI are diverging and are turning neutral signaling that a short-term top might be in or is near. Closes below last Thursday’s low crossing at .10644 would confirm that a double top with June’s high has been posted. If September extends the rally off last Thursday’s low, June’s high crossing at .10962 is the next upside target. First resistance is Tuesday’s high crossing at .10936. Second resistance is June’s high crossing at .10962. First support is last Thursday’s low crossing at .10644. Second support is the reaction low crossing at .10555.

The September Canadian Dollar was lower overnight as it extends this week’s decline. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends this week’s decline, July’s low crossing at 94.09 is the next downside target. Closes above the 20-day moving average crossing at 96.59 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 96.59. Second resistance is July’s high crossing at 97.49. First support is the overnight low crossing at 95.18. Second support is July’s low crossing at 94.09.

The September Japanese Yen was sharply lower overnight and has renewed the decline off August’s high. 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 .10137 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September resumes the rally off July’s low, June’s high crossing at .10669 is the next upside target. First resistance is August’s high crossing at .10440. Second resistance is June’s high crossing at .10669. First support is the reaction low crossing at .10137. Second support is the reaction low crossing at .10002.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Oct 2013 104.24 +0.39 +0.38%
NEW YORK HARBOR ULSD Oct 2013 3.0879 +0.0064 +0.21%
NATURAL GAS Nov 2013 3.641 +0.023 +0.63%
RBOB GASOLINE Oct 2013 2.8247 +0.0063 +0.22%
POWERSHARES DYNAMIC ENERGY 48.5180 -0.5660 -1.17%
UNITED STATES GASOLINE 60.1380 +0.1980 +0.33%

ENERGIES

October Nymex crude oil was higher due to short covering overnight as it consolidates some of the decline off August’s high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below August’s low crossing at 102.82 would confirm that a double top with July’s high has been posted. Closes above August’s high would renew this summer’s rally off April’s low while opening the door for a possible test of weekly resistance crossing at 110.55. First resistance is August’s high crossing at 107.95. Second resistance is monthly resistance crossing at 110.55. First support is August’s low crossing at 102.82. Second support is the 38% retracement level of the April-August rally crossing at 99.70.

September heating oil was higher overnight. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August’s low, July’s high crossing at 313.22 is the next upside target. Closes below the 20-day moving average crossing at 304.10 would confirm that a short-term top has been posted. First resistance is August’s high crossing at 310.71. Second resistance is July’s high crossing at 313.22. First support is the 20-day moving average crossing at 304.10. Second support is the 50% retracement level of the April-July rally crossing at 294.45.

September unleaded gas was higher overnight. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below Tuesday’s low crossing at 289.75 would confirm that a short-term top has been posted. If September renews the rally off August’s low, August’s high crossing at 304.56 is the next upside target. First resistance is August’s high crossing at 304.56. Second resistance is July’s high crossing at 309.17. First support is Tuesday’s low crossing at 289.75. Second support is the 50% retracement level of the April-July rally crossing at 285.24.

September Henry natural gas was higher overnight as it extends this week’s trading range. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If September extends this month’s rally, the 38% retracement level of the May-August decline crossing at 3.662 is the next upside target. Closes below the 10-day moving average crossing at 3.380 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 25% retracement level of the May-August decline crossing at 3.478. Second resistance is the 38% retracement level of the May-August decline crossing at 3.662. First support is the 10-day moving average crossing at 3.380. Second support is August’s low crossing at 3.129.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2455 +5 +0.20%
COFFEE Dec 2013 117.80 +0.65 +0.55%
ORANGE JUICE-A Nov 2013 137.9 +3.0 +2.16%
IPATH DJ-UBS SUGAR TRUST 59.0201 -0.3899 -0.69%
IPATH DJ-UBS SOFTS TRUST 48.06 +0.10 +0.22%

FOOD & FIBER

September coffee closed lower on Wednesday as it extended this summer’s decline. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends this week’s decline, monthly support crossing at 10.21 is the next downside target. Closes above the 10-day moving average crossing at 120.17 would confirm that a low has been posted.

September cocoa closed sharply lower due to profit taking on Wednesday while extending this month’s trading range. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are diverging but are neutral signaling that sideways trading is possible near-term. If September renews the rally off June’s low, the 62% retracement level of the 2011-2013-decline crossing at 25.55 is the next upside target. Closes below the 20-day moving average crossing at 23.92 would confirm that a short-term top has been posted.

October sugar closed lower on Wednesday as it extends this week’s decline. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If October extends this week’s decline, the reaction low crossing at 16.09 is the next downside target. Closes above the 10-day moving average crossing at 16.89 would confirm that a low has been posted.

October cotton gapped down and closed sharply lower on Wednesday erasing all of this month’s gains. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. Today’s close below the 20-day moving average crossing at 88.02 confirms that a short-term top has been posted. If October extends this week’s decline, July’s low crossing at 83.55 is the next downside target. Closes above today’s gap crossing at 88.76 would confirm that a low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 475.50 -7.75 -1.60%
OATS Dec 2013 336.00 +0.50 +0.15%
WHEAT Dec 2013 644.25 -5.00 -0.77%
TEUCRIUM CORN 36.3790 +0.3490 +0.96%
IPATH DJ-UBS GRAINS TRUST 47.07 +0.51 +1.08%
ELEMENTS MLCX GRAINS INDEX TRUST 6.2826 -0.0874 -1.38%
SOYBEANS Nov 2013 1287.25 -16.75 -1.29%
SOYBEAN (MINI) Nov 2013 1286.375 -17.625 -1.36%
SOYBEAN MEAL Dec 2013 399.5 -8.6 -2.11%
TEUCRIUM SOYBEAN 23.8328 +0.5828 +2.45%

GRAINS

corn was lower overnight as rain moves across portions of the western Corn Belt. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, psychological resistance crossing at 5.00 is the next upside target. Closes below the 10-day moving average crossing at 4.67 1/2 would temper the near-term friendly outlook. First resistance is Tuesday’s high crossing at 4.86 3/4. Second resistance is psychological resistance crossing at 5.00. First support is the 10-day moving average crossing at 4.67 1/2. Second support is August’s low crossing at 4.45 3/4.

December wheat was lower overnight. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible. Closes above the 20-day moving average crossing at 6.55 1/2 are needed to confirm a short-term low has been posted. If December renews the decline off July’s high, weekly support crossing at 6.25 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 6.55 1/2. Second resistance is August’s high crossing at 6.79 3/4. First support is last Wednesday’s low crossing at 6.35 1/2. Second support is weekly support crossing at 6.25 3/4.

December Kansas City Wheat closed up 2 1/2-cents at 7.01 3/4.

December Kansas City wheat closed higher on Wednesday. The high-range close sets the stage for a steady to higher 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 December extends the decline off April’s high, weekly support crossing at 6.76 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.06 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 7.06 1/2. Second resistance is the reaction high crossing at 7.25. First support is Tuesday’s low crossing at 6.98 1/2. Second support is weekly support crossing at 6.76 3/4.

December Minneapolis wheat was lower overnight as it extends this summer’s decline. 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 diverging and have turned bearish signaling that sideways to lower prices are possible near-term. If December extends this summer’s decline, weekly support crossing at 7.25 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.43 1/4 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 7.43 1/4. Second resistance is the reaction high crossing at 7.88 1/2. First support is the overnight low crossing at 7.32 1/2. Second support is weekly support crossing at 7.25 3/4.

SOYBEAN

COMPLEX

soybeans were lower overnight due to profit taking triggered by overnight rains across portions of the western soybean belt. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off this month’s low, June’s high crossing at 13.33 is the next upside target. Closes below the 20-day moving average crossing at 12.25 3/4 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 13.19. Second resistance is June’s high crossing at 13.33. First support is the 10-day moving average crossing at 12.58 1/4. Second support is the 20-day moving average crossing at 12.25 3/4.

December soybean meal was lower due to profit taking overnight as it consolidates some of the rally off August’s low. 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, weekly resistance crossing at 439.20 is the next upside target. Closes below the 20-day moving average crossing at 372.60 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 413.00. Second resistance is weekly resistance crossing at 439.20. First support is the 10-day moving average crossing at 386.70. Second support is the 20-day moving average crossing at 372.60.

December soybean oil was slightly higher overnight. 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 bearish signaling that a short-term top might be in or is near. If December renews this year’s decline, weekly support crossing at 40.56 is the next downside target. If December extends the rally off August’s low, the 25% retracement level of this year’s decline crossing at 44.75 is the next upside target. First resistance is Monday’s high crossing at 43.98. Second resistance is the 25% retracement level of this year’s decline crossing at 44.75. First support is August’s low crossing at 41.85. Second support is weekly support crossing at 40.56.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 14897.55 -105.44 -0.71%
NASDAQ COMPOSITE INDEX (COMBINED) 3599.68 -13.91 -0.39%
S&P 500 CASH 1642.80 -9.55 -0.58%
SPDR S&P 500 164.54 -1.04 -0.63%
QQQQ VOLATILITY INDEX 14.67 +0.42 +2.83%
iShares RUSSELL 2000 INDEX 101.4799 -0.6201 -0.61%

U.S. STOCK INDEXES

September NASDAQ 100 was higher overnight as it extends this week’s trading range above the 25% retracement level of the June-August rally crossing at 3065.37. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last week’s decline, the 38% retracement level of the June-August rally crossing at 3021.61 is the next downside target. Closes above the 20-day moving average crossing at 3099.11 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3099.11. Second resistance is August’s high crossing at 3148.00. First support is the 25% retracement level of the June-August rally crossing at 3065.37. Second support is the 38% retracement level of the June-August rally crossing at 3021.61.

The September S&P 500 was higher due to short covering overnight as it consolidates some of the decline off August’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that additional weakness is possible near-term. If September extends this month’s decline, the 50% retracement level of the June-August rally crossing at 1629.45 is the next downside target. Closes above the 20-day moving average crossing at 1677.22 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1662.76. Second resistance is the 20-day moving average crossing at 1677.22. First support is the overnight low crossing at 1631.70. Second support is the 50% retracement level of the June-August rally crossing at 1629.45.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 130.03125 -0.78125 -0.60%
iShares FLOATING RATE NOTE 50.65 -0.01 -0.02%
5 YEAR T-NOTES Sep 2013 120.085938 -0.320313 -0.27%
ULTRA T-BONDS Sep 2013 137.3125 -1.0625 -0.77%
POWERSHARES SENIOR LOAN PORTF 24.650 -0.040 -0.16%

INTEREST RATES

T-bonds were lower overnight as it extends 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 September extends this month’s decline, weekly support crossing at 125-29 is the next downside target. Multiple closes above the 20-day moving average crossing at 132-27 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 132-27. Second resistance is August’s high crossing at 135-02. First support is the overnight low crossing at 129-28. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Sep 2013 157.700 +0.275 +0.17%
LEAN HOGS Oct 2013 85.350 -0.475 -0.55%
LIVE CATTLE Oct 2013 127.975 -0.175 -0.14%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.1901 -0.1399 -0.51%

LIVESTOCK

hogs closed down $1.12 at $85.82.

October hog gapped down and closed lower on Wednesday extending the decline off last week’s high. 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 bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 85.54 are needed to confirm that a short-term top has been posted. If October renews the rally off July’s low, last November’s high crossing at 88.90 is the next upside target. First resistance is last Wednesday’s high crossing at 87.80. Second resistance is last November’s high crossing at 88.90. First support is the 20-day moving average crossing at 85.54. Second support is the reaction low crossing at 84.55.

October cattle closed down $0.17 at 127.97.

October cattle closed lower on Wednesday. The mid-range close sets the stage for a steady opening when Thursday’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 126.45 are needed to confirm that a top has been posted. If October renews this month’s rally, the 62% retracement level of the December-May decline crossing at 130.76 is the next upside target. First resistance is the 50% retracement level of the December-May decline crossing at 128.95. Second resistance is the 62% retracement level of the December-May decline crossing at 130.76. First support is the 20-day moving average crossing at 126.45. Second support is the August 8th gap crossing at 124.40.

October feeder cattle closed down $0.40 at $160.07.

October Feeder cattle closed lower on Wednesday. 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 diverging but are bullish signaling that sideways to higher prices are possible near-term. If October renews the rally off May’s low, January’s high crossing at 163.95 is the next upside target. Closes below the 20-day moving average crossing at 159.43 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 160.70. Second resistance is January’s high crossing at 163.95. First support is the 20-day moving average crossing at 159.43. Second support is the reaction low crossing at 158.70.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1368.4 -1.7 -0.12%
SPDR GOLD SHARES 132.125 -0.325 -0.25%
SILVER Sep 2013 23.060 +0.097 +0.42%
PALLADIUM Sep 2013 748.85 +1.95 +0.26%
DIREXION DAILY GOLD MINERS BEA 25.7547 +2.9547 +11.45%
POWERSHARES DB PRECIOUS METALS 45.1000 -0.3000 -0.66%

PRECIOUS METALS

October gold was slightly lower overnight. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off June’s low, June’s high crossing at 1424.00 is the next upside target. Closes below the 20-day moving average crossing at 1329.90 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 1382.40. Second resistance is June’s high crossing at 1424.00. First support is the 20-day moving average crossing at 1329.90. Second support is August’s low crossing at 1272.10.

September silver was higher overnight as it extends this week’s trading range above the 25% retracement level of the October-June decline crossing at 22.441. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the 38% retracement level of the October-June decline crossing at 24.704 is the next upside target. Closes below the 20-day moving average crossing at 21.043 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 23.605. Second resistance is the 38% retracement level of the October-June decline crossing at 24.704. First support is the 10-day moving average crossing at 22.344. Second support is the 20-day moving average crossing at 21.043.

September copper was higher overnight and is poised to renew the rally off June’s low. 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 324.00 would confirm that a short-term top has been posted. If September renews the aforementioned rally, the 50% retracement level of the February-June decline crossing at 340.37 is the next upside target. First resistance is last Friday’s high crossing at 338.00. Second resistance is the 50% retracement level of the February-June decline crossing at 340.37. First support is the reaction low crossing at 328.70. Second support is the 20-day moving average crossing at 324.00.


 

Top Stocks
# symbol name last net % volume score triangles
1. COLE COLE REAL ESTATE INVESTMENTS 11.1800 -0.1500 -1.34% 19,231,581 +90    Entry Signal
2. INCY INCYTE 36.18 +9.18 +25.47% 17,766,331 +100    Entry Signal
3. TSL TRINA SOLAR 8.9599 +1.1399 +12.71% 17,004,259 +100    Entry Signal
4. AAPL APPLE 502.2499 +1.1799 +0.23% 11,237,131 +90    Entry Signal
5. IAG IAMGOLD 6.225 -0.225 -3.62% 9,240,014 +90    Entry Signal
6. P PANDORA MEDIA 21.49 +0.16 +0.74% 7,351,832 +100    Entry Signal
7. SLW SILVER WHEATON 26.430 -0.870 -3.29% 6,501,620 +90    Entry Signal
8. SGOC SGOCO GROUP 3.7800 +0.9700 +25.59% 5,833,227 +100    Entry Signal
9. DELL DELL 13.785 +0.025 +0.18% 4,546,373 +100    Entry Signal
10. TJX TJX COMPANIES 54.0500 -0.1900 -0.35% 4,434,467 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. EC.U13 EURO FX Sep 2013 1.3376 -0.0045 -0.34% 219,988 +90    Entry Signal
2. SM.Z13 SOYBEAN MEAL Dec 2013 408.1 +6.1 +1.49% 54,414 +100    Entry Signal
3. SM.U13 SOYBEAN MEAL Sep 2013 421.5 +7.7 +1.83% 15,750 +100    Entry Signal
4. ZM.Z13.E SOYBEAN MEAL Dec 2013 399.5 -8.6 -2.11% 11,450 +90    Entry Signal
5. GE.U13.E EURODOLLAR Sep 2013 99.7300 0.0000 0.00% 16,816 +100    Entry Signal
6. LC.Z13 LIVE CATTLE Dec 2013 130.475 -0.100 -0.08% 6,992 +100    Entry Signal
7. LE.Z13.E LIVE CATTLE Dec 2013 130.475 -0.100 -0.08% 5,680 +100    Entry Signal
8. BZ.F14.E CRUDE OIL BRENT LAST DAY Jan 2014 107.23 -0.26 -0.24% 4,714 +85    Entry Signal
9. LC.G14 LIVE CATTLE Feb 2014 131.700 -0.300 -0.23% 3,480 +90    Entry Signal
10. LE.G14.E LIVE CATTLE Feb 2014 131.700 -0.300 -0.23% 2,502 +100    Entry Signal

Key Market Reports and Commentary for Thursday 08/08/2013

Morning Markets Report
Prepared on Thursday, August 8, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is higher 60 points to 15502. The US Dollar Index eased 0.126 points to 81.157. Gold is trending lower 3.98 dollars to 1288.72. Silver has climbed 0.0232 dollars to 19.6932. The Dow Industrials moved down 48.07 points, at 15470.67, while the S&P 500 slipped 6.46 points, last seen at 1690.91. The Nasdaq Composite retreated 11.31 points to 3654.46. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Why Would Jeff Bezos Buy An Old Fashion Newspaper?
Wednesday Aug 7th

As Argentina Backpedals, Will Oil and Gas Companies Step on the Gas?
Wednesday Aug 7th

Coming Back From a Loss
Wednesday Aug 7th

Key Events for Thursday

8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 1225.2K)

Soybeans, In Metric Tons (previous 1109.4K)

Wheat, In Metric Tons (previous 596.9K)

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

Weekly Jobless Claims (expected 335K; previous 326K)

Weekly Jobless Claims Net Change (previous -19K)

Cont Jobless Claims (prior week) (previous 2951000)

Cont Jobless Claims Net Chg (prior week) (previous -52K)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

DJ-BTMU Business Barometer (previous +0.2%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.7%)

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

Total Working Gas in Storage (previous 2845B)

Total Working Gas in Storage (Net Change) (previous +59B)

12:00 PM ET. July ICSC Chain Store Sales Trends

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings

US Foreign Agency Holdings

Foreign Treasury Holdings

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings

Primary Credit Borrowings W/E Daily Avg.

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings

Discount Window Borrowings W/E Daily Avg.

4:30 PM ET. Money Stock

10:00 AM ET. June Monthly Wholesale Trade

Inventories (expected +0.5%; previous -0.5%)


 

 
Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 81.157 -0.126 -0.16%
POWERSHARES DB US DOLLAR INDEX 21.98 -0.09 -0.41%
US Dollar/Canadian Dollar 1.04090 -0.00162 -0.16%
Euro/US Dollar 1.33591 +0.00291 +0.22%
JAPANESE YEN Sep 2013 0.010385 +0.000007 +0.07%
SWISS FRANC Sep 2013 1.0862 +0.0009 +0.08%

CURRENCIES

September Dollar was lower overnight and tested the 87% retracement level of the June-July rally crossing at 81.15. Stochastics and the RSI have turned bearish again signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, June’s low crossing at 80.61 is the next downside target. Closes above the 20-day moving average crossing at 82.19 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 82.19. Second resistance is the reaction high crossing at 83.16. First support is the 87% retracement level of the June-July rally crossing at 81.15. Second support is June’s low crossing at 80.61.

The September Euro was higher overnight as it extends the rally off July’s low. Stochastics and the RSI are bullish signaling that additional short-term gains are possible. If September extends the rally off July’s low, June’s high crossing at 134.24 is the next upside target. Closes below the 20-day moving average crossing at 132.22 are needed to confirm that a short-term top has been posted. First resistance is the overnight high crossing at 133.72. Second resistance is June’s high crossing at 134.24. First support is the 20-day moving average crossing at 132.22. Second support is the reaction low crossing at 131.87.

The September British Pound was higher overnight as it extends the rally off July’s low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, the 87% retracement level of the June-July decline crossing at 1.5626 is the next upside target. Closes below Wednesday’s low crossing at 1.5200 would confirm that the short-term top has been posted. First resistance is Wednesday’s high crossing at 1.5528. Second resistance is the 87% retracement level of the June-July decline crossing at 1.5626. First support is Wednesday’s low crossing at 1.5200. Second support is last Friday’s low crossing at 1.5098.

The September Swiss Franc was higher overnight as it extends the rally off July’s low. Stochastics and the RSI are overbought but are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, June’s high crossing at .10962 is the next upside target. Closes below the 20-day moving average crossing at .10714 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the June-July decline crossing at .10873. Second resistance is June’s high crossing at .10962. First support is the 20-day moving average crossing at .10714. Second support is the reaction low crossing at .10653.

The September Canadian Dollar was higher due to short covering overnight as it consolidates some of the decline off July’s high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the reaction low crossing at 95.52 is the next downside target. Closes above the 10-day moving average crossing at 96.61 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 96.61. Second resistance is the 62% retracement level of the May-July decline crossing at 97.45. First support is the reaction low crossing at 95.52. Second support is July’s low crossing at 94.09.

The September Japanese Yen was higher overnight as it extends the rally off July’s low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, June’s high crossing at .10669 is the next upside target. Closes below last Friday’s low crossing at .10002 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at .10408. Second resistance is June’s high crossing at .10669. First support is last Friday’s low crossing at .10002. Second support is the reaction low crossing at .9916.


 

 
Energy Snapshot
Symbol Last Change %
CRUDE OIL Sep 2013 104.20 -0.17 -0.16%
NEW YORK HARBOR ULSD Sep 2013 2.9595 -0.0047 -0.16%
NATURAL GAS Sep 2013 3.235 -0.012 -0.37%
RBOB GASOLINE Sep 2013 2.8748 +0.0037 +0.13%
POWERSHARES DYNAMIC ENERGY 50.2799 -0.2101 -0.42%
UNITED STATES GASOLINE 58.718 -0.882 -1.50%

ENERGIES

September Nymex crude oil was slightly higher in overnight trading as it consolidates some of the decline off last Friday’s high. Stochastics and the RSI are bearish signaling that additional weakness is possible near-term. Closes below last Tuesday’s low crossing at 102.67 would confirm that a double top with July’s high has been posted. Closes above July’s high would renew this summer’s rally off April’s low while opening the door for a possible test of weekly resistance crossing at 110.55. First resistance is July’s high crossing at 108.93. Second resistance is monthly resistance crossing at 110.55. First support is last Tuesday’s low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

September heating oil was lower overnight as it extends the decline off last Friday’s high. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends this week’s decline, the 50% retracement level of the April-July rally crossing at 294.45 is the next downside target. Closes above the 20-day moving average crossing at 304.25 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 304.25. Second resistance is last Friday’s high crossing at 310.71. First support is the 50% retracement level of the April-July rally crossing at 294.45. Second support is the 62% retracement level of the April-July rally crossing at 290.01.

September unleaded gas was higher due to short covering overnight as it consolidates some of the decline off July’s high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, the 50% retracement level of the April-July rally crossing at 285.24 is the next downside target. Closes above the 20-day moving average crossing at 299.56 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 300.22. Second resistance is last Thursday’s high crossing at 304.56. First support is the 50% retracement level of the April-July rally crossing at 285.24. Second support is the 62% retracement level of the April-July rally crossing at 279.58.

September Henry natural gas was lower overnight as it extends the decline off July’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this year’s decline, weekly support crossing at 3.178 is the next downside target. Closes above the 20-day moving average crossing at 3.537 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 3.376. Second resistance is the 20-day moving average crossing at 3.537. First support is the overnight low crossing at 3.225. Second support is weekly support crossing at 3.178.


 

 
Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2495 +37 +1.50%
COFFEE Sep 2013 121.70 +0.65 +0.54%
ORANGE JUICE-A Sep 2013 138.45 -1.80 -1.30%
IPATH DJ-UBS SUGAR TRUST 57.556 -0.734 -1.25%
IPATH DJ-UBS SOFTS TRUST 46.9401 -0.3099 -0.67%

FOOD & FIBER

September coffee 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 overbought and turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 122.12 would confirm that a short-term low has been posted. If September extends the decline off July’s high, weekly support crossing at 11.00 is the next downside target.

September cocoa closed sharply higher on Wednesday and above May’s high thereby renewing the rally off March’s low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the 50% retracement level of the 2011-2013-decline crossing at 24.60 is the next upside target. Closes below the 20-day moving average crossing at 23.19 would confirm that a short-term top has been posted.

October sugar closed higher due to short covering on Wednesday. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16.44 would confirm that a short-term top has been posted. If October renews the rally off July’s low, June’s high crossing at 17.49 is the next upside target.

October cotton closed sharply higher on Wednesday renewing the rally off July’s low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off July’s low, June’s high crossing at 90.69 is the next upside target. Closes below the 20-day moving average crossing at 85.64 would confirm that a short-term top has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 462.25 +4.00 +0.87%
OATS Dec 2013 326.75 +2.00 +0.61%
WHEAT Dec 2013 658.00 +1.75 +0.27%
TEUCRIUM CORN 35.07 -0.05 -0.14%
IPATH DJ-UBS GRAINS TRUST 44.660 -0.140 -0.31%
ELEMENTS MLCX GRAINS INDEX TRUST 6.120 -0.018 -0.30%
SOYBEANS Nov 2013 1176.75 +11.00 +0.94%
SOYBEAN (MINI) Nov 2013 1177.000 +11.250 +0.97%
SOYBEAN MEAL Dec 2013 351.6 +4.2 +1.21%
TEUCRIUM SOYBEAN 22.13 +0.20 +0.91%

GRAINS

corn was higher due to short covering overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June’s high, psychological support crossing at 4.50 is the next downside target. Closes above the 20-day moving average crossing at 4.82 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.67 3/4. Second resistance is the 20-day moving average crossing at 4.82 1/4. First support is Tuesday’s low crossing at 4.55. Second support is psychological support crossing at 4.50.

December wheat was higher due to short covering overnight. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July’s high, psychological support crossing at 6.50 is the next downside target. Closes above last Thursday’s high crossing at 6.79 3/4 would confirm a short-term low has been posted. First resistance is last Thursday’s high crossing at 6.79 3/4. Second resistance is July’s high crossing at 7.05 3/4. First support is Monday’s low crossing at 6.54. Second support is psychological support crossing at 6.50.

December Kansas City Wheat closed down 4 3/4-cents at 7.07 1/2.

December Kansas City wheat closed lower on Wednesday. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If December renews the decline off April’s high, weekly support crossing at 7.00 is the next downside target. If December renews last week’s rally, July’s high crossing at 7.28 is the next upside target. First resistance is last Friday’s high crossing at 7.25. Second resistance is July’s high crossing at 7.28. First support is last Monday’s low crossing at 7.00 3/4. Second support is weekly support crossing at 7.00.

December Minneapolis wheat was higher due to short covering overnight. 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 hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 7.54 3/4 are needed to confirm that a low has been posted. If December extends the decline off April’s high, weekly support crossing at 7.25 3/4 is the next downside target. First resistance is the 20-day moving average crossing at 7.54 3/4. Second resistance is the reaction high crossing at 7.88 1/2. First support is Monday’s low crossing at 7.41 1/4. Second support is weekly support crossing at 7.25 3/4.

SOYBEAN COMPLEX

soybeans were higher due to short covering overnight as they bounced off the 50% retracement level of the 2010-2012-rally crossing at 11.66 1/4. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the aforementioned decline, the 62% retracement level of the 2010-2012-rally crossing at 11.08 1/2 is the next downside target. Closes above the 20-day moving average crossing at 12.29 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 11.92 1/2. Second resistance is the 20-day moving average crossing at 12.29 1/4. First support is the 50% retracement level of the 2010-2012-rally crossing at 11.66 1/4. Second support is the 62% retracement level of the 2010-2012-rally crossing at 11.08 1/2.

December soybean meal was higher due to short covering overnight as it consolidates some of the decline off July’s high. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July’s high, the 87% retracement level of the April-June rally crossing at 338.60 is the next downside target. Closes above the 20-day moving average crossing at 369.10 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 358.00. Second resistance is the 20-day moving average crossing at 369.10. First support is Tuesday’s low crossing at 345.30. Second support is the 87% retracement level of the April-June rally crossing at 338.60.

December soybean oil was higher due to short covering overnight as it consolidates some of Wednesday’s loss. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish. If December extends this year’s decline, weekly support crossing at 40.56 is the next downside target. Closes above the 20-day moving average crossing at 43.92 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 42.79. Second resistance is the 20-day moving average crossing at 43.92. First support is Wednesday’s low crossing at 42.10. Second support is weekly support crossing at 40.56.


 

 
Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15470.67 -48.07 -0.31%
NASDAQ COMPOSITE INDEX (COMBINED) 3654.46 -11.31 -0.31%
S&P 500 CASH 1690.91 -6.46 -0.38%
SPDR S&P 500 169.17 -0.56 -0.33%
QQQQ VOLATILITY INDEX 11.95 +0.15 +1.25%
iShares RUSSELL 2000 INDEX 103.69 -0.77 -0.74%

U.S. STOCK INDEXES

September NASDAQ 100 was higher overnight as it consolidates some of this week’s decline. 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 3079.83 would confirm that a short-term top has been posted. If September extends this year’s rally, monthly resistance crossing at 3329.82 is the next upside target. First resistance is Monday’s high crossing at 3140.25. Second resistance is monthly resistance crossing at 3329.82. First support is the 20-day moving average crossing at 3079.83. Second support is the reaction low crossing at 3023.50.

The September S&P 500 was higher overnight as it consolidates some of this week’s decline. 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 1686.42 are needed to confirm that a short-term top has been posted. If September extends the rally off June’s low, upside targets will be hard to project with September trading into uncharted territory. First resistance is last Friday’s high crossing at 1705.00. First support is the 20-day moving average crossing at 1686.42. Second support is the reaction low crossing at 1670.50.


 

 
Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 134.00000 +0.09375 +0.07%
iShares FLOATING RATE NOTE 50.65 +0.01 +0.02%
5 YEAR T-NOTES Sep 2013 121.484375 +0.007813 +0.01%
ULTRA T-BONDS Sep 2013 143.75000 +0.28125 +0.20%
POWERSHARES SENIOR LOAN PORTF 24.885 -0.015 -0.06%

INTEREST RATES

T-bonds were higher in overnight trading. Stochastics and the RSI have turned bullish hinting that a short-term low might be in or is near. Closes above the 20-day moving average crossing at 134-07 would confirm that a short-term low has been posted. If September renews the decline off July’s high, weekly support crossing at 130-24 is the next downside target. First resistance is the 20-day moving average crossing at 134-07. Second resistance is the reaction high crossing at 136-00. First support is last Friday’s low crossing at 131-25. Second support is weekly support crossing at 130-24.


 

 
Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Sep 2013 156.375 +2.025 +1.28%
LEAN HOGS Oct 2013 85.725 +0.800 +0.93%
LIVE CATTLE Oct 2013 127.675 +3.000 +2.36%
IPATH DJ-UBS LIVESTOCK TRUST SUB 26.8160 -0.0040 -0.01%

LIVESTOCK

hogs closed down $1.52 at $84.92.

October hog posted a key reversal down on Wednesday and filled Tuesday’s gap crossing at 85.70. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI remain bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off last week’s low, July’s high crossing at 86.87 is the next upside target. Closes below the 10-day moving average crossing at 84.65 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 86.65. Second resistance is July’s high crossing at 86.87. First support is the 10-day moving average crossing at 84.65. Second support is the 50% retracement level of the March-June rally crossing at 82.68.

October cattle closed unchanged at 124.67.

October cattle closed unchanged 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October renews last week’s decline, June’s low crossing at 121.65 is the next downside target. Closes above the 20-day moving average crossing at 125.60 are needed to confirm that a low has been posted. First resistance is the reaction high crossing at 126.95. Second resistance is the reaction high crossing at 127.20. First support is last Friday’s low crossing at 124.12. Second support is June’s low crossing at 121.65.

August feeder cattle closed down $1.67 at $152.57.

August Feeder cattle closed lower on Wednesday and below the 20-day moving average crossing at 152.67 confirming that a short-term top has been posted. 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 diverging and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If August renews the rally off May’s low, the reaction high crossing at 155.70 is the next upside target. First resistance is last Thursday’s high crossing at 154.60. Second resistance is the reaction high crossing at 155.70. First support is the reaction low crossing at 151.92. Second support is the reaction low crossing at 149.90.


 

 
Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1288.9 +3.6 +0.28%
SPDR GOLD SHARES 124.14 +0.17 +0.14%
SILVER Sep 2013 19.675 +0.167 +0.85%
PALLADIUM Sep 2013 730.25 +7.10 +0.98%
DIREXION DAILY GOLD MINERS BEA 106.22 +1.51 +1.42%
POWERSHARES DB PRECIOUS METALS 41.776 +0.166 +0.40%

PRECIOUS METALS

October gold was higher due to short covering overnight as it consolidates some of the decline off July’s high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If October extends the aforementioned decline, July’s low crossing at 1208.50 is the next downside target. Closes above the 10-day moving average crossing at 1306.70 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1306.70. Second resistance is July’s high crossing at 1348.00. First support is Wednesday’s low crossing at 1272.10. Second support is July’s low crossing at 1208.50.

September silver was higher overnight while extending the trading range of the past seven weeks. 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 18.665 would confirm a downside breakout of the aforementioned trading range. If September renews the rally off June’s low, the reaction high crossing at 22.525 is the next upside target. First resistance is the reaction high crossing at 20.250. Second resistance is the reaction high crossing at 22.525. First support is the reaction low crossing at 18.665. Second support is June’s low crossing at 18.170.

September copper was sharply higher overnight renewing the rally off June’s low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, the 38% retracement level of the February-June decline crossing at 330.48 is the next upside target. Closes below the 10-day moving average crossing at 314.87 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 326.35. Second resistance is the 38% retracement level of the February-June decline crossing at 330.48. First support is the 10-day moving average crossing at 314.86. Second support is the reaction low crossing at 303.65.


 

 
Top Stocks
# symbol name last net % volume score triangles  
1. FB FACEBOOK 38.87 +0.32 +0.82% 67,862,757 +100    Entry Signal
2. MU MICRON TECH 13.81 -0.33 -2.39% 33,625,871 +90    Entry Signal
3. FOXA TWENTY-FIRST CENTURY FOX 31.82 +0.59 +1.85% 25,535,116 +100    Entry Signal
4. FTR FRONTIER COMMUNICATIONS 4.605 +0.045 +0.98% 20,642,952 +100    Entry Signal
5. COLE COLE REAL ESTATE INVESTMENTS 11.41 +0.01 +0.09% 9,451,946 +100    Entry Signal
6. AAPL APPLE 465.0001 -0.2499 -0.05% 9,140,743 +100    Entry Signal
7. QCOM QUALCOMM 65.2100 -0.3800 -0.58% 8,563,916 +90    Entry Signal
8. DGIT DIGITAL GENERATION 10.3090 +2.1490 +20.84% 6,908,859 +100    Entry Signal
9. NVDA NVIDIA 14.605 -0.005 -0.03% 5,786,107 +90    Entry Signal
10. DNDN DENDREON 4.67 -0.32 -6.87% 5,635,654 +90    Entry Signal
 
Top Futures
# symbol name last net % volume score triangles  
1. 6S.U13.E SWISS FRANC Sep 2013 1.0862 +0.0009 +0.08% 11,115 +100    Entry Signal
2. GE.U13.E EURODOLLAR Sep 2013 99.730 +0.010 +0.01% 12,037 +100    Entry Signal
3. LH.Q13 LEAN HOGS Aug 2013 100.225 -0.325 -0.32% 10,044 +90    Entry Signal
4. CC.Z13.E COCOA Dec 2013 2495 +37 +1.50% 6,196 +100    Entry Signal
5. LE.V13.E LIVE CATTLE Oct 2013 127.675 +3.000 +2.36% 5,374 +90    Entry Signal
6. FC.U13 FEEDER CATTLE Sep 2013 156.375 -1.275 -0.82% 3,689 +90    Entry Signal
7. CC.U13.E COCOA Sep 2013 2482 +40 +1.63% 3,017 +100    Entry Signal
8. FC.V13 FEEDER CATTLE Oct 2013 158.825 -1.050 -0.66% 2,689 +90    Entry Signal
9. FC.Q13 FEEDER CATTLE Aug 2013 152.575 -1.675 -1.10% 2,279 +90    Entry Signal
10. LE.Z13.E LIVE CATTLE Dec 2013 129.775 +2.550 +1.97% 2,068 +100    Entry Signal

Key Market Reports and Commentary for Thursday 01/08/2013

Morning Markets Report
Prepared on Thursday, August 1, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is trending higher 107 points to 15540. The US Dollar Index rose 0.341 points to 82.010. Gold has gained 1.54 dollars to 1325.07. Silver has advanced 0.0991 dollars to 19.7711. The Dow Industrials trended lower by 21.05 points, at 15499.54, while the S&P 500 moved down 0.23 points, last seen at 1685.73. The Nasdaq Composite gained 12.25 points to 3628.72. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Today’s Video Update: The Month of July Provided Solid Returns For Investors
Wednesday Jul 31st

Apple – The Cheapest Growth Stock in the Market
Wednesday Jul 31st

Are Gold Equities on the Cusp of an Upswing?
Wednesday Jul 31st

Key Events for Thursday

7:30 AM ET. July Challenger Job-Cut Report

Job Cuts, M/M (previous +8.2%)

8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 488K)

Soybeans, In Metric Tons (previous 793.5K)

Wheat, In Metric Tons (previous 661.4K)

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

Weekly Jobless Claims (expected 345K; previous 343K)

Weekly Jobless Claims Net Change (previous +7K)

Cont Jobless Claims (prior week) (previous 2997000)

Cont Jobless Claims Net Chg (prior week) (previous -119K)

9:00 AM ET. July US Manufacturing PMI

9:45 AM ET. Bloomberg Consumer Comfort Index

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

New Construction (expected +0.3%; previous +0.5%)

Residential Construction

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

Manufacturing PMI (expected 52; previous 50.9)

Prices Index (previous 2.5)

Employment Index (previous 48.7)

Inventories (previous 50.5)

New Orders Index (previous 51.9)

Production Index (previous 53.4)

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

DJ-BTMU Business Barometer (previous +0.2%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.7%)

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

Total Working Gas in Storage (previous 2786B)

Total Working Gas in Storage (Net Change) (previous +41B)

11:00 AM ET. July Global Manufacturing PMI

4:00 PM ET. July Domestic Auto Industry Sales

Annualized Vehicle Sales (expected 15.8M; previous 15.96M)

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings

Primary Credit Borrowings W/E Daily Avg.

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings

Discount Window Borrowings W/E Daily Avg.

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings

US Foreign Agency Holdings

Foreign Treasury Holdings


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 82.010 +0.341 +0.44%
POWERSHARES DB US DOLLAR INDEX 22.1000 -0.0500 -0.23%
US Dollar/Canadian Dollar 1.02985 +0.00105 +0.10%
Euro/US Dollar 1.32370 -0.00350 -0.26%
JAPANESE YEN Sep 2013 0.010133 -0.000098 -0.96%
SWISS FRANC Sep 2013 1.0751 -0.0081 -0.75%

CURRENCIES

September Dollar posted a key reversal down on Wednesday ending a two-day bounce off fib support crossing at 81.70. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends this month’s decline, the 87% retracement level of the June-July rally crossing at 81.15 is the next downside target. Closes above the 20-day moving average crossing at 82.89 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 82.16. Second resistance is the 20-day moving average crossing at 82.89. First support is today’s low crossing at 81.48. Second support is the 87% retracement level of the June-July rally crossing at 81.15.

The September Euro closed higher on Wednesday as it renewed the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Thursday’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 September extends the rally off July’s low, June’s high crossing at 134.24 is the next upside target. Closes below the 20-day moving average crossing at 131.07 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 133.47. Second resistance is June’s high crossing at 134.24. First support is the 10-day moving average crossing at 132.23. Second support is the 20-day moving average crossing at 131.07.

The September British Pound closed lower on Wednesday. A short covering rally tempered early-session losses and the high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI have turned bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1.5182 would confirm that a short-term top has been posted. If September renews the rally off July’s low, the 75% retracement level of the June-July decline crossing at 1.5509 is the next upside target. First resistance is the 62% retracement level of the June-July decline crossing at 1.5385. Second resistance is the 75% retracement level of the June-July decline crossing at 1.5509. First support is the 20-day moving average crossing at 1.5182. Second support is the July 11th gap crossing at 1.5009.

The September Swiss Franc closed higher on Wednesday as it extends the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Thursday’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 September extends the rally off July’s low, the 87% retracement level of the June-July decline crossing at .10874 is the next upside target. Closes below the 20-day moving average crossing at .10603 would confirm that a short-term top has been posted. First resistance is the 87% retracement level of the June-July decline crossing at .10874. Second resistance is June’s high crossing at .10962. First support is the 10-day moving average crossing at .10710. Second support is the 20-day moving average crossing at .10603.

The September Canadian Dollar closed higher on Wednesday extending the rally off July’s low. The mid-range close sets the stage for a steady to higher opening when Thursday’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 September extends the rally off July’s low, the 75% retracement level of the May-July decline crossing at 98.17 is the next upside target. Closes below the 20-day moving average crossing at 96.12 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the May-July decline crossing at 97.45. Second resistance is the 75% retracement level of the May-July decline crossing at 98.17. First support is the 10-day moving average crossing at 96.87. Second support is the 20-day moving average crossing at 96.12.

The September Japanese Yen closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought but remain bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, June’s high crossing at .10669 is the next upside target. Closes below the 20-day moving average crossing at .10045 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .10251. Second resistance is June’s high crossing at .10669. First support is the 20-day moving average crossing at .10045. Second support is July’s low crossing at .9852.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Sep 2013 106.76 +1.73 +1.65%
NEW YORK HARBOR ULSD Sep 2013 3.0862 +0.0312 +1.02%
NATURAL GAS Sep 2013 3.432 -0.014 -0.41%
RBOB GASOLINE Sep 2013 3.0230 +0.0267 +0.89%
POWERSHARES DYNAMIC ENERGY 49.680 +0.332 +0.67%
UNITED STATES GASOLINE 61.3236 +0.5036 +0.82%

ENERGIES

September crude oil closed higher due to short covering on Wednesday as it consolidates some of the decline off July’s high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, the 38% retracement level of the April-July rally crossing at 100.27 is the next downside target. Closes above the 10-day moving average crossing at 105.82 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 105.82. Second resistance is July’s high crossing at 108.93. First support is Tuesday’s low crossing at 102.67. Second support is the 38% retracement level of the April-July rally crossing at 100.27.

September heating oil posted a key reversal up on Wednesday as it consolidated some of the decline off July’s high. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, the reaction low crossing at 297.08 is the next downside target. Multiple closes above the 10-day moving average crossing at 305.15 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 305.15. Second resistance is July’s high crossing at 313.22. First support is today’s low crossing at 297.72. Second support is the 50% retracement level of the April-July rally crossing at 294.45.

September unleaded gas posted a key reversal up on Wednesday as it consolidated some of the decline off July’s high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 298.27 are needed to confirm that a short-term top has been posted. Closes above the 10-day moving average crossing at 301.10 would confirm that a short-term low has been posted. If September renews the rally off June’s low, monthly resistance crossing at 321.88 is the next upside target. First resistance is the 10-day moving average crossing at 301.10. Second resistance is July’s high crossing at 309.17. First support is the 20-day moving average crossing at 298.27. Second support is the 38% retracement level of the June-July rally crossing at 290.90.

September Henry natural gas closed higher due to short covering on Wednesday as it consolidates some of this decline off May’s high. 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 September extends the aforementioned decline, January’s low crossing at 3.350 is the next downside target. Closes above the 20-day moving average crossing at 3.645 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 3.645. Second resistance is July’s high crossing at 3.833. First support is Tuesday’s low crossing at 3.418. Second support is January’s low crossing at 3.350.


 

Food Snapshot
Symbol Last Change %
COCOA Sep 2013 2306 +8 +0.35%
COFFEE Sep 2013 118.85 +0.25 +0.21%
ORANGE JUICE-A Sep 2013 143.90 -1.70 -1.18%
IPATH DJ-UBS SUGAR TRUST 59.0000 -0.1199 -0.20%
IPATH DJ-UBS SOFTS TRUST 46.9401 -0.3099 -0.66%

FOOD & FIBER

September coffee closed lower on Wednesday. The mid-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, June’s low crossing at 11.71 is the next downside target. If September renews the rally off June’s low, the 38% retracement level of the January-June decline crossing at 135.81 is the next upside target.

September cocoa closed higher due to short covering on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 22.79 would confirm that a short-term top has been posted. If September renews this month’s rally, June’s high crossing at 23.84 is the next upside target.

October sugar closed higher on Wednesday as it extended the rally off July’s low. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If October extends this week’s rally, June’s high crossing at 17.49 is the next upside target. Closes below the 20-day moving average crossing at 16.35 would confirm that a short-term top has been posted.

October cotton closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the rally off last week’s low, the reaction high crossing at 87.82 is the next upside target. If October renews the decline off June’s high, May’s low crossing at 81.83 is the next downside target.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 474.75 -4.25 -0.89%
OATS Dec 2013 331.5 -0.5 -0.15%
WHEAT Sep 2013 662.75 -1.50 -0.23%
TEUCRIUM CORN 36.1775 +0.0175 +0.05%
IPATH DJ-UBS GRAINS TRUST 46.51 +0.26 +0.56%
ELEMENTS MLCX GRAINS INDEX TRUST 6.2826 +0.0426 +0.68%
SOYBEANS Nov 2013 1205.75 -0.50 -0.04%
SOYBEAN (MINI) Nov 2013 1206.250 +1.000 +0.08%
SOYBEAN MEAL Dec 2013 363.5 -1.7 -0.47%
TEUCRIUM SOYBEAN 23.0396 -0.0004 -0.00%

GRAINS

Corn closed up 1 1/2-cents at 4.79.

December corn closed higher due to short covering on Wednesday as it consolidated some of the decline off July’s high. Weather forecast were mixed as bears continue to point towards cool temperatures and at least some rain, supporting production potential. However, cool temperatures and a lack of growing degree days are also being noted by traders and near-term are providing light support to the market. Midday weather models show below normal temperatures and turned a bit drier. Closes above the 10-day moving average crossing at 4.84 3/4 would increase the odds that a temporary bottom ahead of USDA’s Aug. 12 crop report has been posted. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off June’s high, weekly support crossing at 4.67 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.97 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 4.84 3/4. Second resistance is the 20-day moving average crossing at 4.97. First support is Monday’s low crossing at 4.71 1/4. Second support is weekly support crossing at 4.67 3/4.

December wheat closed up 9 1/4-cents at 6.77.

December wheat closed higher due to short covering on Wednesday and above the 20-day moving average crossing at 6.75 3/4 confirming that a short-term low has been posted. Today’s buy was due bargain hunting as seasonal trends point to higher prices into the fall. These factors might help to encourage fund managers to add purchases their statements at the end of the month. Charts are also trying to form a bottom, though prospects for harvest pressure in August limited gains in Minneapolis. Export sales out Thursday are expected to be decent at 22.5 million bushels. The U.S. remains priced out of markets in North Africa and the Middle East however; other buyers around the world continue to take U.S. grain of all classes. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but are turning bullish signaling that sideways to higher prices are possible near-term. If December extends today’s rally, July’s high crossing at 7.05 3/4 is the next upside target. If December renews this year’s decline, psychological support crossing at 6.50 is the next downside target. First resistance is today’s high crossing at 6.79 1/4. Second resistance is July’s high crossing at 7.05 3/4. First support is last Thursday’s low crossing at 6.58 1/4. Second support is psychological support crossing at 6.50.

December Kansas City Wheat closed up 8 3/4-cents at 7.17.

December Kansas City wheat closed higher due to short covering on Wednesday. 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. Today’s close above the 20-day moving average crossing at 7.14 1/4 confirm that a short-term low has been posted. If December extends this week’s short covering rally, July’s high crossing at 7.28 is the next upside target. If December renews the decline off April’s high, weekly support crossing at 7.00 is the next downside target. First resistance is today’s high crossing at 7.17. Second resistance is July’s high crossing at 7.28. First support is Monday’s low crossing at 7.00 3/4. Second support is weekly support crossing at 7.00.

December Minneapolis wheat closed up 2 1/2-cents at 7.51.

December Minneapolis wheat closed higher due to short covering on Wednesday as it consolidated some of this year’s decline. Stochastics and the RSI are oversold but remain bearish signaling that additional weakness is possible near-term. If December extends the decline off April’s high, weekly support crossing at 7.25 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.63 3/4 are needed to confirm that a low has been posted. First resistance is the 10-day moving average crossing at 7.53. Second resistance is the 20-day moving average crossing at 7.63 3/4. First support is Tuesday’s low crossing at 7.45 1/4. Second support is weekly support crossing at 7.25 3/4.

SOYBEAN COMPLEX

soybeans closed up 3 1/4-cents at 12.06 1/4.

November soybeans closed higher on Wednesday as it consolidated some of the decline off June’s high. While old crop sales data could be nominal in Thursday’s export sales report, new crop sales are expected to come in above 20 million bushels. Uncertainty over production could encourage a little new buying at the beginning of the month from funds that have trimmed short positions in July. Lack of a weather threat could keep the trade cautious until USDA releases its crop estimate with their August supply-demand report. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible neutral to. If November extends the decline off June’s high, April’s low crossing at 11.86 1/2 is the next downside target. Closes above the 20-day moving average crossing at 12.55 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 12.55. Second resistance is the reaction high crossing at 12.97. First support is today’s low crossing at 11.94 1/4. Second support is April’s low crossing at 11.86 1/2.

December soybean meal closed up $1.30 at 365.20.

December soybean meal closed higher on Wednesday as it consolidated some of the decline off last week’s high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If December extends last week’s decline, July’s low crossing at 357.00 is the next downside target. Closes above the 20-day moving average crossing at 375.80 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 375.80. Second resistance is last Tuesday’s high crossing at 393.30. First support is last Friday’s low crossing at 360.50. Second support is July’s low crossing at 357.00.

December soybean oil closed up 1 pts. at 42.70.

December soybean closed higher on Wednesday. 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 oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this year’s decline, weekly support crossing at 40.56 is the next downside target. Closes above the 20-day moving average crossing at 44.90 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 44.06. Second resistance is the 20-day moving average crossing at 44.90. First support is today’s low crossing at 42.59. Second support is weekly support crossing at 40.56.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15499.54 -21.05 -0.14%
NASDAQ COMPOSITE INDEX (COMBINED) 3628.72 +12.25 +0.34%
S&P 500 CASH 1685.73 -0.23 -0.01%
SPDR S&P 500 168.710 +0.122 +0.07%
QQQQ VOLATILITY INDEX 12.76 +0.42 +3.26%
iShares RUSSELL 2000 INDEX 103.89 +0.41 +0.40%

U.S. STOCK INDEXES

September NASDAQ 100 closed higher on Wednesday and posted a new high for the year. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are diverging but are bullish signaling that sideways to higher prices are possible near-term. If September renews the rally off June’s low, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3037.35 would confirm that a top has been posted. First resistance is today’s high crossing at 3104.75. Second resistance is monthly resistance crossing at 3329.82. First support is the 20-day moving average crossing at 3037.35. Second support is last Tuesday’s low crossing at 3023.50.

The September S&P 500 closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1669.72 would confirm that a short-term top has been posted. If September renews the rally off June’s low, upside targets will now be hard to project with the index trading into uncharted territory. First resistance is last Tuesday’s high crossing at 1695.50. Second resistance is unknown with September trading into uncharted territory. First support is the reaction low crossing at 1670.50. Second support is the 20-day moving average crossing at 1669.73.

The Dow closed higher on Wednesday and posted a new all-time high as it extended the rally off June’s low. The employment report this morning showed 200,000 new jobs created in July and June’s totals were revised higher also. First quarter GDP was revised lower to 1.1%. Second quarter GDP was better than expected coming in at 1.7%. The high-range close sets the stage for a steady to higher opening on Thursday. 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 15,438 would confirm that a short-term top has been posted. If the Dow extends this year’s rally, upside targets will be hard to project with the Dow trading into uncharted territory. First resistance is today’s high crossing at 15,634. Second resistance is unknown. First support is the 20-day moving average crossing at 15,438. Second support is last Friday’s low crossing at 15,405.

 


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 133.84375 -0.21875 -0.16%
iShares FLOATING RATE NOTE 50.648 -0.012 -0.02%
5 YEAR T-NOTES Sep 2013 121.390625 +0.023438 +0.02%
ULTRA T-BONDS Sep 2013 143.71875 -0.53125 -0.37%
POWERSHARES SENIOR LOAN PORTF 24.95 0.00 0.00%

INTEREST RATES

T-bonds closed up 8/32 at 134-05.

September T-bonds posted an upside reversal on Wednesday hinting that a double bottom with the early-July low might have been posted with today’s low. The Fed didn’t indicate when it might be ending its program of “quantitative easing.” That financial stimulus involves buying $85 billion in long-term debt off the market to keep interest rates low. Interest rates rose after the private sector jobs data came out, but retreated on the neutral Fed statement. With the Fed meeting over, investors will now turn their attention to Friday’s nationwide jobs report for near-term direction. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible. If September extends the decline off July’s high, July’s low crossing at 132-02 is the next downside target. If September renews the rally off July’s low, the reaction high crossing at 136-27 is the next upside target. First resistance is the reaction crossing at 136-27. Second resistance is the reaction high crossing at 140-28. First support is July’s low crossing at 132-02. Second support is monthly support crossing at 130-25.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2013 153.425 +0.175 +0.11%
LEAN HOGS Oct 2013 83.550 +0.225 +0.27%
LIVE CATTLE Oct 2013 125.525 +0.050 +0.04%
IPATH DJ-UBS LIVESTOCK TRUST SUB 26.8199 -0.0761 -0.29%

LIVESTOCK

hogs closed up $0.13 at $83.33.

October hog closed higher on Wednesday as it consolidated some of Tuesday’s decline but failed to fill yesterday’s gap. 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 bearish signaling that sideways to lower prices are possible near-term. If October extends this week’s decline, the 50% retracement level of the March-June rally crossing at 82.68 is the next downside target. Closes above the 10-day moving average crossing at 85.06 would confirm that a short-term low has been posted. First resistance is Tuesday’s gap crossing at 84.20. Second resistance is the 10-day moving average crossing at 85.06. First support is the 50% retracement level of the March-June rally crossing at 82.68. Second support is the 62% retracement level of the March-June rally crossing at 81.66.

October cattle closed down $0.17 at 125.54.

October cattle closed lower on Wednesday due to profit taking. The mid-range close sets the stage for a steady opening when Thursday’s night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October renews the rally off June’s low, the reaction high crossing at 127.20 is the next upside target. Closes below the reaction low crossing at 121.17 would confirm a downside breakout of this month’s trading range. First resistance is the reaction high crossing at 126.95. Second resistance is the reaction high crossing at 127.20. First support is the reaction low crossing at 121.17. Second support is the reaction low crossing at 121.00.

August feeder cattle closed up $0.17 at $153.42.

August Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are diverging but are turning bullish signaling that sideways to higher prices are possible near-term. If August extends the rally off May’s low, April’s high crossing at 154.40 is the next upside target. Closes below the 20-day moving average crossing at 152.06 are needed to confirm that a short-term top has been posted. First resistance is last Wednesday’s high crossing at 154.15. Second resistance is April’s high crossing at 154.40. First support is the 20-day moving average crossing at 152.06. Second support is the reaction low crossing at 149.90.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1325.3 +12.3 +0.94%
SPDR GOLD SHARES 127.58 -0.54 -0.42%
SILVER Sep 2013 19.770 +0.142 +0.72%
PALLADIUM Sep 2013 733.40 +7.05 +0.97%
DIREXION DAILY GOLD MINERS BEA 76.1790 +1.2390 +1.63%
POWERSHARES DB PRECIOUS METALS 43.020 +0.060 +0.14%

PRECIOUS METALS

October gold closed lower on Wednesday while extending the trading range of the past seven days. The mid-range close sets the stage for a steady opening when Thursday’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 1290.30 would confirm that a short-term top has been posted. If October renews the rally off June’s low, the reaction high crossing at 1395.20 is the next upside target. First resistance is last Wednesday’s high crossing at 1348.00. Second resistance is the reaction high crossing at 1395.20. First support is the 20-day moving average crossing at 1290.30. Second support is July’s low crossing at 1208.50.

September silver closed higher on Wednesday. The mid-range close set the stage for a steady opening when Thursday’s night session begins trading. Stochastics and the RSI are bearish signaling that a short-term top might be in or is near. Multiple closes below the 20-day moving average crossing at 19.680 are needed to confirm that a short-term top has been posted. If September renews the rally off June’s low, the reaction high crossing at 22.525 is the next upside target. First resistance is last Tuesday’s high crossing at 20.595. Second resistance is the reaction high crossing at 22.525. First support is the 20-day moving average crossing at 19.680. Second support is the reaction low crossing at 18.670.

September copper closed higher due to short covering on Wednesday as it consolidated some of the decline off July’s high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July’s high, July’s low crossing at 302.50 is the next downside target. Closes above the 10-day moving average crossing at 313.95 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 313.95. Second resistance is July’s high crossing at 323.40. First support is July’s low crossing at 302.50. Second support is June’s low crossing at 298.55.


 

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