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

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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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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
Annunci

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 11/07/2013

Morning Markets Report
Prepared on Thursday, July 11, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is trending higher 135 points to 15378. The US Dollar Index moved down 0.102 points to 82.985. Gold is up 0.72 dollars to 1284.50. Silver 0.0410 dollars to 19.8392. The Dow Industrials moved down 8.68 points, at 15291.66, while the S&P 500 rose 0.30 points, last seen at 1652.62. The Nasdaq Composite gained 15.65 points to 3519.91. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
More jobs needed to taper bonds
Wednesday Jul 10th

Strategies for Success in a Bloody Market
Wednesday Jul 10th

Gone Fishing
Wednesday Jul 10th

Key Events for Thursday

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

Corn, In Metric Tons (previous 314.5K)

Soybeans, In Metric Tons (previous 369.7K)

Wheat, In Metric Tons (previous 593K)

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

Import Prices (expected +0%; previous -0.6%)

Non-Petroleum Prices (previous -0.3%)

Petroleum Prices (previous -2%)

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

Weekly Jobless Claims (expected 335K; previous 343K)

Weekly Jobless Claims Net Change (previous -5K)

Cont Jobless Claims (prior week) (previous 2933000)

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

9:30 AM ET. IMF External Relations regular press briefing

9:45 AM ET. Bloomberg Consumer Comfort Index

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

DJ-BTMU Business Barometer (previous +0.3%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.9%)

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

Total Working Gas in Storage (previous 2605B)

Total Working Gas in Storage (Net Change) (previous +72B)

11:00 AM ET. U.S. Senate Banking Committee hearing on systemic risk and Wall Street reform

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

U.S. Corn, Ending Stocks, Bushels

U.S. Soybeans, Ending Stocks, Bushels

U.S. Wheat, Ending Stocks, Bushels

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

2:00 PM ET. June Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt.

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

N/A U.S.-China Strategic and Economic Dialogue concludes


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 82.985 -0.102 -0.13%
POWERSHARES DB US DOLLAR INDEX 22.78 -0.15 -0.66%
US Dollar/Canadian Dollar 1.041060 +0.001080 +0.10%
Euro/US Dollar 1.307100 -0.004400 -0.34%
JAPANESE YEN Sep 2013 0.010074 +0.000087 +0.87%
SWISS FRANC Sep 2013 1.0527 +0.0165 +1.58%

CURRENCIES

The September Dollar gapped down and was sharply lower overnight as it consolidates some of the rally off June’s low. If the overnight gap remains unfilled it would mark a downside breakaway gap signaling the birth of a trend change. Stochastics and the RSI are overbought and are turning bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 82.95 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If September extends the rally off June’s low, monthly resistance marked by the June 2010 high crossing at 89.10 is the next upside target. First resistance is Tuesday’s high crossing at 84.96. Second resistance is monthly resistance crossing at 89.10. First support is the 20-day moving average crossing a t 82.95. Second support is the reaction low crossing at 82.44.

The September Euro gapped up and was sharply higher overnight as it consolidates some of the decline off June’s high. Stochastics and the RSI are oversold but are turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 130.94 would confirm that a short-term low has been posted. If September extends the decline off June’s high, last November’s low crossing at 127.51 is the next downside target. First resistance is the 20-day moving average crossing at 130.94. Second resistance is June’s high crossing at 134.24. First support is Tuesday’s low crossing at 127.55. Second support is last November’s low crossing at 127.51.

The September British Pound gapped up and was higher overnight as it consolidates some of the decline off June’s high. Stochastics and the RSI are oversold and are turning neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1.5300 would confirm that the short-term low has been posted. If September extends the decline off June’s high, weekly support crossing at 1.4542 is the next downside target. First resistance is the 10-day moving average crossing at 1.5078. Second resistance is the 20-day moving average crossing at 1.5300. First support is Tuesday’s low crossing at 1.4806. Second support is weekly support crossing at 1.4542.

The September Swiss Franc gapped up and was higher due to short covering overnight as it consolidates some of the decline off June’s high. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a short-term low might be in or is near. Closes above the 20-day moving average crossing at .10625 are needed to confirm that a short-term low has been posted. If September renews the decline off June’s high, May’s low crossing at .10186 is the next downside target. First resistance is the 2 0-day moving average crossing at .10625. Second resistance is the reaction high crossing at .10829. First support is the 87% retracement level of the May-June rally crossing at .10284. Second support is May’s low crossing at .10186.

The September Canadian Dollar gapped up and is trading above the 20-day moving average in late-overnight trading as it consolidates some of the decline off June’s high. 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 95.75 are needed to confirm that a short-term low has been posted. If September extends the decline off June’s high, monthly support crossing at 93.67 is the next downside target. First resistance is the 20-day moving average crossing at 95.83. Second resistance is June’s high crossing at 98.46. First support is last Friday’s low crossing at 94.09. Second support is monthly support crossing at 93.67.

The September Japan ese Yen was higher due to short covering overnight as it consolidates some of the decline off June’s high. Stochastics and the RSI are oversold but are turning bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at .10189 would confirm that a short-term low has been posted. If September renews the decline off June’s high, the reaction low crossing at .9757 is the next downside target. First resistance is the 20-day moving average crossing at .10189. Second resistance is the reaction high crossing at .10318. First support is Monday’s low crossing at .9852. Second support is the reaction low crossing at .9757.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Sep 2013 105.16 -0.46 -0.44%
NEW YORK HARBOR ULSD Aug 2013 2.9997 -0.0020 -0.07%
NATURAL GAS Sep 2013 3.630 -0.052 -1.42%
RBOB GASOLINE Aug 2013 2.9882 -0.0267 -0.89%
POWERSHARES DYNAMIC ENERGY 48.85 -0.57 -1.17%
UNITED STATES GASOLINE 60.018 +1.408 +2.35%

ENERGIES

August Nymex crude oil was lower in late-overnight trading as it consolidates some of the rally off April’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the aforementioned rally, the May 2011 high crossing at 109.45 is the next upside target. Closes below the 20-day moving average crossing at 98.99 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 107.45. Second resistance is the May 2011 high crossing at 109.45. First support is the 10-day moving average crossing at 101.48. Second support is the 20-day moving average crossing at 98.99.

August heating oil was slightly lower overnight as it consolidates some of the rally off the late-June low. Stochastics and the RSI are o verbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the aforementioned rally, is the 62% retracement level of the February-April decline crossing at 302.64 is the next upside target. Closes below the 20-day moving average crossing at 292.54 would confirm that a short-term top has been posted. First resistance is the 62% retracement level of the February-April decline crossing at 302.64. Second resistance is the 75% retracement level of the February-April decline crossing at 308.81. First support is the 20-day moving average crossing at 292.54. Second support is the late-June low crossing at 282.10.

August unleaded gas was lower due to profit taking overnight as it consolidates some of the rally off June’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends the aforementioned rally, the 87% retracement le vel of the February-April decline crossing at 306.05 is the next upside target. Closes below the 20-day moving average crossing at 282.69 would confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 301.78. Second resistance is the 87% retracement level of the February-April decline crossing at 306.05. First support is the 20-day moving average crossing at 282.69. Second support is June’s low crossing at 267.64.

August Henry natural gas was lower overnight. Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near-term. If August renews the decline off May’s high, the 87% retracement level of the January-May rally crossing at 3.508 is the next downside target. Closes above Wednesday’s high crossing at 3.787 are needed to confirm that a short-term low has been posted. First resistance is Wednesday’s high crossing at 3.787. Second resistance is the reaction high crossing at 4.003. First suppo rt is June’s low crossing at 3.526. Second support is the 87% retracement level of the January-May rally crossing at 3.508.


 

Food Snapshot
Symbol Last Change %
COCOA Sep 2013 2220 +42 +1.93%
COFFEE Sep 2013 122.75 +1.10 +0.90%
ORANGE JUICE-A Sep 2013 135.50 -1.15 -0.85%
IPATH DJ-UBS SUGAR TRUST 56.92 +0.17 +0.30%
IPATH DJ-UBS SOFTS TRUST 46.9401 -0.3099 -0.67%

FOOD & FIBER

September coffee closed lower on Wednesday and the low-range close set 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 rally off June’s low, the reaction high crossing at 131.80 is the next upside target. If September renews this year’s decline, weekly support crossing at 11.33 is the next downside target.

September cocoa closed lower on Wednesday and the low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral signaling that sideways to lower prices are possible near-term. If September renews the decline off June’s high, March’s low crossing at 20.59 is the next downside target. Closes above last Friday’s high crossing at 22.50 are needed to confirm that a low has been posted.

October sugar closed lower on Wednesday as it extended this year’s decline. The low-range close set 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. If October extends this year’s decline, the contract low crossing at 16.15 is the next downside target. Closes above the 20-day moving average crossing at 16.79 would confirm that a low has been posted.

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 are bullish signaling that sideways to higher prices are possible near-term. Closes above last week’s high crossing at 87.45 are needed to confirm that a short-term low has been posted. If October renews the decline off June’s high, June’s low crossing at 81.83 is the next downside target.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 525.50 +4.00 +0.77%
OATS Dec 2013 347.75 +2.25 +0.65%
WHEAT Sep 2013 684.75 +5.75 +0.85%
TEUCRIUM CORN 39.47 +0.05 +0.13%
IPATH DJ-UBS GRAINS TRUST 49.67 +1.43 +2.87%
ELEMENTS MLCX GRAINS INDEX TRUST 6.40 -0.09 -1.35%
SOYBEANS Nov 2013 1287.50 +2.75 +0.21%
SOYBEAN (MINI) Nov 2013 1284.750 +8.500 +0.66%
SOYBEAN MEAL Dec 2013 383.3 +0.9 +0.24%
TEUCRIUM SOYBEAN 23.5392 -0.0462 -0.19%

GRAINS

December corn was higher overnight as it extends the rebound off Monday’s low. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Today’s USDA supply and demand report could derail this week’s rally if USDA’s estimates fall outside the expected ranges. Closes above the 20-day moving average crossing at 5.29 3/4 are needed to confirm that a short-term low has been posted. If December renews the decline off June’s high, weekly support crossing at 4.67 is the next downside target. First resistance is the 20-day moving average crossing at 5.29 3/4. Second resistance is the June 24th gap crossing at 5.53 3/4. First support is Monday’s low crossing at 4.90. Second support is weekly support crossing at 4.67.

December wheat was higher overnight and trading above the 20-day mo ving average as it extends the rebound off this month’s low. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 6.93 3/4 would confirm that a short-term low has been posted while opening the door for additional gains near-term. If December renews the decline off June’s high, weekly support crossing at 6.50 is the next downside target. First resistance is the 20-day moving average crossing at 6.93 3/4. Second resistance is the reaction high crossing at 7.30 3/4. First support is last Monday’s low crossing at 6.66 1/4. Second support is weekly support crossing at 6.50.

December Kansas City Wheat closed up 5-cents at 7.28.

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 turning bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 7.28 3/4 are needed to confirm that a short-term low has been posted. If December renews the decline off April’s high, weekly support crossing at 7.00 is the next downside target. First resistance is the 20-day moving average crossing at 7.28 3/4. Second resistance is the reaction high crossing at 7.55 1/2. First support is last Friday’s low crossing at 7.06 1/4. Second support is weekly support crossing at 7.00.

December Minneapolis wheat was higher due to short covering overnight as it extended the rebound off Monday’s low. The high-range close sets the stage for a steady to higher opening when the day session begins to trade. 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 7.87 3/4 are needed to confirm that a low has been posted. If December renew s the decline off June’s high, psychological support crossing at 7.50 is the next downside target. First resistance is the 20-day moving average crossing at 7.87 3/4. Second resistance is the reaction high crossing at 8.06 3/4. First support is Monday’s low crossing at 7.70. Second support is psychological support crossing at 7.50.

SOYBEAN COMPLEX

November soybeans were higher overnight as they extend the rebound off Monday’s low. Weakness in the US Dollar along with extended weather concerns helped to underpin the overnight rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If November extends this week’s rally, the reaction high crossing at 13.19 is the next upside target. Closes below the 10-day moving average crossing at 12.59 1/4 would confirm that a short-term top has been posted. First re sistance is the reaction high crossing at 13.19. Second resistance is June’s high crossing at 13.30. First support is the 10-day moving average crossing at 12.59 1/4. Second support is the 75% retracement level of the April-June rally crossing at 12.23.

December soybean meal was higher overnight as it extended the rally off Monday’s low. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends this week’s rally, the reaction high crossing at 391.20 is the next upside target. Closes below the 10-day moving average crossing at 373 20 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 391.20. Second resistance is June’s high crossing at 399.00. First support is the 10-day moving average crossing at 373.20. Second support is the 62% retracement level of the April- June rally crossing at 356.30.

December soybean oil was higher overnight as it extends the rebound off June’s low. The mid-range close sets the stage for a steady to higher opening when the day 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 46.39 are needed to confirm that a short-term low has been posted. If December renews this year’s decline, weekly support crossing at 44.00 is the next downside target. First resistance is the 20-day moving average crossing at 46.39. Second resistance is June’s high crossing at 48.36. First support is June’s low crossing at 44.60. Second support is weekly support crossing at 44.00.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15291.66 -8.68 -0.06%
NASDAQ COMPOSITE INDEX (COMBINED) 3519.91 +15.65 +0.44%
S&P 500 CASH 1652.62 +0.30 +0.02%
SPDR S&P 500 165.1501 +0.0201 +0.01%
QQQQ VOLATILITY INDEX 12.45 -0.24 -1.92%
iShares RUSSELL 2000 INDEX 101.23 +0.23 +0.23%

U.S. STOCK INDEXES

The September NASDAQ 100 was higher overnight as it extends the rally off June’s low. Stochastics and the RSI are becoming overbought but remain bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, May’s high crossing at 3044.00 is the next upside target. Closes below the 20-day moving average crossing at 2931.03 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 3030.00. Second resistance is May’s high crossing at 3044.00. First support is the 20-day moving average crossing at 2931.03. Second support is the reaction low crossing at 2897.00.

The September S&P 500 was higher overnight as it extends the rally off June’s low. Stochastics and the RSI are overbought but remain bullish signaling that sideways to hi gher prices are possible near-term. If September extends the rally off June’s low, May’s high crossing at 1678.00 is the next upside target. Closes below the 20-day moving average crossing at 1615.68 would confirm that a short-term top has been posted. First resistance is the overnight high crossing at 1667.30. Second resistance is May’s high crossing at 1678.00. First support is the 20-day moving average crossing at 1615.68. Second support is the reaction low crossing at 1594.20.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 134.2500 +1.3750 +1.03%
iShares FLOATING RATE NOTE 50.55 +0.01 +0.02%
5 YEAR T-NOTES Sep 2013 121.062500 +0.578125 +0.48%
ULTRA T-BONDS Sep 2013 144.46875 +1.65625 +1.15%
POWERSHARES SENIOR LOAN PORTF 24.778 -0.022 -0.09%

INTEREST RATES

September T-bonds were higher due to short covering overnight as it consolidates some of the decline off May’s high. Stochastics and the RSI are diverging and are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 135-29 are needed to confirm that a low has been posted. If September renews the decline off May’s high, weekly support crossing at 130-24 is the next downside target. First resistance is the 10-day moving average crossing at 134-18. Second resistance is the 20-day moving average crossing at 135-29. First support is Monday’s low crossing at 132-02. Second support is weekly support crossing at 130-24.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2013 150.550 -0.600 -0.40%
LEAN HOGS Aug 2013 95.525 -0.175 -0.18%
LIVE CATTLE Aug 2013 122.075 -0.650 -0.53%
IPATH DJ-UBS LIVESTOCK TRUST SUB 26.6900 -0.1500 -0.56%

LIVESTOCK

August hogs closed up $0.53 at $95.70.

August hog closed higher due to short covering 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. If August extends the aforementioned decline, the 50% retracement level of the March-June rally crossing at 93.73 is the next downside target. Closes above the 20-day moving average crossing at 97.23 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 97.23. Second resistance is June’s high crossing at 99.65. First support is the 38% retracement level of the March-June rally crossing at 95.13. Second support is the 50% retracement level of the March-June rally crossing at 93.73.

August cattle closed down $0.65 at 122.07.

August 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 neutral to bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 121.07 would confirm that a short-term top has been posted. If August renews the rally off June’s low, May’s high crossing at 124.10 is the next upside target. First resistance is June’s high crossing at 123.10. Second resistance is May’s high crossing at 12410. First support is the 20-day moving average crossing at 121.07. Second support is the reaction low crossing at 121.00.

August feeder cattle closed down $0.60 at $150.55.

August 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 overbought but remain neutral to 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 148.04 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 152.00. Second resistance is April’s high crossing at 154.40. First support is the 10-day moving average crossing at 150.62. Second support is the 20-day moving average crossing at 148.04.


 

Metals Snapshot
Symbol Last Change %
GOLD Aug 2013 1282.3 +34.9 +2.77%
SPDR GOLD SHARES 120.95 +0.33 +0.27%
SILVER Sep 2013 19.825 +0.660 +3.40%
PALLADIUM Sep 2013 724.00 +10.20 +1.43%
DIREXION DAILY GOLD MINERS BEA 136.44 -0.06 -0.04%
POWERSHARES DB PRECIOUS METALS 41.1000 +0.4600 +1.13%

PRECIOUS METALS

August gold was higher overnight as it extended the short covering rebound off the late-June low. A sharply lower US Dollar supported the overnight rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1282.90 are needed to confirm that a short-term low has been posted. If August renews the decline off June’s high, monthly support crossing at 1155.60 is the next downside target. First resistance is the 20-day moving average crossing at 1282.90. Second resistance is the reaction high crossing at 1394.00. First support is June’s low crossing at 1179.40. Second support is monthly support crossing at 1155.60.

September silver was higher due to short covering overnight. Stochastics and the RSI are turning bullish signaling that si deways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 19.942 are needed to confirm that a low has been posted. If September renews this year’s decline, monthly support crossing at 17.080 is the next downside target. First resistance is the 20-day moving average crossing at 19.942. Second resistance is the reaction high crossing at 22.525. First support is June’s low crossing at 18.170. Second support is monthly support crossing at 17.080.

August copper was sharply higher overnight as it extended the rebound off June’s low. Stochastics and the RSI are turning bullish again signaling that sideways to higher prices are possible near-term. If August renews the decline off June’s high, monthly support crossing at 295.40 is the next downside target. First resistance is Wednesday’s high crossing at 317.80. Second resistance is the reaction high crossing at 322.75. First support is June’s low crossing at 298.30. Second support is monthly su pport crossing at 295.40.


 

Top Stocks
# symbol name last net % volume score triangles
1. BAC BANK of AMERICA CORP 13.38 -0.15 -1.12% 96,260,396 +100    Entry Signal
2. SIRI SIRIUS XM RADIO 3.590 -0.005 -0.14% 43,976,579 +100    Entry Signal
3. F FORD MOTOR 16.71 -0.13 -0.78% 36,229,100 +100    Entry Signal
4. HPQ HEWLETT-PACKARD 25.94 +0.47 +1.81% 31,910,803 +90    Entry Signal
5. NOK NOKIA 4.140 -0.080 -1.93% 29,902,282 +100    Entry Signal
6. AMAT APPLIED MATERIALS 16.305 +0.645 +3.96% 29,337,908 +100    Entry Signal
7. WFC WELLS FARGO 42.07 -0.63 -1.50% 22,662,034 +100    Entry Signal
8. JPM JP MORGAN CHASE 54.82 -0.07 -0.13% 15,417,433 +100    Entry Signal
9. YHOO YAHOO! 26.575 -0.100 -0.38% 14,409,568 +100    Entry Signal
10. FITB FIFTH THIRD BANCORP 18.775 -0.025 -0.13% 13,762,839 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. CL.Q13.E CRUDE OIL Aug 2013 105.90 -0.62 -0.58% 49,195 +100    Entry Signal
2. NQ.U13.E NASDAQ 100 INDEX (E-MINI) Sep 2013 3024.50 +28.25 +0.94% 29,681 +100    Entry Signal
3. CL.K14.E CRUDE OIL May 2014 95.18 +0.44 +0.46% 13,451 +100    Entry Signal
4. SP.U13 S&P 500 INDEX Sep 2013 1648.6 +3.0 +0.18% 9,184 +100    Entry Signal
5. ZS.Q13.E SOYBEANS Aug 2013 1470.75 +6.00 +0.41% 3,442 +100    Entry Signal
6. GE.N13.E EURODOLLAR Jul 2013 99.7325 +0.0025 0.00% 2,779 +100    Entry Signal
7. CL.X13.E CRUDE OIL Nov 2013 102.78 +0.49 +0.48% 1,737 +100    Entry Signal
8. RP.U13.E EURO/BRITISH POUND Sep 2013 0.86395 +0.00010 +0.01% 1,356 +90    Entry Signal
9. ZM.Q13.E SOYBEAN MEAL Aug 2013 453.7 +4.0 +0.89% 1,245 +100    Entry Signal
10. SP.U13.E S&P 500 INDEX Sep 2013 1665.3 +16.7 +1.01% 1,135 +100    Entry Signal

Key Market Reports and Commentary for Thursday 06/06/2013

Morning Markets Report
Prepared  on Thursday, June 6, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future is higher 36 points to 14995. The US Dollar Index declined 0.142 points to 82.421. Gold has advanced 4.22 dollars to 1403.70. Silver 0.0008 dollars to 22.4868. The Dow Industrials moved lower 216.95 points, at 14960.59, while the S&P 500 softened 22.48 points, last seen at 1608.90. The Nasdaq Composite trended lower by 42.60 points to 3402.66. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Once again MarketClub’s Trade Triangles point the way to profits in SodaStream!
Thursday Jun 6th

Trade with a Plan – Setting Your Limits
Thursday Jun 6th

Potential Oil Glut! Raymond James Analyst’s Contrarian Forecast
Wednesday Jun 5th

Key Events for Thursday

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

Job Cuts, M/M (previous -23%)

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

Weekly Jobless Claims (expected 345K; previous 354K)

Weekly Jobless Claims Net Change (previous +10K)

Cont Jobless Claims (prior week) (previous 2986000)

Cont Jobless Claims Net Chg (prior week) (previous +63K)

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

Corn, In Metric Tons (previous 875.3K)

Soybeans, In Metric Tons (previous 648.6K)

Wheat, In Metric Tons (previous 764.2K)

8:30 AM ET. Annual GDP by State

9:30 AM ET. IMF External Relations regular press briefing

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. 1st Quarter Quarterly Services

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

DJ-BTMU Business Barometer (previous +0.2%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.9%)

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

Total Working Gas in Storage (previous 2141B)

Total Working Gas in Storage (Net Change) (previous +88B)

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

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings (previous 3.32T)

US Foreign Agency Holdings (previous 302.66B)

Foreign Treasury Holdings (previous 2.98T)

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings (previous 47B)

Primary Credit Borrowings W/E Daily Avg. (previous 10B)

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg .

Discount Window Borrowings (previous 96M)

Discount Window Borrowings W/E Daily Avg. (previous 61B)

4:30 PM ET. Money Stock Measures


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 82.421 -0.142 -0.18%
POWERSHARES DB US DOLLAR INDEX 22.415 -0.045 -0.20%
US Dollar/Canadian Dollar 1.03080 -0.00444 -0.43%
Euro/US Dollar 1.31176 +0.00136 +0.10%
JAPANESE YEN Jun 2013 0.010097 +0.000019 +0.19%
SWISS FRANC Jun 2013 1.0620 0.0000 0.00%

CURRENCIES

The June Dollar was lower overnight as it extends the decline off May’s high. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off May’s high, the 50% retracement level of the February-May rally crossing at 81.84 is the next downside target. Closes above the 20-day moving average crossing at 83.54 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 83.54. Second resistance is May’s high crossing at 84.59. First support is the overnight low crossing at 82.38. Second support is the 50% retracement level of the February-May rally crossing at 81.84.

The June Euro was higher overnight as it extends the rally off May’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the reaction high crossing at 131.98 is the next upside target. Closes below the 20-day moving average crossing at 129.61 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 131.98. Second resistance is May’s high crossing at 132.48. First support is the 20-day moving average crossing at 129.61. Second support is May’s low crossing at 127.98.

The June British Pound was higher overnight as it extends the rally off May’s low. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May’s low, May’s high crossing at 1.5603 is the next upside target. Closes below the 10-day moving average crossing at 1.5228 are needed to confirm that the short-term top has been posted. First resistance is the overnight high crossing at 1.546 5. Second resistance is May’s high crossing at 1.5603. First support is the 10-day moving average crossing at 1.5228. Second support is May’s low crossing at 1.5006.

The June Swiss Franc was steady to slightly lower overnight as it consolidates some of this week’s rally. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off May’s low, the reaction high crossing at .10719 is the next upside target. Closes below the 20-day moving average crossing at .10417 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at .10719. Second resistance is May’s high crossing at .10820. First support is the 20-day moving average crossing at .10417. Second support is May’s low crossing at .10166.

The June Canadian Dollar was higher overnight. Stochastics and the RSI have turned neutral to bullish signaling that sideways to higher price s are possible near-term. Closes above the 20-day moving average crossing at 97.35 are needed to confirm that a short-term low has been posted. If June renews this year’s decline, last May’s low crossing at 95.30 is the next downside target. First resistance is the 20-day moving average crossing at 97.35. Second resistance is the reaction high crossing at 98.46. First support is May’s low crossing at 95.91. Second support is last May’s low crossing at 95.30.

The June Japanese Yen was higher overnight as it extends the rally off May’s low. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the aforementioned rally, the reaction high crossing at .10147 is the next upside target. Closes below the 20-day moving average crossing at .9867 would temper the near-term friendly outlook. First resistance is Monday’s high crossing at .10116. Second resistance is the reaction high crossing at . 10147. First support is May’s low crossing at .9640. Second support is monthly support crossing at .9421.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Jul 2013 94.34 +0.60 +0.64%
NEW YORK HARBOR ULSD Jul 2013 2.8584 +0.0030 +0.11%
NATURAL GAS Jul 2013 3.997 -0.004 -0.10%
RBOB GASOLINE Jul 2013 2.8240 +0.0010 +0.04%
POWERSHARES DYNAMIC ENERGY 48.73 -0.52 -1.07%
UNITED STATES GASOLINE 56.47 +0.25 +0.44%

ENERGIES

July crude oil was higher due to short covering overnight as it consolidated some of last week’s decline. Stochastics and the RSI are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 94.66 are needed to confirm that a short-term low has been posted. If June renews the decline off May’s high, the 62% retracement level of the April-May rally crossing at 90.46 is the next downside target. First resistance is the 20-day moving average crossing at 94.66. Second resistance is May’s high crossing at 97.38. First support is the 50% retracement level of the April-May rally crossing at 91.79. Second support is the 62% retracement level of the April-May rally crossing at 90.46.

July heating oil was higher overnight. 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 287.60 are needed to confirm that a low has been posted. If July renews the decline off May’s high, May’s low crossing at 275.78 is the next downside target. First resistance is the 20-day moving average crossing at 287.60. Second resistance is May’s high crossing at 295.15. First support is May’s low crossing at 275.78. Second support is April’s low crossing at 272.77.

July unleaded gas was steady to slightly higher due to short covering overnight as it consolidates some of the decline off May’s low. Stochastics and the RSI are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 282.94 are needed to confirm that a short-term low has been posted. If July renews the decline off May’s high, May’s low crossing at 267.50 is the next downside target. First resistance is the 20-day moving average crossing at 282.94. Second resistance is last Tuesday’s high cross ing at 287.17. First support is Monday’s low crossing at 273.70. Second support is May’s low crossing at 267.50.

July Henry natural gas was lower overnight as it continues to form a small symmetrical triangle off Monday’s low. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off last week’s high, May’s low crossing at 3.933 is the next downside target. Closes above the 10-day moving average crossing at 4.099 would temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 4.099. Second resistance is last Tuesday’s high crossing at 4.358. First support is Monday’s low crossing at 3.951. Second support is May’s low crossing at 3.933.


 

Food Snapshot
Symbol Last Change %
COCOA Jul 2013 2315 +7 +0.30%
COFFEE Jul 2013 127.60 +0.15 +0.12%
ORANGE JUICE-A Jul 2013 150.50 -2.55 -1.69%
IPATH DJ-UBS SUGAR TRUST 59.0699 -0.4611 -0.79%
IPATH DJ-UBS SOFTS TRUST 46.9401 -0.3099 -0.66%

FOOD & FIBER

July coffee closed lower on Wednesday. The mid-range close set the stage for a steady opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May’s high, weekly support crossing at 11.33 is the next downside target. Closes above the 20-day moving average crossing at 13.44 would confirm that a short-term low has been posted.

July cocoa closed higher on Wednesday and above the 20-day moving average crossing at 22.99 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If July renews the decline off May’s high, the 75% retrac ement level of the March-May rally crossing at 21.43 is July’s next downside target.

July sugar closed lower on Wednesday and the low-range close set 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. If July extends this year’s decline, the 87% retracement level of the 2010-2011-rally crossing at 16.29 is the next downside target. Closes above the 20-day moving average crossing at 16.85 are needed to confirm that a short-term low has been posted.

July cotton 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 on Thursday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If July extends this week’s rally, May’s high crossing at 88.40 is the next upside target. Closes below the 10-day moving average crossing at 81 .87 would temper the near-term friendly outlook. If July renews the decline off March’s high, the 75% retracement level of the November-March rally crossing at 77.69 is the next downside target.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 544.00 +1.75 +0.32%
OATS Jul 2013 387.00 +2.50 +0.65%
WHEAT Jul 2013 701.50 0.00 0.00%
TEUCRIUM CORN 41.74 -0.35 -0.86%
IPATH DJ-UBS GRAINS TRUST 52.2400 -0.2000 -0.38%
ELEMENTS MLCX GRAINS INDEX TRUST 6.7701 +0.0401 +0.58%
SOYBEANS Jul 2013 1527.50 -4.50 -0.29%
SOYBEAN (MINI) Nov 2013 1300.00 -6.75 -0.52%
SOYBEAN MEAL Jul 2013 454.3 -1.6 -0.35%
TEUCRIUM SOYBEAN 24.7596 -0.3684 -1.49%

GRAINS

July corn was lower overnight as it extends this spring’s trading range. Stochastics and the RSI are turning neutral to bullish hinting that sideways to higher prices are possible near-term. If July extends the rally off April’s low, the April 1st gap crossing at 6.76 is the next upside target. Closes below the 20-day moving average crossing at 6.54 1/2 would confirm that a short-term top has been posted. First resistance is the April 1st gap crossing at 6.76. Second resistance is the August-March downtrend line crossing near 6.85 1/4. First support is the 20-day moving average crossing at 6.54 1/2. Second support is the reaction low crossing at 6.32 1/2.

July wheat was fractionally higher overnight while extending a three-month old trading range. 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 bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off May’s low, a test of April’s high crossing at 7.36 3/4 is the next upside target. Closes below the reaction low crossing at 6.87 1/2 would temper the near-term friendly outlook. July wheat needs to close above 7.40 1/2 or below 6.64 3/4 to confirm a breakout of this spring’s trading range and point the direction of the next trending move. First resistance is the reaction high crossing at 7.27 3/4. Second resistance is April’s high crossing at 7.36 3/4. First support is May’s low crossing at 6.74. Second support is April’s low crossing at 6.64 3/4.

July Kansas City Wheat closed down 7 1/2-cents at 7.43 1/4.

July Kansas City wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 7.51 1/4 are needed to confirm that a low has been posted. If July renews the decline off April’s high, April’s low crossing at 7.16 1/2 is the next downside target. First resistance is the 20-day moving average crossing at 7.51 1/4. Second resistance is April’s high crossing at 7.96 3/4. First support is May’s low crossing at 7.32 1/2. Second support is April’s low crossing at 7.16 1/2.

July Minneapolis wheat was fractionally higher overnight while extending May’s trading range. 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 bearish signaling that a short-term top might be in or is near. Closes below the reaction low crossing at 8.00 1/4 would confirm a downside breakout of May’s trading range while opening the door for additional weakness near-term. If July renews the rally off April’s low, the 38% retracement level of th e July-April decline crossing at 8.53 3/4 is the next upside target. First resistance is the reaction high crossing at 8.34 1/2. Second resistance is the 38% retracement level of the July-April decline crossing at 8.53 3/4. First support is the reaction low crossing at 8.00 1/4. Second support is April’s low crossing at 7.60.

SOYBEAN COMPLEX

July soybeans were lower due to profit taking overnight as it consolidates some of the rally off April’s low. Stochastics and the RSI are diverging but are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off April’s low, the 87% retracement level of the September-November decline crossing at 15.73 1/2 is the next upside target. Closes below the 20-day moving average crossing at 14.73 3/4 are needed to confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 15.49. Second resistance is the 87% retracement level of the September-November decline crossing at 15.73 1/2. First support is the 10-day moving average crossing at 15.11. Second support is the 20-day moving average crossing at 14.73 3/4.

July soybean meal was lower due to profit taking overnight. The mid-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are diverging but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off April’s low, last September’s high crossing at 465.70 is the next upside target. Closes below the 20-day moving average crossing at 433.40 are needed to confirm that a short-term top has been posted. First resistance is Wednesday’s high crossing at 462.00. Second resistance is last September’s high crossing at 465.70. First support is the 10-day moving average crossing at 445.60. Second support is the 20-day moving average crossing at 433.40.

July soybean oil was slightly higher overnight due to short covering while extending this week’s trading range. 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 signaling that sideways to lower prices are possible near-term. If July renews this year’s decline, the 50% retracement level of the 2010-2011-rally crossing at 46.56 is the next downside target. Closes above the 20-day moving average crossing at 49.12 are needed to confirm that a low has been posted. First resistance is the 20-day moving average crossing at 49.12. Second resistance is May’s high crossing at 50.61. First support is April’s low crossing at 48.08. Second support is the 50% retracement level of the 2010-2011-rally crossing at 46.56.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 14960.59 -216.95 -1.45%
NASDAQ COMPOSITE INDEX (COMBINED) 3402.66 -42.60 -1.25%
S&P 500 CASH 1608.90 -22.48 -1.40%
SPDR S&P 500 161.35 -2.21 -1.37%
QQQQ VOLATILITY INDEX 16.12 +0.57 +3.51%
iShares RUSSELL 2000 INDEX 96.395 -1.285 -1.33%

U.S. STOCK INDEXES

The June NASDAQ 100 was higher due to short covering overnight as it consolidated some of the decline off May’s high. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If June extends the decline off May’s high, the 25% retracement level of the November-May rally crossing at 2916.93 is the next downside target. Closes above the 20-day moving average crossing at 2989.63 would confirm that a short-term top has been posted. First resistance is the 20-day moving average crossing at 2989.63. Second resistance is May’s high crossing at 3036.75. First support is the 25% retracement level of the November-May rally crossing at 2916.93. Second support is May’s low crossing at 2862.25.

The June S&P 500 was higher due to short covering overnight as it consolidates some of the decline o ff May’s high. Stochastics and the RSI are becoming oversold but remain bearish signaling that sideway to lower prices are possible near-term. If June extends the decline off May’s high, the 25% retracement level of the November-May rally crossing at 1599.57 is the next downside target. Closes above the 20-day moving average crossing at 1642.88 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 1642.88. Second resistance is May’s high crossing at 1685.50. First support is the 25% retracement level of the November-May rally crossing at 1599.57. Second support is May’s low crossing at 1576.20.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Sep 2013 141.06250 +0.40625 +0.29%
iShares FLOATING RATE NOTE 50.6732 -0.0068 -0.01%
5 YEAR T-NOTES Sep 2013 122.593750 +0.062500 +0.05%
ULTRA T-BONDS Sep 2013 153.75000 +0.59375 +0.39%
POWERSHARES SENIOR LOAN PORTF 24.980 -0.050 -0.20%

INTEREST RATES

June T-bonds was higher overnight as it extends the trading range of the past six days. Stochastics and the RSI are turning bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 143-04 are needed to confirm that a short-term low has been posted. If June renews the decline off May’s high, weekly support crossing at 139-14 is the next downside target. First resistance is the 10-day moving average crossing at 141-25. Second resistance is the 20-day moving average crossing at 143-04. First support is May’s low crossing at 139-29. Second support is weekly support crossing at 139-14.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2013 144.600 -0.975 -0.67%
LEAN HOGS Jul 2013 94.575 +0.550 +0.58%
LIVE CATTLE Aug 2013 119.275 -0.850 -0.71%
IPATH DJ-UBS LIVESTOCK TRUST SUB 26.06 -0.16 -0.61%

LIVESTOCK

July hogs closed down $0.17 at $94.57.

July hogs closed lower on Wednesday as it consolidated some of Tuesday’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 July extends the rally off March’s low, the 62% retracement level of the December-March decline crossing at 96.15 is the next upside target. Closes below the 20-day moving average crossing at 92.62 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 94.90. Second resistance is the 62% retracement level of the December-March decline crossing at 96.15. First support is the 10-day moving average crossing at 93.63. Second support the 20-day moving average crossing at 92.62.

August cattle closed down $0.85 at 119.27.

August 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends this week’s rally, the reaction high crossing at 121.55 is the next upside target. If August renews this year’s decline, weekly support crossing at 115.44 is the next downside target. First resistance is Tuesday’s high crossing at 120.90. Second resistance is the reaction high crossing at 121.55. First support is May’s low crossing at 117.90. Second support is weekly support crossing at 115.44.

August feeder cattle closed down $0.97 at $144.60.

August 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 neutral to bullish signaling that sideways to higher prices are possible near-term. If August extends Tuesday’s rally, the reaction high crossing at 147.47 is the next upside target. If August renews this year’s decline, weekly support crossing at 132.45 is the next downside target. First resistance is the reaction high crossing at 147.47. Second resistance is the reaction high crossing at 149.80. First support is May’s low crossing at 142.50. Second support is weekly support crossing at 132.45.


 

Metals Snapshot
Symbol Last Change %
GOLD Aug 2013 1403.7 +5.2 +0.37%
SPDR GOLD SHARES 135.53 +0.30 +0.22%
SILVER Jul 2013 22.550 +0.078 +0.35%
PALLADIUM Sep 2013 756.60 +0.15 +0.02%
DIREXION DAILY GOLD MINERS BEA 76.2950 +0.0050 +0.01%
POWERSHARES DB PRECIOUS METALS 46.0540 +0.3404 +0.74%

PRECIOUS METALS

August gold was higher overnight as it extends the trading range of the past two weeks. The high-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the reaction high crossing at 1421.60 are needed to confirm that a short-term top has been posted. If August renews the decline off May’s high, April’s low crossing at 1323.00 is the next downside target. First resistance is the reaction high crossing at 1421.60. Second resistance is May’s high crossing at 1488.50. First support is the reaction low crossing at 1338.00. Second support is April’s low crossing at 1323.00.

July silver was higher overnight as it extends the trading range of the past three weeks. Stochastics and the RSI remain neutral to b ullish hinting that a low might be in or is near. Multiple closes above the 20-day moving average crossing at 22.728 are needed to confirm that a low has been posted. If July renews this year’s decline, the 75% retracement level of the 2008-2011-rally crossing at 19.316 is the next downside target. First resistance is the 20-day moving average crossing at 22.728. Second resistance is the reaction high crossing at 24.835. First support is May’s low crossing at 22.250. Second support is the 75% retracement level of the 2008-2011-rally crossing at 19.316.

July copper was lower overnight as it consolidates some of this week’s rally. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off May’s low, the 50% retracement level of this year’s decline crossing at 342.84 is the next upside target. Closes below last Thursday’s low crossing at 325.70 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is May’s high crossing at 341.80. Second resistance is the 50% retracement level of this year’s decline crossing at 342.84. First support is last Thursday’s low crossing at 325.70. Second support is the reaction low crossing at 322.40.


 

Top Stocks
# symbol name last net % volume score triangles
1. CSCO CISCO SYSTEMS 24.3299 -0.0301 -0.12% 43,783,860 +90    Entry Signal
2. MRK MERCK 48.710 -0.730 -1.50% 23,380,436 +90    Entry Signal
3. KNDI KANDI TECHNOLGIES GROUP 5.3301 +1.4101 +26.46% 18,533,413 +90    Entry Signal
4. HMA HEALTH MGMT 13.595 -0.095 -0.70% 11,384,992 +100    Entry Signal
5. ELN ELAN 12.66 +0.09 +0.71% 10,680,918 +100    Entry Signal
6. ET EXACTTARGET 33.64 -0.05 -0.15% 10,566,419 +90    Entry Signal
7. ATML ATMEL 8.01 -0.19 -2.37% 9,342,434 +90    Entry Signal
8. NVE NV ENERGY 23.47 +0.04 +0.17% 7,135,016 +100    Entry Signal
9. RENN RENREN 3.20 +0.03 +0.94% 6,045,848 +100    Entry Signal
10. CLWR CLEARWIRE 4.300 -0.010 -0.23% 5,967,636 +100    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. S.X13 SOYBEANS Nov 2013 1300 -16 -1.23% 77,185 +90    Entry Signal
2. SM.Z13 SOYBEAN MEAL Dec 2013 385.1 -4.0 -1.04% 24,864 +100    Entry Signal
3. LH.N13 LEAN HOGS Jul 2013 94.575 -0.175 -0.18% 18,129 +100    Entry Signal
4. S.Q13 SOYBEANS Aug 2013 1454.75 +2.75 +0.19% 15,861 +90    Entry Signal
5. SM.Q13 SOYBEAN MEAL Aug 2013 432.7 +3.3 +0.76% 11,760 +100    Entry Signal
6. LH.Q13 LEAN HOGS Aug 2013 93.700 -0.200 -0.21% 9,131 +100    Entry Signal
7. LH.M13 LEAN HOGS Jun 2013 96.650 +0.125 +0.13% 6,155 +100    Entry Signal
8. LH.V13 LEAN HOGS Oct 2013 83.775 -0.300 -0.36% 4,158 +90    Entry Signal
9. SM.U13 SOYBEAN MEAL Sep 2013 408.0 -0.8 -0.20% 4,009 +100    Entry Signal
10. HE.V13.E LEAN HOGS Oct 2013 83.775 -0.300 -0.36% 3,461 +90    Entry Signal

Key Market Reports and Commentary for Thursday 30/05/2013

Morning Markets Report
Prepared on Thursday, May 30, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future has climbed 44 points to 15334. The US Dollar Index retreated 0.053 points to 83.572. Gold has advanced 5.09 dollars to 1400.32. Silver 0.1390 dollars to 22.6390. The Dow Industrials retreated 106.59 points, at 15302.80, while the S&P 500 moved down 11.70 points, last seen at 1648.36. The Nasdaq Composite trended lower by 18.55 points to 3470.34. Streaming charts of these markets are available 24/7 at MarketClub

Blog Postings and Videos
Is Apple Setting Up For A Big Rally?
Thursday May 30th

Seeking a softer retirement landing
Wednesday May 29th

Will Yahoo’s Billion Dollar Bet Sink The Company?
Wednesday May 29th

Key Events for Thursday

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

Weekly Jobless Claims (expected 340K; previous 340K)

Weekly Jobless Claims Net Change (previous -23K)

Cont Jobless Claims (prior week) (previous 2912000)

Cont Jobless Claims Net Chg (prior week) (previous -112K)

8:30 AM ET. 1st Quarter Preliminary Corporate Profits

8:30 AM ET. 1st Quarter 2nd estimate GDP

GDP (expected +2.4%; previous +2.5%)

Chain-Weighted Price Index (expected +1.2%; previous +1.2%)

Corporate Profits (previous +1.8%)

PCE Price Index (previous +0.9%)

Purchase Price Index (previous +1.1%)

Real Final Sales (previous +1.5%)

Core PCE Price Index (Ex Food/Energy) (pr evious +1.2%)

Personal Consumption (previous +3.2%)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. April Pending Home Sales Index

Current (previous 105.7)

MoM Pct Change (Current Period) (expected +1.7%; previous +1.5%)

YoY Pct Change (Current Period) (previous +7%)

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

DJ-BTMU Business Barometer (previous -0.5%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.9%)

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

Total Working Gas in Storage (expected 2141B; previous 2053B)

Total Working Gas in Storage (Net Change) (expected +88B; previous +89B)

11:00 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 394.55M)

Crude Oil Stocks (Net Change) (exp ected -0.4M; previous -0.34M)

Gasoline Stocks (previous 220.68M)

Gasoline Stocks (Net Change) (expected -0.2M; previous +3.02M)

Distillate Stocks (previous 118.81M)

Distillate Stocks (Net Change) (expected +0.2M; previous -1.05M)

Refinery Usage (expected 87.7%; previous 87.3%)

Total Products Supplied (previous 18.85M)

Total Products Supplied (Net Change) (previous +0.33M)

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings (previous 16M)

Primary Credit Borrowings W/E Daily Avg. (previous 23M)

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings (previous 67M)

Discount Window Borrowings W/E Daily Avg. (previous 69M)

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings (previous 3.31T)

US Foreign Agency Holdings (previous 306.84B)

Foreign Treasury Holdings (previous 2.97T)


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 83.572 -0.053 -0.07%
POWERSHARES DB US DOLLAR INDEX 22.7000 -0.1700 -0.75%
US Dollar/Canadian Dollar 1.03540 +0.00080 +0.08%
Euro/US Dollar 1.29820 +0.00208 +0.16%
JAPANESE YEN Jun 2013 0.009847 -0.000039 -0.39%
SWISS FRANC Jun 2013 1.0398 +0.0016 +0.15%

CURRENCIES

The June Dollar was lower overnight and challenging support marked by the 20-day moving average crossing at 83.45. 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 83.45 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If June renews the rally off May’s low, the July 2012 high crossing at 85.29 is the next upside target. First resistance is last Thursday’s high crossing at 84.59. Second resistance is the July 2012 high crossing at 85.29. First support is the 20-day moving average crossing at 83.45. Second support is the reaction low crossing at 83.04.

The June Euro was higher overnight and trading above the 20-day moving average. Stochastics and the RSI are b ullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 129.66 are needed to confirm that a low has been posted. If June renews this month’s decline, April’s low crossing at 127.51 is the next downside target. First resistance is the 20-day moving average crossing at 129.66. Second resistance is the reaction high crossing at 131.98. First support is the reaction low crossing at 127.98. Second support is April’s low crossing at 127.51.

The June British Pound was higher overnight. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month’s decline, April’s low crossing at 1.5027 is the next downside target. Closes above the 20-day moving average crossing at 1.5280 would confirm that the short-term top has been posted. First resistance is the 20-day moving average crossing at 1.5280. Second resistance is May’s high cr ossing at 1.5603. First support is Wednesday’s low crossing at 1.5006. Second support is April’s low crossing at 1.5027.

The June Swiss Franc was higher overnight. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at .10444 would confirm that a low has been posted. If June renews this month’s decline, last July’s low crossing at .10148 is the next downside target. First resistance is the 20-day moving average crossing at .10444. Second resistance is the reaction high crossing at .10719. First support was last Wednesday’s low crossing at .10166. Second support is last July’s low crossing at .10148.

The June Canadian Dollar was steady to slightly higher overnight due to short covering as it consolidated some of this month’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this year’s decline, last May’s low crossing at 95.30 is the next downside target. Closes above the 20-day moving average crossing at 97.96 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 96.96. Second resistance is the 20-day moving average crossing at 97.96. First support is Wednesday’s low crossing at 95.91. Second support is last May’s low crossing at 95.30.

The June Japanese Yen was lower overnight as it consolidates below the 20-day moving average. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at .9886 are needed to confirm that a low has been posted. If June resumes this year’s decline, monthly support crossing at .9421 is the next downside target. First resistance is the 20-day moving average crossing at .9886. Second resistance is the reaction high crossing at .10147. First support is last Wednesday’s low crossing at .9640. Second support is monthly support crossing at .9421.

 


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Jul 2013 92.51 -0.62 -0.67%
HEATING OIL Jul 2013 2.8407 -0.0241 -0.84%
NATURAL GAS Jul 2013 4.160 -0.024 -0.57%
RBOB GASOLINE Jul 2013 2.7792 -0.0188 -0.67%
POWERSHARES DYNAMIC ENERGY 50.7600 -0.1800 -0.36%
UNITED STATES GASOLINE 56.408 +0.138 +0.25%

ENERGIES

July crude oil was lower overnight and poised to test the lower boundary of this month’s trading range crossing at 92.21. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. Closes below the reaction low crossing at 92.21 would confirm that a double top has been posted while opening the door for additional weakness near-term. Closes above the 20-day moving average crossing at 95.24 would signal that a short-term low has been posted. If July renews the rally off April’s low, April’s high crossing at 98.22 is the next upside target. First resistance is April’s high crossing at 98.22. Second resistance is February’s high crossing at 99.77. First support is the reaction low crossing at 92.21. Second support is May’s low crossing at 90.32.

July heating oil was lower overnight. Stochastics a nd the RSI are neutral signaling that sideways trading is possible near-term. Closes below the reaction low crossing at 281.52 are needed to confirm that a top has been posted. If July extends Tuesday’s rally, May’s high crossing at 295.15 then the 50% retracement level of the February-April decline crossing at 297.46 are the next upside targets. First resistance is May’s high crossing at 295.15. Second resistance is the 50% retracement level of the February-April decline crossing at 297.46. First support is the reaction low crossing at 281.52. Second support is May’s low crossing at 275.78.

July unleaded gas was lower overnight. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July extends this month’s decline, the reaction low crossing at 275.68 is the next downside target. Closes above Tuesday’s high crossing at 287.17 would confirm that a short-term low has been posted. First resistance is Tuesday’s high crossing at 287.1 7. Second resistance is May’s high crossing at 290.54. First support is the reaction low crossing at 275.68. Second support is May’s low crossing at 267.50.

July Henry natural gas was slightly lower overnight as it extends the decline off Tuesday’s high. 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 4.112 would confirm that a short-term low has been posted and would open the door for additional weakness near-term. If July renews the rally off May’s low, May’s high crossing at 4.499 is the next upside target. First resistance is Tuesday’s high crossing at 4.358. Second resistance is May’s high crossing at 4.499. First support is the 20-day moving average crossing at 4.112. Second support is May’s low crossing at 3.933.


 

Food Snapshot
Symbol Last Change %
COCOA Jul 2013 2220 +10 +0.45%
COFFEE Jul 2013 127.40 -0.20 -0.16%
ORANGE JUICE-A Jul 2013 153.60 +5.75 +3.73%
IPATH DJ-UBS SUGAR TRUST 59.37 -0.48 -0.81%
IPATH DJ-UBS SOFTS TRUST 46.9401 -0.3099 -0.66%

FOOD & FIBER

SOFTS: July sugar closed down 6 points at 16.66 cents today. Prices closed nearer the session low. Prices are hovering near a 2.5-year low. The sugar bears have the solid overall near-term technical advantage. Prices are in a five-month-old downtrend on the daily bar chart. There are no early clues of a market low being close at hand.

July coffee closed up 150 points at 127.95 cents today. Prices closed near the session high today and saw short covering in a bear market. The weaker U.S. dollar index was also bullish for coffee today. The coffee bears still have the solid near-term technical advantage.

July cocoa closed down $1 at $2,204 a ton today. Prices closed near mid-range today and hit a fresh seven-week low. The cocoa bears have the near-term technical advantage. A four-week-old downtrend is in place on the daily bar chart.

July cotton closed down 69 points at 80.73 cents today. Prices closed near the session low and closed at a fresh four-month low close today. Cotton bears have the near-term technical advantage. A 10-week-old downtrend is in place on the daily bar chart.

July orange juice closed up 530 points at $1.5410 today. Prices closed near the session high today and hit a fresh contract high. The FCOJ bulls have the solid overall near- term technical advantage and gained more power today.

July lumber futures again closed down the $10.00 limit at $277.40 today. Prices hit another fresh contract low today. Bears have the solid near-term technical advantage. A steep 2.5-month-old downtrend is in place on the daily bar chart.

 


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 562.50 -3.25 -0.57%
OATS Jul 2013 363.00 -3.25 -0.90%
WHEAT Jul 2013 697.75 -5.00 -0.71%
TEUCRIUM CORN 42.52 +0.84 +1.98%
IPATH DJ-UBS GRAINS TRUST 51.96 +0.71 +1.37%
ELEMENTS MLCX GRAINS INDEX TRUST 6.7701 +0.0401 +0.57%
SOYBEANS Jul 2013 1497.00 -4.75 -0.32%
SOYBEAN (MINI) Nov 2013 1288.5 +3.0 +0.23%
SOYBEAN MEAL Jul 2013 443.4 -0.9 -0.20%
TEUCRIUM SOYBEAN 24.592 +0.042 +0.17%

GRAINS

July corn was higher overnight and challenging the upper boundary of the April-May trading range crossing at 6.69. Stochastics and the RSI are bullish but becoming overbought warning bulls that a short-term top might be near. Closes below the 20-day moving average crossing at 6.51 3/4 would confirm that a short-term top has been posted. If July extends the rally off April’s low, the April 1st gap crossing at 6.76 is the next upside target. First resistance is the April 1st gap crossing at 6.76. Second resistance is the August-March downtrend line crossing near 6.87 3/4. First support is the 20-day moving average crossing at 6.51 3/4. Second support is the reaction low crossing at 6.32 1/2.

July wheat was lower overnight as it extends this spring’s trading range. The mid-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 near-term. Closes above the reaction high crossing at 7.09 would temper the near-term bearish outlook. If July renews the decline off May’s high, April’s low crossing at 6.64 3/4 is the next downside target. From a broad perspective, July wheat is locked in a three-month old trading range. Closes above 7.40 1/2 or below 6.64 3/4 are needed to confirm a breakout of this trading range and point the direction of the next trending move. First resistance is the reaction high crossing at 7.09. Second resistance is the reaction high crossing at 7.27 3/4. First support is last Tuesday’s low crossing at 6.74. Second support is April’s low crossing at 6.64 3/4.

July Kansas City Wheat closed up 4 1/4-cents at 7.47 3/4.

July 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 neutral to bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 7.57 are needed to confirm that a low has been posted. If July renews this month’s decline, April’s low crossing at 7.16 1/2 is the next downside target. First resistance is the 20-day moving average crossing at 7.57. Second resistance is April’s high crossing at 7.96 3/4. First support is last Monday’s low crossing at 7.32 1/2. Second support is April’s low crossing at 7.16 1/2.

July Minneapolis wheat was lower overnight while extending this month’s trading range. The high-range close sets the stage for a steady to lower opening when the day session begins to trade. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off April’s low, the 38% retracement level of the July-April decline crossing at 8.53 3/4 is the next upside target. Closes below the reactio n low crossing at 8.00 1/4 would confirm a downside breakout of this month’s trading range while opening the door for additional weakness near-term. First resistance is the reaction high crossing at 8.34 1/2. Second resistance is the 38% retracement level of the July-April decline crossing at 8.53 3/4. First support is the reaction low crossing at 8.00 1/4. Second support is April’s low crossing at 7.60.

SOYBEAN COMPLEX

July soybeans were lower overnight. 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 14.37 3/4 are needed to confirm that a short-term top has been posted. If July renews the rally off April’s low, the 87% retracement level of the September-November decline crossing at 15.73 1/2 is the next upside target. First resistance is last Thur sday’s high crossing at 15.46 3/4. Second resistance is the 87% retracement level of the September-November decline crossing at 15.73 1/2. First support is the 10-day moving average crossing at 14.79 3/4. Second support is the 20-day moving average crossing at 14.37 3/4.

July soybean meal was slightly lower overnight as it consolidates some of this week’s gains. The mid-range close sets the stage for a steady opening when the day 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 421.60 are needed to confirm that a short-term top has been posted. If July extends the rally off April’s low, the 87% retracement level of the September-January decline crossing at 456.10 is the next upside target. First resistance is last Thursday’s high crossing at 451.40. Second resistance is the 87% retracement level of the September-January decline crossing at 456.10. Fir st support is the 10-day moving average crossing at 435.00. Second support is the 20-day moving average crossing at 421.60.

July soybean oil was lower overnight as it extends Wednesday’s sharp decline. The low-range close sets the stage for a steady to lower opening when the day session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If July renews this year’s decline, the 50% retracement level of the 2010-2011-rally crossing at 46.56 is the next downside target. Closes above the reaction high crossing at 50.42 are needed to confirm that a low has been posted. First resistance is last week’s high crossing at 50.61. Second resistance is March’s high crossing at 51.24. First support is April’s low crossing at 48.08. Second support is the 50% retracement level of the 2010-2011-rally crossing at 46.56.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 15302.80 -106.59 -0.70%
NASDAQ COMPOSITE INDEX (COMBINED) 3470.34 -18.55 -0.53%
S&P 500 CASH 1648.36 -11.70 -0.71%
SPDR S&P 500 165.32 -0.98 -0.59%
QQQQ VOLATILITY INDEX 13.93 +0.22 +1.58%
iShares RUSSELL 2000 INDEX 98.225 -0.925 -0.94%

U.S. STOCK INDEXES

The June NASDAQ 100 was steady to slightly higher in quiet trading overnight as it consolidates above the 20-day moving average crossing at 2982.38. Stochastics and the RSI remain neutral to bearish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 2982.38 are needed to confirm that a short-term top has been posted. If June renews the rally off November’s low, weekly resistance crossing at 3084.00 is the next upside target. First resistance is last Tuesday’s high crossing at 3036.75. Second resistance is weekly resistance crossing at 3084.00. First support is the 20-day moving average crossing at 2982.38. Second support is May’s low crossing at 2862.25.

The June S&P 500 was higher overnight as it consolidates some of Wednesday’s decline. Stochastics and the RSI remain b earish signaling that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1639.90 are needed to confirm that a short-term top has been posted. If June renews this year’s rally, upside targets will be hard to project with the index trading into uncharted territory. First resistance is last Wednesday’s high crossing at 1685.50. Second resistance will be hard to project with the index trading into uncharted territory. First support is the 20-day moving average crossing at 1639.90. Second support is May’s low crossing at 1576.20.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Jun 2013 141.34375 -0.28125 -0.20%
iShares FLOATING RATE NOTE 50.69 -0.01 -0.02%
5 YEAR T-NOTES Jun 2013 123.031250 -0.078125 -0.06%
ULTRA T-BONDS Jun 2013 154.06250 -0.37500 -0.24%
POWERSHARES SENIOR LOAN PORTF 25.137 -0.023 -0.09%

INTEREST RATES

June T-bonds was lower overnight following Wednesday’s upside reversal. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If June extends this month’s decline, weekly support crossing at 139-14 is the next downside target. Closes above the 20-day moving average crossing at 144-17 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 143-03. Second resistance is the 20-day moving average crossing at 144-17. First support is Wednesday’s low crossing at 139-29. Second support is weekly support crossing at 139-14.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Aug 2013 145.725 +0.100 +0.07%
LEAN HOGS Jul 2013 93.250 +0.250 +0.27%
LIVE CATTLE Aug 2013 120.550 +0.150 +0.12%
IPATH DJ-UBS LIVESTOCK TRUST SUB 26.0610 +0.1010 +0.39%

LIVESTOCK

LIVESTOCK: August live cattle closed up $0.97 at $120.40 today. Prices closed nearer the session high and saw more short covering in a bear market. The weaker U.S. dollar index was bullish for the cattle market today. Cattle futures bears still have the overall near-term technical advantage.

August feeder cattle closed up $0.15 at $145.62 today. Prices closed near the session low today and saw more short covering in a bear market. The bears still have the solid near-term technical advantage.

August lean hogs closed up $0.02 at $92.50 today. Prices closed near the session low today and did hit another fresh 3.5-month high early on. Hog bulls have the near-term technical advantage. Prices are in a choppy 10-week-old uptrend on the daily bar chart.

 


 

Metals Snapshot
Symbol Last Change %
GOLD Aug 2013 1398.4 +6.6 +0.47%
SPDR GOLD SHARES 134.79 +1.30 +0.96%
SILVER Jul 2013 22.600 +0.147 +0.66%
PALLADIUM Sep 2013 751.70 +1.60 +0.21%
DIREXION DAILY GOLD MINERS BEA 89.902 -14.138 -15.73%
POWERSHARES DB PRECIOUS METALS 46.0260 +0.8860 +1.92%

PRECIOUS METALS

June gold was higher overnight as it extends the trading range of the past two weeks. The mid-range close sets the stage for a steady to higher opening when the day session begins trading. Stochastics and the RSI are bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 1415.50 are needed to confirm that a short-term top has been posted. If June renews this month’s decline, April’s low crossing at 1321.50 is the next downside target. First resistance is the 20-day moving average crossing at 1415.50. Second resistance is May’s high crossing at 1487.20. First support is the reaction low crossing at 1336.30. Second support is April’s low crossing at 1321.50.

July silver was higher overnight. Stochastics and the RSI remain neutral to bullish hinting that a low might be in or is near. C loses above the 20-day moving average crossing at 23.080 are needed to confirm that a low has been posted. If July renews this month’s decline, the 75% retracement level of the 2008-2011-rally crossing at 19.316 is the next downside target. First resistance is the 20-day moving average crossing at 23.080. Second resistance is the reaction high crossing at 24.835. First support is last Monday’s low crossing at 22.250. Second support is the 75% retracement level of the 2008-2011-rally crossing at 19.316.

July copper was higher overnight. 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 331.16 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. If July renews the rally off May’s low, the 50% retracement level of this year’s decline crossing at 342.84 is the next upside target. First resistance is last W ednesday’s high crossing at 341.80. Second resistance is the 50% retracement level of this year’s decline crossing at 342.84. First support is the 20-day moving average crossing at 331.16. Second support is May’s low crossing at 304.25.


 

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