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

Morning Markets Report
Prepared on Thursday, September 19, 2013

Copyright 2013 INO.com. All Rights Reserved.

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

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Key Events for Thursday

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

Corn, In Metric Tons (previous 511K)

Soybeans, In Metric Tons (previous 1097K)

Wheat, In Metric Tons (previous 726.2K)

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

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

Weekly Jobless Claims Net Change (previous -31K)

Cont Jobless Claims (prior week) (previous 2871000)

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

8:30 AM ET. 2nd Quarter International Transactions

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

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. Aug Existing Home Sales

Total Sales (expected 5.25M; previous 5.39M)

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

Month’s Supply (previous 5.1)

Median Price (previous 213500)

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

10:00 AM ET. Aug Leading Indicators

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

Coincident Index (previous +0.2%)

Lagging Index (previous -0.2%)

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

DJ-BTMU Business Barometer (previous +0.1%)

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

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

Business Activity (expected 9; previous 9.3)

Prices Paid (previous 17.3)

Employment (previous 3.5)

New Orders (previous 5.3)

Prices Received (previous 9.9)

Delivery Times (previous -9)

Inventories (previous -11.3)

Shipments (previous -0.9)

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

Total Working Gas in Storage (previous 3253B)

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

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings

US Foreign Agency Holdings

Foreign Treasury Holdings

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings

Primary Credit Borrowings W/E

Daily Avg.

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings

Discount Window Borrowings W/E Daily Avg.

4:30 PM ET. Money Stock Measures


 

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

CURRENCIES

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

The December Euro closed higher on Wednesday and above August’s high thereby renewing the rally off July’s low. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, February’s high crossing at 137.17 is the next upside target. Closes below the 10-day moving average crossing at 132.98 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 135.16. Second resistance is February’s high crossing at 137.17. First support is the 10-day moving average crossing at 132.98. Second support is this month’s low crossing at 131.10.

The December British Pound closed sharply higher on Wednesday as it extends this summer’s rally. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, the December 2012 high crossing at 1.6264 is the next upside target. Closes below the 20-day moving average crossing at 1.5676 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1.6112. Second resistance is the December 2012 high crossing at 1.6264. First support is the 10-day moving average crossing at 1.5797. Second resistance is the 20-day moving average crossing at 1.5677.

The December Swiss Franc closed sharply higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends this month’s rally, January’s high crossing at .11062 is the next upside target. Closes below the 10-day moving average crossing at .10753 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .10986. Second resistance is January’s high crossing at .11062. First support is the 10-day moving average crossing at .10753. Second support is this month’s low crossing at .10584.

The December Canadian Dollar closed higher on Wednesday as it extends the rally off August’s low. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, June’s high crossing at 98.22 is the next upside target. Closes below the 20-day moving average crossing at 95.69 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 97.81. Second resistance is June’s high crossing at 98.22. First support is the 10-day moving average crossing at 96.46. Second support is the 20-day moving average crossing at 95.69.

The December Japanese Yen closed higher on Wednesday and above the 20-day moving average crossing at .10114 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends today’s rally, the reaction high crossing at .10330 is the next upside target. Closes below the 10-day moving average crossing at .10060 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .10223. Second resistance is the reaction high crossing at .10330. First support is last Wednesday’s low crossing at .9943. Second support is July’s low crossing at .9860.


 

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

ENERGIES

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

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

October unleaded gas closed higher due to short covering on Wednesday as it consolidated some of the decline off August’s high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, the 75% retracement level of the April-August rally crossing at 259.52 is the next downside target. Closes above the 20-day moving average crossing at 281.90 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 275.94. Second resistance is the 20-day moving average crossing at 281.90. First support is Tuesday’s low crossing at 264.43. Second support is the 75% retracement level of the April-August rally crossing at 259.52.

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


 

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

FOOD & FIBER

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

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

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

October cotton closed higher on Wednesday and the high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends last week’s rally, the 38% retracement level of the August-September decline crossing at 86.70 is the next downside target. Closes below the 20-day moving average crossing at 84.22 would confirm that a short-term top has been posted.


 

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

GRAINS

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

December corn closed higher due to short covering on Wednesday as it consolidated some of the decline off August’s high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off August’s high, August’s low crossing at 4.45 3/4 is the next downside target. Closes above the 20-day moving average crossing at 4.70 3/4 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 4.70 3/4. Second resistance is August’s high crossing at 5.08 1/4. First support is today’s low crossing at 4.52. Second support is August’s low crossing at 4.45 3/4.

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

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

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

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

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

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

SOYBEAN COMPLEX

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

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

December soybean meal closed down $0.80 at 425.80.

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

December soybean oil closed up 47 pts. at 42.71.

December soybeans closed higher on Wednesday as it consolidated some of the decline off August’s high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this week’s decline, August’s low crossing at 41.85 is the next downside target. Closes above the 20-day moving average crossing at 43.45 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 43.45. Second resistance is the reaction high crossing at 44.46. First support is today’s low crossing at 42.03. Second support is August’s low crossing at 41.85.


 

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

U.S. STOCK INDEXES

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

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

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


 

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

INTEREST RATES

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

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


 

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

LIVESTOCK

hogs closed up $0.75 at $91.72.

October hog closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off March’s low, weekly resistance crossing at 95.30 is the next upside target. Closes below the 20-day moving average crossing at 88.70 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 92.20. Second resistance is weekly resistance crossing at 95.30. First support is the 10-day moving average crossing at 90.80. Second support is the 20-day moving average crossing at 88.70.

October cattle closed up $0.10 at 125.27.

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

October feeder cattle closed up $0.42 at $158.30.

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


 

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

PRECIOUS METALS

October gold closed higher on Wednesday following the Feds announcement to continue with quantitative easing for the time being. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1374.10 are needed to confirm that a short-term low has been posted. If October renews this month’s decline, August’s low crossing at 1272.10 is the next downside target. First resistance is the 20-day moving average crossing at 1374.10. Second resistance is August’s high crossing at 1432.90. First support is today’s low crossing at 1281.80. Second resistance is August’s low crossing at 1272.10.

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

December copper closed higher on Wednesday and above the 20-day moving average crossing at 327.27 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the decline off August’s high, the reaction low crossing at 314.00 is the next downside target. First resistance is today’s high crossing at 332.05. Second resistance is August’s high crossing at 339.50. First support is the reaction low crossing at 319.05. Second support is the reaction low crossing at 314.00.


 

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3. MFS.Z13.E MSCI EAFE INDEX Dec 2013 1851.6 +49.0 +2.65% 10,119 +100    Entry Signal
4. 6N.Z13.E NEW ZEALAND $ Dec 2013 0.8367 +0.0046 +0.55% 9,527 +100    Entry Signal
5. MFS.U13.E MSCI EAFE INDEX Sep 2013 1857.4 +49.1 +2.64% 8,883 +100    Entry Signal
6. M6E.Z13.E E-MICRO EUR/USD Dec 2013 1.3556 +0.0047 +0.35% 2,373 +100    Entry Signal
7. ZQ.Q14.E 30 DAY FED FUND Aug 2014 99.825 +0.035 +0.04% 1,486 +100    Entry Signal
8. E7.Z13.E EURO FX (E-MINI) Dec 2013 1.3554 +0.0045 +0.33% 1,510 +100    Entry Signal
9. ZQ.U14.E 30 DAY FED FUND Sep 2014 99.805 +0.045 +0.05% 1,466 +100    Entry Signal
10. ZQ.M14.E 30 DAY FED FUND Jun 2014 99.855 +0.020 +0.02% 1,359 +100    Entry Signal

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

Morning Markets Report
Prepared on Thursday, September 12, 2013

Copyright 2013 INO.com. All Rights Reserved.

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

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

Apple Tanks and The NASDAQ Sinks
Wednesday Sep 11th

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

Key Events for Thursday

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

Corn, In Metric Tons (previous 215.1K)

Soybeans, In Metric Tons (previous 459.2K)

Wheat, In Metric Tons (previous 747.4K)

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

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

Non-Petroleum Prices (previous -0.5%)

Petroleum Prices (previous +3.2%)

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

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

Weekly Jobless Claims Net Change (previous -9K)

Cont Jobless Claims (prior week) (previous 2951000)

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

9:45 AM ET. Bloomberg Consumer Comfort Index

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

DJ-BTMU Business Barometer (previous +0.2%)

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

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

Total Working Gas in Storage (previous 3188B)

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

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

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

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

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

4:30 PM ET. Federal Discount Window Borrowings

Primary Credit Borrowings

Primary Credit Borrowings W/E Daily Avg.

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings

Discount Window Borrowings W/E Daily Avg.

4:30 PM ET. Money Stock Measures

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings

US Foreign Agency Holdings

Foreign Treasury Holdings


 

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

CURRENCIES

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

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

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

The December Swiss Franc closed higher on Wednesday extending the short covering rally off last Friday’s low. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at .10780 would confirm that a short-term low has been posted. If December renews the decline off August’s high, the 62% retracement level of the July-August rally crossing at .10543 is the next downside target. First resistance is the 20-day moving average crossing at .10780. Second resistance is the reaction high crossing at .10938. First support is last Friday’s low crossing at .10584. Second support is the 62% retracement level of the July-August rally crossing at .10543.

The December Canadian Dollar closed higher on Wednesday as it extends the rally off August’s low. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends the rally off August’s low, the reaction high crossing at 98.86 is the next upside target. Closes below the 10-day moving average crossing at 95.44 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 96.73. Second resistance is the reaction high crossing at 98.86. First support is the 20-day moving average crossing at 95.59. Second support is the 10-day moving average crossing at 95.44.

The December Japanese Yen closed higher due to short covering on Wednesday as it consolidated some of the decline off August’s high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, July’s low crossing at .9860 is the next downside target. Closes above the 20-day moving average crossing at .10153 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at .10153. Second resistance is the reaction high crossing at .10330. First support is today’s low crossing at .9943. Second support is July’s low crossing at .9860.


 

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

ENERGIES

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

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

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

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


 

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

FOOD & FIBER

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

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

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

October cotton closed lower on Wednesday as it consolidates some of the rally off last week’s low. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned bullish hinting that a low might be in or is near. Closes above the 20-day moving average crossing at 85.79 would confirm that a low has been posted. If October renews the decline off August’s high, May’s low crossing at 81.83 is the next downside target.


 

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

GRAINS

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

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

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

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

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

December Kansas City wheat closed unchanged on Wednesday. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off April’s high, weekly support crossing at 6.76 3/4 is the next downside target. Closes above the 20-day moving average crossing at 7.00 1/2 is the next upside target. First resistance is the 20-day moving average crossing at 7.00 1/2. Second resistance is the reaction high crossing at 7.17. First support is Monday’s low crossing at 6.88 1/2. Second support is weekly support crossing at 6.76 3/4.

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

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

SOYBEAN COMPLEX

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

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

December soybean meal closed up $2.80 at 428.00.

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

December soybean oil closed down 11 pts. at 42.96.

December soybeans closed lower on Wednesday extending Monday’s breakout below the 20-day moving average crossing at 43.61. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends this week’s decline, the reaction low crossing at 42.67 is the next downside target. Closes above last Friday’s high crossing at 44.46 would temper the near-term bearish outlook. First resistance is last Friday’s high crossing at 44.46. Second resistance is August’s high crossing at 45.32. First support is the reaction low crossing at 42.67. Second support is August’s low crossing at 41.85.


 

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

U.S. STOCK INDEXES

December NASDAQ 100 closed lower due to profit taking on Wednesday as it consolidates some of the rally off August’s low. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If December extends the aforementioned rally, monthly resistance crossing at 3329.82 is the next upside target. Closes below the 20-day moving average crossing at 3098.51 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 3182.00. Second resistance is monthly high crossing at 3329.82. First support is the 20-day moving average crossing at 3098.51. Second support is August’s low crossing at 3049.25.

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

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


 

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

INTEREST RATES

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

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


 

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

LIVESTOCK

hogs closed down $0.55 at $90.30.

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

October cattle closed up $0.03 at 125.05.

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

October feeder cattle closed up $0.45 at $158.22.

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


 

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

PRECIOUS METALS

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

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

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


 

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

Quartz Daily Brief—US-Russia talks, North Korea’s nuclear restarts, Dell’s buyout of Dell, quiet loudspeakers

Quartz - qz.com
Daily Brief sponsored by Vidyard

Good morning, Quartz readers!

What to watch for today

Thrashing out a solution for Syria. US secretary of state John Kerry and his Russian counterpart Sergey Lavrov will meet in Geneva to discuss the Kremlin’s plan for Syria’s chemical weapons.

Indonesia’s currency crisis. The central bank is poised to hike benchmark interest rates for the fourth time this year to 7.5%, as part of its efforts to support the falling rupiah.

The US economy chugs along. The federal budget deficit is expected to have fallen to $150 billion in August, while import prices likely rose 0.4% due to higher fuel costs. Weekly jobless claims are expected to hover around pre-recession levels. Industrial production data out of Europe is also likely to be positive (paywall).

Dell buys out Dell, at last. Shareholders are expected to approve the sweetened $25 billion buyout offer by the computer maker’s founder, Michael Dell, after activist investor Carl Icahn threw in the towel earlier this week.

While you were sleeping

North Korea is probably producing plutonium again. Satellite imaging of a reactor at the Yongbyon nuclear complex suggests that the country has restarted production of radioactive ingredients used in nuclear weapons, according to the US-Korea Institute at Johns Hopkins. Also, Kim Jong Un officially wished Bashar al-Assad “Happy Birthday.”

Syrian rebels despair. Some Free Syrian Army commanders said that hope of US military intervention has all but disappeared since US president Barack Obama asked the US Congress to vote. Rebels said that the delay has destroyed their chance to oust President Assad and sideline extremists (paywall).

Demand for Verizon’s record debt sale was overwhelming. Lured by what was seen as a bargain price, investor demand for the telecom giant’s $49 billion corporate bond sale sparked a buying “frenzy” (paywall). The money raised will be used to fund Verizon’s buyout of Vodafone’s 45% stake in their joint venture.

Some of the old magic. Shares in Facebook rose above $45 during Wednesday trading, exceeding their value during the company’s much-hyped IPO last year, which valued Facebook at $100 billion before investor sentiment turned against the company.

Is Société Générale planning a sale in Asia? Reuters reports that France’s number two bank is exploring the sale of its Singapore-based private banking arm for around $600 million, as it struggles to compete in the region with larger rivals.

Australia lost 10,800 jobs. The August data is disappointing and unexpected, given that the country was expected to gain about the same number. Unemployment rose to 5.8%, adding to the economic difficulties facing Australia’s incoming government.

The US remembered 9/11. Memorials took place across the country on the 12th anniversary of a terrorist attack that killed almost 3,000 people. Ceremonies were fairly low key, marked by several moments of silence.

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Quartz obsession interlude

Jason Karaian on why Sweden wants homeowners to pay off their mortgages faster. “Fixed-rate ‘bottom loans’ cover up to 75% of a home’s value while a variable-rate ‘top loan’ is added on if borrowers need more. But for the bottom loan, they don’t have to pay off the principal as long as they keep paying the interest. So, once the pricier top loan is paid off, many Swedes simply pay the minimum interest due on their remaining debt. Forever.“ Read more here.

Matters of debate

If the UK leaves the EU, it will also leave innovation behind. Europe is focusing its scientific efforts and providing its members with a scientific boon. The UK would miss out.

Li Keqiang talks big at the “Summer Davos,” but his walk is what matters. The Chinese premier is advocating reform, but his chances of success are mixed.

American “exceptionalism” is dangerous, as is intervention in Syria. Russian president Vladimir Putin addresses the American public directly in an op-ed.

Hiring myths exposed. Analysis shows that job-hoppers, the long-term unemployed, social media addicts and ex-convicts are not bad hires.

Surprising discoveries

Quiet loudspeakers. Scientists can synthesize the important parts of speech during public announcements so you only hear the important stuff, even at low volumes.

Expat records. More people than ever before are living abroad—232 million, according to the UN—with the most popular destination remaining the US.

The most popular online classes aren’t what you’d expect. Yes, there’s coding and finance, but a lot of the most sought-after courses explore human thinking and behavior.

Use your finger as a loudspeaker. A new microphone from Disney allows users to record sounds and transmit them by touching another person’s ear.

Our best wishes for a productive day. Please send any news, comments, birthday greetings for Assad and responses to Putin’s op-ed to hi@qz.com. You can follow us on Twitter here for updates during the day.

You’re getting the Europe and Africa edition of the Quartz Daily Brief. To change your region, click here. We’d also love it if you shared this email with your friends. They can sign up for free here.

Key Market Reports and Commentary for Thursday 05/09/2013

Morning Markets Report
Prepared on Thursday, September 5, 2013

Copyright 2013 INO.com. All Rights Reserved.

Summary
The Dow Future has slipped 11 points to 14913. The US Dollar Index trended higher 0.039 points to 82.203. Gold has climbed 1.74 dollars to 1395.09. Silver has climbed 0.0260 dollars to 23.4860. The Dow Industrials moved higher by 96.91 points, at 14930.87, while the S&P 500 moved higher by 13.31 points, last seen at 1653.08. The Nasdaq Composite moved higher by 34.67 points to 3647.28. Streaming charts of these markets are available 24/7 at MarketClub

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Key Events for Thursday

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

Job Cuts, M/M (previous -4.2%)

8:15 AM ET. Aug ADP National Employment Report

Private Payrolls Forecast (expected +178000; previous +200000)

8:30 AM ET. 2nd Quarter Revised Productivity & Costs

Non-Farm Productivity (expected +2%; previous +0.5%)

Unit Labor Costs (expected +0.4%; previous -4.3%)

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

Weekly Jobless Claims (expected 330K; previous 331K)

Weekly Jobless Claims Net Change (previous -6K)

Cont Jobless Claims (prior week) (previous 2989000)

Cont Jobless Claims Net Chg (prior week) (previous -14K)

9:45 AM ET. Bloomberg Consumer Comfort Index

10:00 AM ET. July Manufacturers’ Shipments, Inventories & Orders (M3)

Total Orders (expected -3.4%; previous +1.5%)

Orders, Ex-Defense (previous +1%)

Orders, Ex-Transportation (previous -0.4%)

Durable Goods 1st Est. (previous +4.2%)

Durable Goods Revised (previous +3.9%)

10:00 AM ET. Aug ISM Non-Manufacturing Report on Business

Non-Mfg Composite Index (expected 55; previous 56)

Non-Manufacturing Business Index (previous 60.4)

Prices Index (previous 60.1)

Employment Index (previous 53.2)

New Orders Index (previous 57.7)

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

DJ-BTMU Business Barometer (previous -0.3%)

DJ-BTMU Business Barometer (52 Wk) (previous +0.4%)

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

Total Working Gas in Storage (previous 3130B)

Total Working Gas in Storage (Net Change) (previous +67B)

11:00 AM ET. Aug Global Services PMI

11:00 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 362.05M)

Crude Oil Stocks (Net Change) (previous +2.99M)

Gasoline Stocks (previous 217.81M)

Gasoline Stocks (Net Change) (previous -0.59M)

Distillate Stocks (previous 129.04M)

Distillate Stocks (Net Change) (previous -0.32M)

Refinery Usage (previous 91.2%)

Total Products Supplied (previous 19.45M)

Total Products Supplied (Net Change) (previous +0.11M)

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

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

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.


 

Currencies Snapshot
Symbol Last Change %
U.S $ INDEX 82.203 +0.039 +0.05%
POWERSHARES DB US DOLLAR INDEX 22.19 -0.07 -0.32%
US Dollar/Canadian Dollar 1.04830 +0.00011 +0.01%
Euro/US Dollar 1.32110 +0.00206 +0.16%
JAPANESE YEN Sep 2013 0.010008 -0.000017 -0.17%
SWISS FRANC Sep 2013 1.0658 -0.0025 -0.23%

CURRENCIES

September Dollar closed lower on Wednesday as it consolidated some of the rally off August’s low. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off August’s low, the 50% retracement level of the July-August decline crossing at 82.87 is the next upside target. Closes below the 20-day moving average crossing at 81.54 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 82.78. Second resistance is the 50% retracement level of the July-August decline crossing at 82.87. First support is the 10-day moving average crossing at 81.79. Second support is the 20-day moving average crossing at 81.54.

The September Euro closed higher due to short covering on Wednesday as it consolidated some of last week’s decline. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the reaction low crossing at 130.69 is the next downside target. Closes above the 20-day moving average crossing at 133.19 would confirm that a low has been posted. First resistance is the 20-day moving average crossing at 133.19. Second resistance is the 75% retracement level of the February-July decline crossing at 134.65. First support is Tuesday’s low crossing at 131.38. Second support is the reaction low crossing at 130.69.

The September British Pound closed higher on Wednesday and above the 10-day moving average crossing at 1.5566 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends today’s rally, August’s high crossing at 1.5716 is the next upside target. If September renews the decline off August’s high, the reaction low crossing at 1.5419 is the next downside target. First resistance is today’s high crossing at 1.5648. Second resistance is August’s high crossing at 1.5716. First support is last Wednesday’s low crossing at 1.5425. Second resistance is the reaction low crossing at 1.5419.

The September Swiss Franc closed slightly 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 remain bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off August’s high, August’s low crossing at .10644 is the next downside target. Closes above the 20-day moving average crossing at .10805 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at .10805. Second resistance is last Tuesday’s high crossing at .10936. First support is today’s low crossing at .10658. Second support is August’s low crossing at .10644.

The September Canadian Dollar closed higher on Wednesday 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 Thursday’s night session begins trading. Stochastics and the RSI are diverging but are neutral to bearish signaling that additional weakness is possible near-term. If September extends the decline off July’s high, July’s low crossing at 94.09 is the next downside target. Closes above the 20-day moving average crossing at 95.91 would confirm that a short-term low has been posted. First resistance is the reaction high crossing at 95.44. Second resistance is the 20-day moving average crossing at 95.91. First support is August’s low crossing at 94.55. Second support is July’s low crossing at 94.09.

The September Japanese Yen closed lower on Wednesday as it extends 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 are bearish signaling that sideways to lower prices are possible near-term. If September extends this week’s decline, July’s low crossing at .9852 is the next downside target. Closes above the 20-day moving average crossing at .10226 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at .10226. Second resistance is last Wednesday’s high crossing at .10329. First support is Tuesday’s low crossing at .10014. Second support is July’s low crossing at .9852.


 

Energy Snapshot
Symbol Last Change %
CRUDE OIL Oct 2013 107.72 +0.49 +0.46%
NEW YORK HARBOR ULSD Oct 2013 3.1423 +0.0052 +0.17%
NATURAL GAS Nov 2013 3.763 -0.004 -0.11%
RBOB GASOLINE Oct 2013 2.8574 -0.0069 -0.24%
POWERSHARES DYNAMIC ENERGY 49.66 +0.45 +0.91%
UNITED STATES GASOLINE 61.5310 -0.0590 -0.10%

ENERGIES

October crude oil closed lower on Wednesday as it consolidated some of Tuesday’s key reversal up. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins. Stochastics and the RSI are bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 106.46 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 last Wednesday’s high crossing at 112.24. Second resistance is weekly resistance crossing at 114.83. First support is the 20-day moving average crossing at 106.46. Second support is the reaction low crossing at 103.50.

October heating oil posted an inside day with a lower close on Wednesday. The mid-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI have turned bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 308.64 would confirm that a short-term top has been posted. If October renews the rally off August’s low, the contract high crossing at 324.56 is the next upside target. First resistance is last Wednesday’s high crossing at 322.90. Second resistance is the contract high crossing at 324.56. First support is the 10-day moving average crossing at 313.23. Second support is the 20-day moving average crossing at 308.64.

October unleaded gas closed lower on Wednesday as it extended the decline off August’s high. The mid-range close sets the stage for a steady opening when Thursday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 284.21 are needed to confirm that a short-term top has been posted. If October renews the rally off August’s low, weekly resistance crossing at 316.32 is the next upside target. First resistance is last Wednesday’s high crossing at 298.21. Second resistance is weekly resistance crossing at 316.32. First support is the 20-day moving average crossing at 284.21. Second support is the reaction low crossing at 278.44.

October Henry natural gas closed higher on Wednesday and above the 38% retracement level of the May-August decline crossing at 3.680. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off August’s low, the 50% retracement level of the May-August decline crossing at 3.842 is the next upside target. Closes below the 20-day moving average crossing at 3.475 would confirm that a short-term top has been posted. 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 3.475. Second support is August’s low crossing at 3.154.


 

Food Snapshot
Symbol Last Change %
COCOA Dec 2013 2503 +7 +0.28%
COFFEE Dec 2013 117.00 +0.15 +0.13%
ORANGE JUICE-A Nov 2013 133.2 +0.5 +0.37%
IPATH DJ-UBS SUGAR TRUST 57.1572 -0.2828 -0.50%
IPATH DJ-UBS SOFTS TRUST 44.8801 -0.3799 -0.85%

FOOD & FIBER

September coffee closed lower on Wednesday. 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 near-term. If September extends this summer’s decline, monthly support crossing at 10.21 is the next downside target. Closes above the 20-day moving average crossing at 117.07 would confirm that a low has been posted.

September cocoa closed sharply higher on Wednesday and above the 20-day moving average crossing at 24.44 confirming that a low has been posted. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bearish and will need to see additional gains before turning bullish again. If September renews the rally off June’s low, the 62% retracement level of the 2011-2013-decline crossing at 25.55 is the next upside target.

October sugar closed lower on Wednesday. The low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October renews the decline off August’s high, the reaction low crossing at 16.09 is the next downside target. Closes above the 20-day moving average crossing at 16.67 would confirm that a low has been posted.

October cotton closed slightly higher due to short covering on Wednesday as it consolidated some of the decline off August’s high. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off August’s high, May’s low crossing at 81.83 is the next downside target. Closes above the 20-day moving average crossing at 87.27 would confirm that a low has been posted.


 

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Grains Snapshot
Symbol Last Change %
CORN Dec 2013 467.75 -1.75 -0.37%
OATS Dec 2013 328.0 -1.5 -0.46%
WHEAT Dec 2013 644.75 -1.50 -0.23%
TEUCRIUM CORN 35.60 -0.44 -1.23%
IPATH DJ-UBS GRAINS TRUST 47.990 -0.160 -0.34%
ELEMENTS MLCX GRAINS INDEX TRUST 6.4610 -0.0483 -0.76%
SOYBEANS Nov 2013 1345.25 -7.25 -0.54%
SOYBEAN (MINI) Nov 2013 1345.000 -7.500 -0.55%
SOYBEAN MEAL Dec 2013 419.8 -2.9 -0.69%
TEUCRIUM SOYBEAN 24.472 -0.417 -1.71%

GRAINS

Corn closed up down 5 3/4-cents at 4.69 1/2.

December corn closed lower on Wednesday and below the 20-day moving average crossing at 4.70 3/4 confirming that a short-term top has been posted. Early harvest pressure is starting to ease supply concerns, which is pulling December futures towards a two-week low following yesterday’s bearish key reversal lower. Yesterday’s Crop Progress report showed a 3% decline in the percentage of the crop rated good to excellent, which cut around 3 bushels per acre off the national average yield potential. The latest crop ratings suggest production could range from 12.8 billion to 13.4 billion bushels, which is at least 400 million below USDA’s August estimate. Today’s 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 the decline off August’s high, the reaction low crossing at 4.63 1/2 is the next downside target. Closes above the 10-day moving average crossing at 4.79 1/4 would temper the near-term bearish outlook. First resistance is last Monday’s high crossing at 5.08 1/4. Second resistance is July’s high crossing at 5.28 1/4. First support is the reaction low crossing at 4.63 1/2. Second support is August’s low crossing at 4.45 3/4.

December wheat closed down 1-cents at 6.46 1/4.

December wheat closed lower on Wednesday as it extended the decline off last week’s high. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off last week’s high, the reaction low crossing at 6.38 is the next downside target. If December renews the rally off August’s low, August’s high crossing at 6.79 3/4 is the next upside target. First resistance is last Monday’s high crossing at 6.76 1/2. Second resistance is August’s high crossing at 6.79 3/4. First support is the reaction low crossing at 6.38. Second support is August’s low crossing at 6.35 1/2.

December Kansas City Wheat closed down a 1/2-cents at 6.98 1/2.

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

December Minneapolis wheat closed down 3-cents at 7.22.

December Minneapolis wheat closed lower on Wednesday renewing this summer’s decline. Stochastics and the RSI are 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 last Monday’s high crossing at 7.48 are needed to confirm that a low has been posted. First resistance is last Monday’s high crossing at 7.48. Second resistance is the reaction high crossing at 7.88 1/2. First support is today’s low crossing at 7.18 3/4. Second support is psychological support crossing at 7.00.

SOYBEAN COMPLEX

soybeans closed down 34 1/4-cents at 13.52 1/2.

November soybeans closed sharply lower on Wednesday filling Tuesday’s gap crossing at 13.70 1/2. Tuesday’s weekly conditions report showed a 4% decline in the good to excellent categories bringing the total down to 54%. This week’s decline suggests that this year’s national soybean yield could have decline by a full bushel per acre off August’s estimate. Despite yesterday’s supportive crop conditions report, the market appears to have factored in all of the known bullish news at this point in time and is therefore vulnerable to a round of profit taking. Today’s 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 and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last Monday’s gap crossing at 13.31 1/2 would confirm that a short-term top has been posted. If November renews the rally off this month’s low, weekly resistance crossing at 14.49 is the next upside target. First resistance is last Tuesday’s high crossing at 14.09 1/2. Second resistance is weekly resistance crossing at 14.49. First support is the 10-day moving average crossing at 13.51 1/2. Second support is last Monday’s gap crossing at 13.31 1/2.

December soybean meal closed down $16.20 at 422.70.

December soybean meal closed lower on Wednesday and below the 10-day moving average crossing at 423.90 signaling that a short-term top might be in or is near. 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 and are turning neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below last Monday’s gap crossing at 420.30 would confirm that a short-term top has been posted. If December renews the rally off August’s low, weekly resistance crossing at 460.60 is the next upside target. First resistance is last Tuesday’s high crossing at 445.80. Second resistance is weekly resistance crossing at 460.60. First support is last Monday’s gap crossing at 420.30. Second support is the 20-day moving average crossing at 400.20.

December soybean oil closed down 26 pts. at 43.93.

December soybeans 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 have turned bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 43.38 are needed to confirm that a short-term top has been posted. If December resumes the rally off August’s low, the 38% retracement level of this year’s decline crossing at 46.29 is the next upside target. First resistance is last Monday’s high crossing at 45.32. Second resistance is the 38% retracement level of this year’s decline crossing at 46.29. First support is the 20-day moving average crossing at 43.38. Second support is the reaction low crossing at 42.67.


 

Indexes Snapshot
Symbol Last Change %
DJ 30 INDUSTRIALS 14930.87 +96.91 +0.65%
NASDAQ COMPOSITE INDEX (COMBINED) 3647.28 +34.67 +0.95%
S&P 500 CASH 1653.08 +13.31 +0.81%
SPDR S&P 500 165.685 +1.295 +0.78%
QQQQ VOLATILITY INDEX 15.16 -1.13 -7.44%
iShares RUSSELL 2000 INDEX 101.8824 +0.8224 +0.81%

U.S. STOCK INDEXES

September NASDAQ 100 closed higher on Wednesday and above the 20-day moving average crossing at 3097.11 confirming that a short-term low has been posted. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are diverging but have turned bullish signaling that sideways trading is possible near-term. If September extends today’s rally, August’s high crossing at 3144.25 is the next upside target. If September renews the decline off August’s high, the 38% retracement level of the June-August rally crossing at 3021.61 is the next downside target. First resistance is today’s high crossing at 3129.25. Second resistance is August’s high crossing at 3144.25. First support is last Tuesday’s low crossing at 3052.50. Second support is the 38% retracement level of the June-August rally crossing at 3021.61.

The September S&P 500 closed higher on Wednesday as it extends the rebound off the 50% retracement level of the June-August rally crossing at 1629.45. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 1657.83 would confirm that a short-term low has been posted. If September renews the decline off August’s high, the 62% retracement level of the June-August rally crossing at 1611.47 is the next downside target. First resistance is today’s high crossing at 1654.20. Second resistance is the 20-day moving average crossing at 1657.83. First support is last Wednesday’s low crossing at 1625.00. Second support is the 62% retracement level of the June-August rally crossing at 1611.47.

The Dow closed higher on Wednesday by technology companies and automakers, as investors watched a Senate vote on action against Syria while watching economic data for clues on the Federal Reserve’s next move. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are diverging and are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 15,082 are needed to confirm that a low has been posted. If the Dow renews this month’s decline, the 87% retracement level of the July-August rally crossing at 14,692 is the next downside target. First resistance is the reaction high crossing at 15,049. Second resistance is the 20-day moving average crossing at 15,082. First support is last Wednesday’s low crossing at 14,760. Second support is the 87% retracement level of the June-July rally crossing at 14,692.


 

Interest Snapshot
Symbol Last Change %
T-BONDS Dec 2013 129.18750 -0.68750 -0.53%
iShares FLOATING RATE NOTE 50.62 -0.02 -0.04%
5 YEAR T-NOTES Dec 2013 118.515625 -0.445313 -0.37%
ULTRA T-BONDS Dec 2013 138.00000 -0.96875 -0.70%
POWERSHARES SENIOR LOAN PORTF 24.76 0.00 0.00%

INTEREST RATES

T-bonds closed down 14/32 at 131-09.

September T-bonds closed lower on Wednesday. Stochastics and the RSI are turning neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews the decline off July’s high, weekly support crossing at 125-29 is the next downside target. If September renews the rally off August’s low, August’s high crossing at 135-02 is the next upside target. First resistance is last Wednesday’s high crossing at 133-16. Second resistance is August’s high crossing at 135-02. First support is August’s low crossing at 129-28. Second support is weekly support crossing at 125-29.


 

Livestock Snapshot
Symbol Last Change %
FEEDER CATTLE Oct 2013 159.225 -0.025 -0.02%
LEAN HOGS Oct 2013 90.000 +0.875 +0.98%
LIVE CATTLE Oct 2013 125.650 -0.350 -0.28%
IPATH DJ-UBS LIVESTOCK TRUST SUB 27.2731 +0.0731 +0.27%

LIVESTOCK

hogs closed up $1.12 at $89.12.

October hog gapped up and closed higher on Wednesday renewing the rally off March’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 October extends today’s rally, weekly resistance crossing at 90.33 is the next upside target. Closes below the 20-day moving average crossing at 86.47 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 89.45. Second resistance is weekly resistance crossing at 90.33. First support is today’s gap crossing at 88.05. Second support is the 20-day moving average crossing at 86.47.

October cattle closed down $0.20 at 126.00.

October cattle closed lower on Wednesday as it extends the decline off August’s high. The mid-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the aforementioned decline, the August’s 8th gap crossing at 124.40 is the next downside target. First resistance is the 20-day moving average crossing at 127.15. Second resistance is the 50% retracement level of the December-May decline crossing at 128.95. First support is today’s low crossing at 125.75. Second support is the August 8th gap crossing at 124.40.

October feeder cattle closed up $0.15 at $159.25.

October Feeder cattle closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. Today’s close above the 20-day moving average crossing at 159.17 confirms that a short-term low has been posted. If October extends the rally off August’s low, August’s high crossing at 160.70 is the next upside target. Closes below last Friday’s gap crossing at 158.02 would temper the near-term friendly outlook. First resistance is Tuesday’s high crossing at 160.00. Second resistance is August’s high crossing at 160.70. First support is last Friday’s gap crossing at 158.02. Second support is last Monday’s low crossing at 155.85.


 

Metals Snapshot
Symbol Last Change %
GOLD Dec 2013 1395.2 +5.2 +0.37%
SPDR GOLD SHARES 134.688 -1.732 -1.29%
SILVER Dec 2013 23.580 +0.165 +0.70%
PALLADIUM Dec 2013 695.75 -2.50 -0.36%
DIREXION DAILY GOLD MINERS BEA 26.4943 -0.1557 -0.59%
POWERSHARES DB PRECIOUS METALS 46.06 -0.93 -2.01%

PRECIOUS METALS

October gold closed lower on Wednesday as it extends the decline off last Wednesday’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 have turned bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 1367.20 would confirm that a short-term top has been posted. If October renews the rally off June’s low, May’s high crossing at 1489.00 is the next upside target. First resistance is last Wednesday’s high crossing at 1432.90. Second resistance is May’s high crossing at 1489.00. First support is the 20-day moving average crossing at 1367.20. Second resistance is August’s low crossing at 1272.10.

September silver closed lower on Wednesday and is poised to extend the decline off last week’s high. The low-range close set 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 22.758 are needed to confirm that a short-term top has been posted. If September renews the rally off June’s low, the 50% retracement level of the September-June decline crossing at 26.727 is the next upside target. First resistance is last Wednesday’s high crossing at 25.120. Second resistance is the 50% retracement level of the September-June decline crossing at 26.727. First support is Tuesday’s low crossing at 23.100. Second support is the 20-day moving average crossing at 22.758.

September copper closed lower on Wednesday erasing most of Tuesday’s rally. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends last week’s decline, the reaction low crossing at 312.85 is the next downside target. Closes above the 20-day moving average crossing at 330.08 would confirm that a short-term low has been posted. First resistance is last Monday’s high crossing at 338.85. Second resistance is June’s high crossing at 341.25. First support is last Friday’s low crossing at 320.75. Second support is the reaction low crossing at 312.85.


 

Top Stocks
# symbol name last net % volume score triangles
1. NOK NOKIA 5.34 +0.22 +4.13% 160,112,823 +100    Entry Signal
2. MU MICRON TECH 14.750 +0.740 +5.02% 115,736,109 +90    Entry Signal
3. VOD VODAFONE GROUP 32.41 +0.40 +1.23% 29,698,597 +100    Entry Signal
4. HIMX HIMAX TECHNOLOGIES 7.3599 +0.8799 +11.97% 27,796,959 +90    Entry Signal
5. CIEN CIENA 23.45 +2.77 +11.77% 17,670,194 +100    Entry Signal
6. ASTX ASTEX PHARMACEUTICALS 8.26 +1.58 +19.11% 15,485,425 +100    Entry Signal
7. DELL DELL 13.805 +0.035 +0.25% 13,164,223 +100    Entry Signal
8. YGE YINGLI GREEN ENERGY 5.26 +0.57 +10.78% 12,390,778 +100    Entry Signal
9. GGB GERDAU 7.46 +0.12 +1.61% 11,256,525 +100    Entry Signal
10. ETFC E*TRADE FINANCIAL CORP 15.69 +1.15 +7.32% 9,941,183 +90    Entry Signal
Top Futures
# symbol name last net % volume score triangles
1. LH.V13 LEAN HOGS Oct 2013 89.125 +1.125 +1.26% 30,720 +100    Entry Signal
2. CL.V13.E CRUDE OIL Oct 2013 107.72 +0.49 +0.46% 20,728 +100    Entry Signal
3. NIY.U13.E NIKKEI 225 INDEX YEN INDEX Sep 2013 14015 -80 -0.57% 15,464 +100    Entry Signal
4. LH.Z13 LEAN HOGS Dec 2013 85.850 +0.875 +1.02% 14,548 +100    Entry Signal
5. DX.U13.E U.S $ INDEX Sep 2013 82.230 +0.025 +0.03% 12,056 +100    Entry Signal
6. NKD.U13.E NIKKEI 225 INDEX $ INDEX Sep 2013 14020 -80 -0.57% 6,649 +100    Entry Signal
7. NIY.Z13.E NIKKEI 225 INDEX YEN INDEX Dec 2013 13960 -70 -0.50% 182 +100    Entry Signal
8. RB.U13.E RBOB GASOLINE Sep 2013 3.0186 -0.0478 -1.58% 5,471 +100    Entry Signal
9. DX.Z13.E U.S $ INDEX Dec 2013 82.480 +0.037 +0.04% 4,490 +100    Entry Signal
10. LH.J14 LEAN HOGS Apr 2014 86.900 +0.500 +0.57% 2,697 +100    Entry Signal

Quartz Daily Brief—G20 summit, Syria resolution, Galaxy Gear, feline mayors

Quartz - qz.com

Good morning, Quartz readers!

What to watch for today

On the G20 agenda: Fed, Syria, and snubs. In St. Petersburg, heads of state will discuss the possibility of military intervention in Syria and the likely impact of the US Federal Reserve’s imminent “taper” of monetary stimulus. In a snub to the Kremlin, Barack Obama will meet Russian human rights activists instead of president Vladimir Putin, but the Russian president is likely to find much to discuss with Chinese president Xi Jinping, particularly on large scale projects.

Japan’s central bank hits pause…The Bank of Japan is unlikely to make any change to the unprecedented stimulus measures it announced in April, but will take stock of the fallout of the slowdown in the emerging markets.

…as do central banks in Europe. The European Central Bank is poised to leave interest rates unchanged at 0.5%, but it may raise growth projections (paywall) slightly. No change is expected now from the Bank of England either, but a steady stream of cheerful economic data may force it to start raising rates sooner than previously thought.

The warm-up for Friday’s main event. US private payroll data and weekly jobless claims will provide a prelude to Friday’s official jobs report, the big number the Fed will look at before deciding its timeline for paring back its asset purchase program.

While you were sleeping

A step closer to bombing Syria. The US Senate’s foreign relations committee voted 10-7 to approve a resolution for the use of force against the Bashar al-Assad regime. The full Senate will vote on it next week. Meanwhile Barack Obama tried to rally global support, saying that the ”world set a red line” over the use of chemical weapons, not him.

Microsoft scored against Motorola. A jury found in the second of two trials that Motorola, which is owned by Google, broke licensing agreements related to Microsoft patents. Microsoft was awarded damages of $14 million. Motorola may appeal.

New York’s banking regulator has its eye on Europe. The regulator asked six European banks to turn over transaction information relating to a Jordanian bank, Reuters reported, related to a deals with Turkey’s Uzan family. A NY court ruled earlier that the Uzans stole $2 billion from loans made by Motorola Credit and were hiding money in the bank.

Samsung got creative with its smart watch. The South Korean electronics giant launched the $300 Galaxy Gear, a watch equipped with a tiny camera and 1.6 inch (4.1 cm) color display, which can be used to make phone calls. But its bulky size and short battery life may prove its undoing.

Chelsea Manning asked for a presidential pardon. The US soldier, formerly known as Bradley, was given 35 years in prison in August after a court found her guilty of passing more than 700,000 classified files to Wikileaks. Bradley’s chances of being granted a pardon appear slim.

Dilma Rousseff is furious with the US. Brazil’s president may cancel a visit with the White House and downgrade commercial ties unless US president Barack Obama apologizes, after news reports said the NSA spied on both her and Mexican president Enrique Peña Nieto.

Is China about to deregulate its aviation market? Wei Hou, vice president of Hainan Airlines, the country’s number four carrier, told the Wall Street Journal that regulators are looking to open China’s huge market to new carriers and lift a ban on more than one Chinese airline flying a given route.

Quartz obsession interlude

Steve LeVine on how Vladimir Putin, flush with gas profits, is ready to pick some more fights. “Putin is likely to continue sharp resistance to plans by the European Union to form free trade agreements with former Soviet republics, in particular with Ukraine. He will also not easily agree to harsher oil sanctions against Iran should the US advocate them. And Putin will also strongly push back against European plans to file anti-trust sanctions against Gazprom.” Read more here.

Matters of debate

A rosy outlook for Britain’s economy. The OECD reckons Britain may be one of the fastest-growing rich countries in the second half of this year.

Chinese literature textbooks are being modified to curb “deep thinking.” An essay by the father of modern Chinese literature has gone missing in the latest curriculum.

How the Syrian Electronic Army suddenly got so good at hacking. The pro-Assad hacker group may have had more than a little help from Iran.

I’ve invested from both sides now. What a bank analyst learned when she became CFO of a tech firm instead.

Surprising discoveries

Where does the famous “red line” metaphor come from? It may well be related to the “line in the sand“—a metaphor that goes back to Syria in 168 B.C.

The answer to your parking nightmares? This prototype South Korean electric car will park itself and fold nearly in half with a tap on a smartphone.

The answer to rowdy behavior? An Ohio man who threatened police while drunk has been ordered to stand outside a police station wearing a sign that says he’s an idiot.

Feline mayors. Morris the cat has popped up on campaign posters in the eastern Mexican city of Xalapa. He already has 100,000 likes on his Facebook page. Meanwhile, Stubbs, a cat who has served 16 years as honorary mayor of a town in Alaska, is in serious condition after being mauled by a dog.

Our best wishes for a productive day. Please send any news, comments, feline nominees for public office and novel parking solutions to hi@qz.com. You can follow us on Twitter here for updates during the day.

You’re getting the Europe and Africa edition of the Quartz Daily Brief. To change your region, click here. We’d also love it if you shared this email with your friends. They can sign up for free here.

By Jove, I Think They’ve Got It! – 08/30/2013

Recently strong economic activity has been met with lower stock prices because it meant the QE taper is coming sooner rather than later. Now we all know the taper is on the way. And so we can get back to a more NORMAL reaction to positive economic news as we did with Thursday’s gains.

In particular, I am talking about Q2 GDP being revised up from 1.7% to 2.5%. That’s a big deal. Also we got another printing of the weekly Jobless Claims under 350K which bodes well for another month of 150-200K jobs added. That will hopefully be on display next week when the key employment reports come out.

With Syria, the debt limit and a new Fed chair still unknowns, the market may not roar higher just yet. That is why choppy, range bound activity is likely in the of fing. But beyond this period of uncertainly lies greater odds for stocks to move higher.

I am 100% long in preparation for whenever other investors want join me in this logical conclusion.

Best,

Steve Reitmeister (aka Reity…pronounced “Righty”)

Executive Vice President

Zacks Investment Research

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

Morning Markets Report
Prepared on Thursday, August 29, 2013

Copyright 2013 INO.com. All Rights Reserved.

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

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

Using the MACD to Trade Binary options
Wednesday Aug 28th

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

Key Events for Thursday

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

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

Weekly Jobless Claims Net Change (previous +13K)

Cont Jobless Claims (prior week) (previous 2999000)

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

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

Corn, In Metric Tons (previous 492.6K)

Soybeans, In Metric Tons (previous 946.9K)

Wheat, In Metric Tons (previous 494K)

8:30 AM ET. 2 Quarter Preliminary Corporate Profits

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

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

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

Corporate Profits (previous -1.4%)

PCE Price Index (previous +0%)

Purchase Price Index (previous +0.3%)

Real Final Sales (previous +1.3%)

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

Personal Consumption (previous +1.8%)

9:45 AM ET. Bloomberg Consumer Comfort Index

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

DJ-BTMU Business Barometer (previous +0.1%)

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

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

Total Working Gas in Storage (previous 3063B)

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

4:30 PM ET. Foreign Central Bank Holdings

Foreign US Debt Holdings

US Foreign Agency Holdings

Foreign Treasury Holdings

4:30 AM ET. Federal Discount Window Borrowings

Primary Credit Borrowings

Primary Credit Borrowings W/E Daily Avg.

Primary Dealer Borrowings

Primary Dealer Borrowings W/E Daily Avg.

Discount Window Borrowings

Discount Window Borrowings W/E Daily Avg.

4:30 PM ET. Money Stock Measures


 

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

CURRENCIES

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

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

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

The September Swiss Franc closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are diverging and are neutral hinting that a short-term top might be in or is near. Closes below the reaction low crossing at .10766 would confirm that a short-term top has been posted. If September renews the rally off July’s low, June’s high crossing at .10962 is the next upside target. First resistance is Tuesday’s high crossing at .10936. Second resistance is June’s high crossing at .10962. First support is the reaction low crossing at .10766. Second support is the reaction low crossing at .10644.

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

The September Japanese Yen closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends Tuesday’s rally, the reaction high crossing at .10440 is the next upside target. Closes below the reaction low crossing at .10086 would confirm that a short-term top has been posted. First resistance is today’s high crossing at .10329. Second resistance is the reaction high crossing at .10440. First support is the reaction low crossing at .10086. Second support is the reaction low crossing at .10002.


 

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

ENERGIES

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

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

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

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


 

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

FOOD & FIBER

September coffee closed higher on Wednesday as it consolidated some of this summer’s decline. The high-range close set the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September renews this month’s decline, monthly support crossing at 10.21 is the next downside target. Closes above the 20-day moving average crossing at 118.11 would confirm that a low has been posted.

September cocoa gapped up and closed higher on Wednesday while extending this month’s trading range. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Multiple closes below the 20-day moving average crossing at 24.23 would confirm that a short-term top has been posted. If September renews the rally off June’s low, the 62% retracement level of the 2011-2013-decline crossing at 25.55 is the next upside target.

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

October cotton closed lower on Wednesday and is poised to renew this month’s decline. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this month’s decline, July’s low crossing at 83.55 is the next downside target. Closes above last Wednesday’s gap crossing at 88.76 would confirm that a low has been posted.


 

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

 


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

GRAINS

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

December corn closed lower on Wednesday as it consolidated some of Monday’s rally. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish leaving upside potential uncertain. If December extends the rally off this month’s low, July’s high crossing at 5.28 1/4 is the next upside target. Closes below the 20-day moving average crossing at 4.68 1/2 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 5.08 1/4. Second resistance is July’s high crossing at 5.28 1/4. First support is the 20-day moving average crossing at 4.68 1/2. Second support is the reaction low crossing at 4.63 1/2.

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

December wheat closed lower on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends Monday’s rally, August’s high crossing at 6.79 3/4 is the next upside target. Closes below the 10-day moving average crossing at 6.51 3/4 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 6.76 1/2. Second resistance is August’s high crossing at 6.79 3/4. First support is August’s low crossing at 6.35 1/2. Second support is weekly support crossing at 6.25 3/4.

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

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

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

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

SOYBEAN

COMPLEX

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

November soybeans closed higher on Wednesday. The mid-range close sets the stage for a steady opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If November extends the rally off this month’s low, weekly resistance crossing at 14.49 is the next upside target. Closes below Monday’s gap crossing at 13.31 1/2 would confirm that a short-term top has been posted. First resistance is Tuesday’s high crossing at 14.09 1/2. Second resistance is weekly resistance crossing at 14.49. First support is Monday’s gap crossing at 13.31 1/2. Second support is the 10-day moving average crossing at 13.17.

December soybean meal closed down $1.10 at 429.30.

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

December soybean oil closed up 26 pts. at 44.78.

December soybeans closed higher on Wednesday. The high-range close sets the stage for a steady to higher opening when Thursday’s night session begins trading. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If December extends this month’s rally, the 38% retracement level of this year’s decline crossing at 46.29 is the next upside target. Closes below the 20-day moving average crossing at 43.13 would confirm that a short-term top has been posted. First resistance is Monday’s high crossing at 45.32. Second resistance is the 38% retracement level of this year’s decline crossing at 46.29. First support is the 20-day moving average crossing at 43.13. Second support is August’s low crossing at 41.85.


 

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

U.S. STOCK INDEXES

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

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

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


 

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

INTEREST RATES

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

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


 

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

LIVESTOCK

hogs closed up $0.70 at $85.10.

October hog closed lower on Wednesday as it consolidated some of this week’s rally. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are turning bullish signaling that sideways to higher prices are possible near-term. If October renews last week’s decline, July’s low crossing at 82.95 is the next downside target. First resistance is the reaction high crossing at 87.10. Second resistance is August’s high crossing at 88.30. First support is Monday’s low crossing at 83.80. Second support is July’s low crossing at 82.95.

October cattle closed up $0.20 at 126.92.

October cattle closed higher on Wednesday. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 126.90 are needed to confirm that a top has been posted. If October renews this month’s rally, the 62% retracement level of the December-May decline crossing at 130.76 is the next upside target. First resistance is the 50% retracement level of the December-May decline crossing at 128.95. Second resistance is the 62% retracement level of the December-May decline crossing at 130.76. First support is the 20-day moving average crossing at 126.90. Second support is the August 8th gap crossing at 124.40.

October feeder cattle closed up $0.67 at $157.62.

October Feeder cattle closed higher due to short covering on Wednesday. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends Monday’s decline, the 38% retracement level of the May-August rally crossing at 155.34 is the next downside target. Closes above the 20-day moving average crossing at 159.28 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 159.28. Second resistance is August’s high crossing at 160.70. First support is Monday’s low crossing at 155.85. Second support is the 38% retracement level of the May-August rally crossing at 155.34.


 

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

PRECIOUS METALS

October gold closed lower due to profit taking on Wednesday as it consolidated some of the rally off June’s low. The low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the aforementioned rally, May’s high crossing at 1489.00 is the next upside target. Closes below the 20-day moving average crossing at 1346.80 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 1432.90. Second resistance is May’s high crossing at 1489.00. First support is the 10-day moving average crossing at 1383.50. Second resistance is the 20-day moving average crossing at 1346.80.

September silver closed lower on Wednesday as it consolidated some of the rally off June’s low. The low-range close set the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off June’s low, the 50% retracement level of the September-June decline crossing at 26.727 is the next upside target. Closes below the 20-day moving average crossing at 21.927 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 25.120. Second resistance is the 50% retracement level of the September-June decline crossing at 26.727. First support is the 10-day moving average crossing at 23.518. Second support is the 20-day moving average crossing at 21.927.

September copper closed lower on Wednesday and the low-range close sets the stage for a steady to lower opening when Thursday’s night session begins trading. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 328.50 would confirm that a short-term top has been posted. If September renews the rally off June’s low, June’s high crossing at 341.25 is the next upside target. First resistance is Monday’s high crossing at 338.85. Second resistance is June’s high crossing at 341.25. First support is last Wednesday’s low crossing at 328.70. Second support is the 20-day moving average crossing at 328.50.


 

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