***BOND MARKET RECAP - 10/9/2009
December Bonds finished down 1-240 at 119-310, 2-030 off the high and 0-110 up from the low.
December 10 Yr Treasury Notes closed down 0-280 at 118-090. This was 0-060 up from the low and 0-315 off the high.
Technical Outlook
BONDS (DEC) 10/12/2009: Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levels are taken out. The close below the 18-day moving average is an indication the intermediate-term trend has turned down. The close below the 2nd swing support number puts the market on the defensive. The next downside target is now at 118-010. The next area of resistance is around 121-080 and 122-280, while 1st support hits today at 118-270 and below there at 118-010.
10 YR TREASURY NOTES (DEC) 10/12/2009: The daily stochastics have crossed over down which is a bearish indication. Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is penetrated. The close below the 9-day moving average is a negative short-term indicator for trend. There could be some early pressure today given the market's negative setup with the close below the 2nd swing support. The next downside objective is now at 117-100. The next area of resistance is around 118-275 and 119-205, while 1st support hits today at 117-225 and below there at 117-100.
***STOCK INDICES RECAP - 10/9/2009
December S&P closed up 4.3 at 1068.1. This was 8.9 up from the low and 0.8 off the high. December S&P E-Mini finished up 4.25 at 1068, 0.5 off the high and 9.5 up from the low.
December Dow finished up 63 at 9810, 2 off the high and 100 up from the low.
Technical Outlook
S&P 500 (DEC) 10/12/2009: Rising stochastics at overbought levels warrant some caution for bulls. The close above the 9-day moving average is a positive short-term indicator for trend. The market has a slightly positive tilt with the close over the swing pivot. The next upside target is 1075.92. The next area of resistance is around 1073.45 and 1075.92, while 1st support hits today at 1063.55 and below there at 1056.13.
S&P E-MINI (DEC) 10/12/2009: Rising stochastics at overbought levels warrant some caution for bulls. A positive signal for trend short-term was given on a close over the 9-bar moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The near-term upside objective is at 1076.00. The next area of resistance is around 1073.50 and 1076.00, while 1st support hits today at 1063.50 and below there at 1056.00.
NASDAQ (DEC) 10/12/2009: Momentum studies are rising from mid-range, which could
accelerate a move higher if resistance levels are penetrated. A positive signal for trend short-term was given on a close over the 9-bar moving average. The upside closing price reversal on the daily chart is somewhat bullish. It is a mildly bullish indicator that the market closed over the pivot swing number. The near-term upside objective is at 1742.75. The next area of resistance is around 1736.50 and 1742.75, while 1st support hits today at 1715.50 and below there at 1700.75.
DOW (DEC) 10/12/2009: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's short-term trend is positive on the close above the 9-day moving average. The market could take on a defensive posture with the daily closing price reversal down. The market's close below the pivot swing number is a mildly negative setup. The next upside target is 9795. The next area of resistance is around 9754 and 9795, while 1st support hits today at 9690 and below there at 9667.
***CURRENCY MARKET RECAP - 10/9/2009
December US Dollar closed up 0.49 at 76.620. This was 0.490 up from the low and 0.105 off the high.
December Euro closed down 0.57 at 147.18. This was 0.48 up from the low and 0.75 off the high.
December Japanese Yen finished down 1.61 at 111.4, 1.83 off the high and 0.11 up from the low.
December Swiss finished down 0.4 at 96.99, 0.52 off the high and 0.36 up from the low.
December Canadian Dollar finished up 0.73 at 95.83, 0.23 off the high and 1.06 up from the low.
December British Pound closed down 2.24 at 158.38. This was 0.18 up from the low and 2.33 off the high.
Technical Outlook
JAPANESE YEN (DEC) 10/12/2009: A bearish signal was triggered on a crossover down in the daily stochastics. Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is penetrated. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The market is in a bearish position with the close below the 2nd swing support number. The next downside target is now at 109.89. The next area of resistance is around 112.36 and 113.76,
while 1st support hits today at 110.43 and below there at 109.89.
EURO (DEC) 10/12/2009: Positive momentum studies in the neutral zone will tend to reinforce higher price action. A positive signal for trend short-term was given on a close over the 9-bar moving average. The market's close below the pivot swing number is a mildly negative setup. The next upside objective is 148.47. The next area of resistance is around 147.79 and 148.47, while 1st support hits today at 146.57 and below there at 146.02.
***PRECIOUS METALS RECAP - 10/9/2009
December Gold closed down 7.7 at 1048.6. This was 3.8 up from the low and 4.9 off the high.
December Silver finished down 0.125 at 17.69, 0.145 off the high and 0.115 up from the low.
Technical Outlook
COMEX SILVER (DEC) 10/12/2009: The upside crossover of the 9 and 18 bar moving average is a positive signal. Rising stochastics at overbought levels warrant some caution for bulls. The market's close above the 9-day moving average suggests the short-term trend remains positive. It is a slightly negative indicator that the close was under the swing pivot. The near-term upside objective is at 1799.5. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 1787.5 and 1799.5, while 1st support hits today at 1759.5 and below there at 1743.5.
COMEX GOLD (DEC) 10/12/2009: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's close above the 9-day moving average suggests the short-term trend remains positive. The market's close below the pivot swing number is a mildly negative setup. The next upside target is 1062.4. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1056.1 and 1062.4, while 1st support hits today at 1044.1 and below there at 1038.4.
***ENERGY MARKET RECAP - 10/9/2009
November Crude Oil closed up 0.60 at 72.29. This was 1.67 up from the low and 0.06 off the high.
November Heating Oil closed up 1.92 at 186.61. This was 3.98 up from the low and 0.44 off the high.
November RBOB Gasoline finished up 0.29 at 178.26, 1.01 off the high and 3.12 up from the low.
November Natural Gas finished down 0.19 at 4.77, 0.22 off the high and 0.02 up from the low.
Technical Outlook
CRUDE OIL (NOV) 10/12/2009: A positive indicator was given with the upside crossover
of the 9 and 18 bar moving average. Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. A positive signal for trend short-term was given on a close over the 9-bar moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 73.61. The next area of resistance is around 73.15 and 73.61, while 1st support hits today at 71.43 and below there at 70.16.
RBOB GAS (NOV) 10/12/2009: Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. A positive signal for trend short-term was given on a close over the 9-bar moving average. The close over the pivot swing is a somewhat positive setup. The next upside target is 181.86. The next area of resistance is around 180.32 and 181.86, while 1st support hits today at 176.20 and below there at 173.61.
HEATING OIL (NOV) 10/12/2009: The cross over and close above the 60-day moving
average is an indication the longer-term trend has turned positive. A positive indicator was given with the upside crossover of the 9 and 18 bar moving average. Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The market's short-term trend is positive on the close above the 9-day moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 190.14. The next area of resistance is around 188.82 and 190.14, while 1st support its today at 184.40 and below there at 181.31.
December Bonds finished down 1-240 at 119-310, 2-030 off the high and 0-110 up from the low.
December 10 Yr Treasury Notes closed down 0-280 at 118-090. This was 0-060 up from the low and 0-315 off the high.
Technical Outlook
BONDS (DEC) 10/12/2009: Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levels are taken out. The close below the 18-day moving average is an indication the intermediate-term trend has turned down. The close below the 2nd swing support number puts the market on the defensive. The next downside target is now at 118-010. The next area of resistance is around 121-080 and 122-280, while 1st support hits today at 118-270 and below there at 118-010.
10 YR TREASURY NOTES (DEC) 10/12/2009: The daily stochastics have crossed over down which is a bearish indication. Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is penetrated. The close below the 9-day moving average is a negative short-term indicator for trend. There could be some early pressure today given the market's negative setup with the close below the 2nd swing support. The next downside objective is now at 117-100. The next area of resistance is around 118-275 and 119-205, while 1st support hits today at 117-225 and below there at 117-100.
***STOCK INDICES RECAP - 10/9/2009
December S&P closed up 4.3 at 1068.1. This was 8.9 up from the low and 0.8 off the high. December S&P E-Mini finished up 4.25 at 1068, 0.5 off the high and 9.5 up from the low.
December Dow finished up 63 at 9810, 2 off the high and 100 up from the low.
Technical Outlook
S&P 500 (DEC) 10/12/2009: Rising stochastics at overbought levels warrant some caution for bulls. The close above the 9-day moving average is a positive short-term indicator for trend. The market has a slightly positive tilt with the close over the swing pivot. The next upside target is 1075.92. The next area of resistance is around 1073.45 and 1075.92, while 1st support hits today at 1063.55 and below there at 1056.13.
S&P E-MINI (DEC) 10/12/2009: Rising stochastics at overbought levels warrant some caution for bulls. A positive signal for trend short-term was given on a close over the 9-bar moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The near-term upside objective is at 1076.00. The next area of resistance is around 1073.50 and 1076.00, while 1st support hits today at 1063.50 and below there at 1056.00.
NASDAQ (DEC) 10/12/2009: Momentum studies are rising from mid-range, which could
accelerate a move higher if resistance levels are penetrated. A positive signal for trend short-term was given on a close over the 9-bar moving average. The upside closing price reversal on the daily chart is somewhat bullish. It is a mildly bullish indicator that the market closed over the pivot swing number. The near-term upside objective is at 1742.75. The next area of resistance is around 1736.50 and 1742.75, while 1st support hits today at 1715.50 and below there at 1700.75.
DOW (DEC) 10/12/2009: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's short-term trend is positive on the close above the 9-day moving average. The market could take on a defensive posture with the daily closing price reversal down. The market's close below the pivot swing number is a mildly negative setup. The next upside target is 9795. The next area of resistance is around 9754 and 9795, while 1st support hits today at 9690 and below there at 9667.
***CURRENCY MARKET RECAP - 10/9/2009
December US Dollar closed up 0.49 at 76.620. This was 0.490 up from the low and 0.105 off the high.
December Euro closed down 0.57 at 147.18. This was 0.48 up from the low and 0.75 off the high.
December Japanese Yen finished down 1.61 at 111.4, 1.83 off the high and 0.11 up from the low.
December Swiss finished down 0.4 at 96.99, 0.52 off the high and 0.36 up from the low.
December Canadian Dollar finished up 0.73 at 95.83, 0.23 off the high and 1.06 up from the low.
December British Pound closed down 2.24 at 158.38. This was 0.18 up from the low and 2.33 off the high.
Technical Outlook
JAPANESE YEN (DEC) 10/12/2009: A bearish signal was triggered on a crossover down in the daily stochastics. Daily stochastics turning lower from overbought levels is bearish and will tend to reinforce a downside break especially if near term support is penetrated. The market's close below the 9-day moving average is an indication the short-term trend remains negative. The market is in a bearish position with the close below the 2nd swing support number. The next downside target is now at 109.89. The next area of resistance is around 112.36 and 113.76,
while 1st support hits today at 110.43 and below there at 109.89.
EURO (DEC) 10/12/2009: Positive momentum studies in the neutral zone will tend to reinforce higher price action. A positive signal for trend short-term was given on a close over the 9-bar moving average. The market's close below the pivot swing number is a mildly negative setup. The next upside objective is 148.47. The next area of resistance is around 147.79 and 148.47, while 1st support hits today at 146.57 and below there at 146.02.
***PRECIOUS METALS RECAP - 10/9/2009
December Gold closed down 7.7 at 1048.6. This was 3.8 up from the low and 4.9 off the high.
December Silver finished down 0.125 at 17.69, 0.145 off the high and 0.115 up from the low.
Technical Outlook
COMEX SILVER (DEC) 10/12/2009: The upside crossover of the 9 and 18 bar moving average is a positive signal. Rising stochastics at overbought levels warrant some caution for bulls. The market's close above the 9-day moving average suggests the short-term trend remains positive. It is a slightly negative indicator that the close was under the swing pivot. The near-term upside objective is at 1799.5. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 1787.5 and 1799.5, while 1st support hits today at 1759.5 and below there at 1743.5.
COMEX GOLD (DEC) 10/12/2009: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's close above the 9-day moving average suggests the short-term trend remains positive. The market's close below the pivot swing number is a mildly negative setup. The next upside target is 1062.4. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1056.1 and 1062.4, while 1st support hits today at 1044.1 and below there at 1038.4.
***ENERGY MARKET RECAP - 10/9/2009
November Crude Oil closed up 0.60 at 72.29. This was 1.67 up from the low and 0.06 off the high.
November Heating Oil closed up 1.92 at 186.61. This was 3.98 up from the low and 0.44 off the high.
November RBOB Gasoline finished up 0.29 at 178.26, 1.01 off the high and 3.12 up from the low.
November Natural Gas finished down 0.19 at 4.77, 0.22 off the high and 0.02 up from the low.
Technical Outlook
CRUDE OIL (NOV) 10/12/2009: A positive indicator was given with the upside crossover
of the 9 and 18 bar moving average. Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. A positive signal for trend short-term was given on a close over the 9-bar moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 73.61. The next area of resistance is around 73.15 and 73.61, while 1st support hits today at 71.43 and below there at 70.16.
RBOB GAS (NOV) 10/12/2009: Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. A positive signal for trend short-term was given on a close over the 9-bar moving average. The close over the pivot swing is a somewhat positive setup. The next upside target is 181.86. The next area of resistance is around 180.32 and 181.86, while 1st support hits today at 176.20 and below there at 173.61.
HEATING OIL (NOV) 10/12/2009: The cross over and close above the 60-day moving
average is an indication the longer-term trend has turned positive. A positive indicator was given with the upside crossover of the 9 and 18 bar moving average. Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The market's short-term trend is positive on the close above the 9-day moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The next upside target is 190.14. The next area of resistance is around 188.82 and 190.14, while 1st support its today at 184.40 and below there at 181.31.
