Dec. 13, 2006 — AvidTrader.com covers a wide variety of futures markets each session, throughout the day. Scroll down for today's free look and for a free two-week trial.
Bonds “US” (Dec)
Coverage for Dec, 13The only test of 113'16 Tuesday was in immediate reaction to the afternoon's FOMC news. The eventual resolution was higher to 114'00, a Fibonacci 38.2% retracement from the high's retest to the low's retest. This is natural resistance, so early weakness Wednesday under Monday's 113'26 area high would be credible for extending down sharply intraday - possibly resuming the decline. Otherwise, the gain was too small to signal that momentum was reversing up.(Basis Dec) Short under 113'00 (met 11/2) for 111'28 (met 11/3) and 111'12 and 110'26 targets, 111'24 stop (met 11/7)
Crude Oil “CL” – mini “QM” – (Dec)
Coverage for Dec. 13Despite gapping up and extending higher Tuesday morning, a reversal before noon extended to new lows for the month. Buyers haven't been productive, but sellers haven't been very productive either. The lower lows - almost daily except for Friday - have been only slightly lower. There is still no active buy signal, but the pattern is managing to avoid sell signals, as well, despite buyers maintaining control.(Basis Jan) Long above 60'25 (met 11/28) for63'35 (met 11/30) and 65'65 targets,62'50 stop (met 12/4)
Gold “GC” – mini “YG” – (Dec)
Coverage for Dec. 13Tuesday's range was relatively narrow compared to the past week. Monday's retest of last week's low wasn't rejected, but the responsibility was greater for sellers to prove that they retained control. There is still no active buy signal, but a bounce to the 642'00-644'00 area would not be surprising so long as Wednesday's open avoids gapping down.(Basis Dec) Long above 611'50 (met 11/1) for628'00 (met 11/2) and 641'00 (met 11/27) targets, 630'00 stop (met again 11/13)
Dollar “DX” (Dec)
Coverage for Dec. 13Sideways ranging Tuesday ahead of the FOMC news eventually resolved at new session lows in reaction. The reaction could have been much more, and should have been much more if a corrective bounce ended at Monday's high. Only limited further weakness should be experienced if the market has bottomed.(Basis Dec) Sell under 84'90 (met 11/10) for83'50 (met 11/24) and 83'05 (met 11/28) targets, 82'75 stop (met 12/8)
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