KEY TERMS
OVB Outside Vertical Bar
VRCB Volatility Reduced Compression Bar
ENERGIES
BRNN12:
- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 06/11/12 @ 97.18. Confirmation of a top with a close violation on 05/02/12 @ 118.20. Downside Targets = 92.38 – 90.71.
- July Brent Crude dropped sharply lower on Monday following an initial boom in prices on confirmation of the Spanish bailout before staging a late session free-fall as it last traded below $97.
- With Brent trading in its largest single daily range in months @ 5.75, this week should continue to see spikes in volatility and possibly trade through to new contract lows.
- Projected Daily Range: 3.32
- Projected Weekly Range: 7.24
- Projected Monthly Range: 11.82
CLN12:
- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 06/11/12 @ 81.99. Confirmation of a top with a close violation on 06/11/12 @ 81.20. Downside Targets = 77.08 – 76.32
- July WTI Crude gapped higher in overnight trading on Monday before stopping just below last week’s high and then fell over $5 as it set fresh contract lows at $81.11.
- WTI should retrace some of Monday’s losses, up to $83.92, before running into additional selling pressure and moving lower to our downside objective of $77.08.
- Projected Daily Range: 3.11
- Projected Weekly Range: 6.60
- Projected Monthly Range: 11.27
NGN12:
- Short Term Trends are bullish.
- Confirmation of a top with a range and close violation on 06/07/12 @ 2.312.
- VRCB generated on Monday after making new lows on current move @ 2.198.
- July Nat Gas gapped lower on Monday as it violated the May spot contract lows at 2.236 before running into daily support at the Support Bollinger Band
- Look for natural gas to continue lower on Tuesday and for a retest of the contract lows @ 2.096 by weeks end.
- Projected Daily Range: .118
- Projected Weekly Range: .264
- Projected Monthly Range: .490
METALS
GCQ12:
- Short Term Trends are bullish.
- Confirmation of a top with a range violation on 06/08/12 @ 1579.30. Confirmation of a bottom with a close violation on 06/01/12 @ 1601.50. Upside Targets = 1677.50
- Possible confirmation of a bottom with a range violated @ 1609.40.
- August Gold sold off marginally to begin the overnight session on Monday before moving higher throughout most of the pit session to squeak out a small gain as it closed above its daily mid-range.
- Should gold trade above Monday’s high of 1609.40, this market should continue higher toward our upside objective of 1677.50 over the next two week time period.
- Projected Daily Range: 39.20
- Projected Weekly Range: 79.50
- Projected Monthly Range: 105.90
CURRENCIES
ECM12:
- Short Term Trends are bearish.
- Confirmation of a bottom with a range violation on 06/05/12 @ 1.2512. Confirmation of a bottom on a close violation 06/06/12 @ 1.2546. Downside Targets = 1.2209 – 1.2097
- New highs made on current move Monday @ 1.2670. Initial upside target over 135% achieved.
- The June Euro FX gapped 140 points higher in the overnight session to begin the new week on the Spanish bank recapitalization but was continually sold off during today’s pit-session action as investors realized it would just be another Band-Aid to an injury that is in desperate need of surgery.
- Speculation over what the Spanish bailout will signal in terms of coming central government actions will lead to continued volatility and most likely lower prices for the Euro as it should trade near our Intermediate Term downside objective of 1.2097.
- Projected Daily Range: .0139
- Projected Weekly Range: .0310
- Projected Monthly Range: .0575
INDEXES
ESM12:
- Short Term Trends are bearish.
- Confirmation of a bottom with a range violation on 06/06/12 @ 1287.00. Confirmation of a bottom with a close violation on 06/06/12 @ 1315.50. Upside Target = 1339.00.
- New highs made on current move Monday @ 1349.00. Upside Targets 115% achieved.
- The June S&P’s moved exactly in-line with Monday morning’s report calling for a movement higher before running into resistance above our upside target and dropping over 40 points to close just 3 ticks off the session lows.
- The S&P’s got a little oversold during Monday’s action so it should trade back near 1322 on Tuesday and then move back lower as huge amounts of volatility should be in play during the week with numerous US economic reports being released as well as the market waiting in anticipation for Greek gov’t elections.
- Projected Daily Range: 28.00
- Projected Weekly Range: 54.75
- Projected Monthly Range: 90.25
