This is a sample entry from Drew Rathgeber’s newsletter, The Rath Overlay, published on Friday, December 19, 2014.
This morning Gold is currently trading at $1,196.00 (G5) per troy oz., trading just below support at $1,200, which so far isn’t holding. With the Weekly, Daily, & 4hr charts, I’m leaning towards lower lows. Silver is currently trading at $15.92 (G5) per troy oz and its downward track looks better intact than Gold when looking at the daily charts. Indices are still trending up and right at overhead resistance Emini S&P at 2066.25 (H5), I wonder what the indices would look like without Government intervention; remember those days, a true market? The grain complex is turning bullish, and at a transition point with Corn at $4.30bu (H5), Soybeans holding and trading sideways currently at $10.29bu (F5), and Wheat coming in at $6.35bu (H5). Natural Gas now sitting at support due to the slight warm-up at $3.60 (F5) mmBtu, and it did come off its double top at $4.60 I mentioned in my previous newsletter, it was inevitable to come down with temperature rising, Crude still trending lower to $55.22 per barrel, with no real bottom insight for now.
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Weekly Market Commentary (video)
In The News
S&P 500 Gains for Second Day Amid Global Rally After Fed
U.S. stock futures rose, signaling the Standard & Poor’s 500 Index will climb a second day following its biggest jump in a year after the Federal Reserve said it will be patient on the timing of interest-rate increases. (more)
Jobless Claims Decline Across the US, But Jump In Two Shale States
We are sure this data is entirely dependable but when continuing jobless claims spike over 6% last week and collapse almost 6% this week – and the labor department says there is nothing unusual – we hold our hands up and laugh. Continuing claims printed 2.37mm (beating expectations) and initial claims dropped 6k to 289k (beating expectations). (more)
China GMO corn approval not seen as windfall for U.S. exporters
Dec 16 (Reuters) – Despite molding corn stocks and unreliable alternate suppliers, China is not expected to immediately revive U.S. corn imports following Beijing’s expected approval of a biotech variety responsible for a year-long halt to shipments. (more)
In The Markets
Emini S&P (ES)
Market Comments: The upward trend still intact, and trending to new highs.
Market Comments: Watching very closely, looks to be confirming a new death cross on the daily charts. So we have agreement on Weekly, Daily, & 4hr indicating very bearish stance.
U.S. Dollar (DX-M)
Market Comments: Very strong trend bullish trend intact and looking to make higher highs! Very impressive, starting to remind me of the days when the Dollar was king!
The Week Ahead
- 12/22 – Existing Home Sales 10:00AM ET
- 12/23 – Durable Goods Orders 8:30 AM ET
- 12/23 – GDP 8:30AM ET
- 12/23 – Personal Income and Outlays 8:30AM ET
- 12/23 – Consumer Sentiment 9:55AM ET
- 12/23 – New Home Sales 10:00AM ET
- 12/24 – Jobless Claims 8:30AM ET
- 12/24 – EIA Petroleum Status Report 11:00ET
- 12/25 – ALL MARKETS CLOSED
- 12/26 – Holiday Hours
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