Quake Shakes Silver
Weakening demand due to a devastating earthquake in India, one of the world’s
largest consumers of silver, is pressuring silver. Friday’s Commitment
of Traders report also showed an unusually high number of funds and specs
long the metal, setting up a situation ripe for a bull squeeze, a development
highlighted in this morning’s Pre-Opening
Metals Outlook. March silver
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could make a larger-than-normal move by registering on the Multiple Days Low
Volatility List.
Natural gas
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is off sharply on weather forecasts calling for warmer temperatures in the major
consuming regions of the US. The contract gapped lower and hit limit-down
levels. Notice that the intermediate- and long-term trend is negative on the
Futures
Trend Matrix just as the worst of the winter appears to have moved behind
the market.Â
Soybean oil
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had been diverging from the grain complex, which has been filling out the
Implosion-5 and Pullback Off Highs lists. This is a situation that makes a
reversal particularly likely. Bean oil is reversing after striking a new 20-day
high and making good on its Turtle Soup Plus One
Sell signal.Â
Also making good on its Turtle Soup Plus One
Sell setup,
Canadian dollars
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An unusually high number
of down-pointing arrows on the
Market
Bias Indicators Page gives stock index futures a negative bias on the day.
Add an Implosion-5 List
reading and a posting on the New 10-Day Low List
and you have the recipe for a further test of the downside in the Nasdaq 100 futures
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