What’s Up, What’s Down: Financials Still in Uptrends
Comments for Friday, October 2, 2009
Looking Ahead to Today by Reflecting Back at Friday’s Price Action
METALS:
Lower closes on Thursday for copper, gold, silver and platinum. All of the metals are still in up-trends but with potential topping formations still in place. Copper has quite a bit of resistance overhead and platinum has good support under 12500 basis the January contract.
FINANCIALS:
Higher to sharply higher closes yesterday for the eurodollars, notes and bonds. The financials are still in uptrends this time with the eurodollar making another new contract high and close while the bonds (April) and notes (May) made new recent highs and closes ending their short-lived double tops.
The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.
See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.