Sample Daily Commentary|
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FINANCIALS : June (M) S&P : Closed at 944.20 up 12.00 WEEKLY Standard Deviation at 949.10! WEEKLY Mean at **983.80**. 200 Day MA at 881.20 critical Pivot area!! Bullish tone! TREND LINES now at 879.00, ****920.00**** & *****932.00***** 920.00 MAJOR Daily Trend Line!! 955.00 objective until a close below 929.90 occurs. Excellent upside follow through above the 933 Gann Line! 5 DAY MA= 932.20. 15 Day MA= 920.70. 21 Day MA= 910.60**** Bullish tone above. 40 Day MA= **891.30**. Bearish tone below / Bullish above. 200 Day MA= ****881.20**** Bullish Above / Bearish Below!! 21 WEEK MA= 878.20. 40 Week MA= *****884.10***** Bullish bias. 200 Week MA= 1195.10. Daily SD= **949.20** & 872.00. Mean= 910.50. Gann Lines **876**, 880, 892, **903**, 914, ***931.00*** 947, 957, ***960***, 969, 997. Low 767.50. Week of 10/11/02 High 954.80. Week of 12/6/02 High 936.50. Week of 1/17/03 Key PIVOT LOW 939.00. Week of 9/21/01***** FIBO's from 1574.00 to 767.50= 1075.60, 1170.80, 1265.90, 1383.70. FIBO's from 1177.00 to 767.50= *923.90*, **972.30**, 1020.60, 1080.40. FIBO's from 1574 to 181= 1041.90, 877.50, 713.10, 509.80. 9 Day Relative Strength Index (R.S.I.)= 70.476 June (M) NASDAQ : Closed at 1160.00 up 16.50. 1157.50 was Service's 6* Resistance. Close was 1160.00. Excellent follow through above Gann Line at *1145.00***. Gann Line now at 1140.00. 1174 objective until a close below 1139.90 occurs. Key TREND LINES at 1096.00 & 1073.00. 5 DAY MA= 1142.70. 15 Day MA= 1123.10. 21 Day MA= 1105.10. 40 Day MA= *****1082.70***** Bullish tone above / Bearish Below. 200 Day MA= **1002.70**. Bullish bias!! 21 WEEK MA= 1045.70. 40 Week MA= ***1014.50*** 200 Week MA= 2135.90. Daily SD= ***1174.80*** & 1035.50. Mean= 1105.10. KEY Trend Line 1096.00. Bullish bias above / Bearish Below! Gann Lines **985.00**, *1032.50*, ***1052.50***, ***1077.50***, ****1120.00****, *****1140.00*****, 1160.00, 1167.50, ***1195.00***, 1225.00, 1282.00, 1290.00. Low 797. Week of 10/11/02 High 1157. Week of 12/6/02 Key PIVOT LOW 1097. Week of 9/21/01 FIBO's from 1738.00 to 797.00= 1156.50, 1267.50, 1378.50, 1515.90. FIBO's from 4882 to 1097= 2542.90, 2989.50, 3436.10, 3988.70. FIBO's from 2081.50 to 1097.00= 1343.10, 1471.10, 1589.30, 1707.40. 9 Day R.S.I.= 67.424 June (M) DOW JONES : Closed at 8695 up 117. HIGH yesterday was 8720. Service's 6* Resistance was 8720!!! LOW yesterday was 8545. Service's 5* Support was at 8542!! Key TREND LINES now at *8240* & ****8542**** Massive DAILY Trend Line at 8542. Buying pressure above. 8715 objective has been met. ***8520 Key GANN support!! 8519 close triggers 8350.*** 8805 is the next test area. 5 DAY MA= 8574 15 Day MA= 8492 21 Day MA= 8436 40 Day MA= **8323*. Bearish tone below / Bullish Above. 200 Day MA= ****8291**** KEY Pivot!! 21 WEEK MA= 8245. 40 Week MA= *****8318***** Bullish tone above. 200 Week MA= 9,990 Daily SD= ***8681*** & 8191. Mean= 8436 Gann Lines **7840**, 7940, **7990**, 8130, ****8270****, 8300, **8440**, ****8520****, *****8540*****, ***8740***, ***8760***, ***8800***, *****8870*****, 9020, 9240. Low 7180. Week of 10/11/02 High 9040. Week of 12/6/02 High 8860. Week of 1/17/03 Key PIVOT LOW 7850. Week of 9/21/01 FIBO's from 10,690 to 7,180= *8521*, 8935, 9349, 9862 FIBO's from 11,835 to 7,180= 8958, 9507, 10,057, 10,736 9 Day R.S.I.= 68.361 DOW JONES CASH : Closed at 8726 up 122. LOW yesterday was 8569. Service's 3* Support was 8580. In the "Right Shoulder of an "Inverted Head & Shoulders" pattern. The "Right Shoulder" is becoming too elongated! KEY TREND LINE ***8365***. Bullish tone above. ***KEY Gann at 8550. *** 5 DAY MA= 8594. 15 Day MA= 8516. 21 Day MA= 8458. 40 Day MA= **8350**. Bearish tone below / Bullish Above. 200 Day MA= ****8324****. 21 WEEK MA= 8260. 40 Week MA= *****8332***** Key Pivot!! Bullish above. 200 Week MA= 9,961. Daily SD= ***8707*** & 8210. Mean= *8458* Gann Lines 7860, **7990**, 8240, *****8310****, 8360, 8500, *****8550*****, **8600**, ***8670***, ****8690****, ****8780****, 8800, 8890, ***9030*** Low 7197. Week of 10/11/02 High 8869. Week of 1/17/03 High 9043. Week of 12/6/02 Key PIVOT LOW 8062. Week of 9/21/02 FIBO's from 10,672 to 7,197= *8525*, 8935, 9345, 9853 FIBO's from 11,750 to 7,197= 8937, 9474, 10,011, 10,676 FIBO's from 11,750 to 1,616= 4,008, 5,487, *6,683*, **7,879** 9 Day R.S.I.= 68.037 DOW JONES Market Breadth was 2.332 to 1 with Advances leading Declines. Market is coming up on huge resistance. Becoming overdone! Markets underlying tone continues to improve. Watch Weekly chart levels!! Market continues to ignore the bad news. Bears on the run!! Continue to monitor the paradox between the weakening US$ and lower interest rates!! Remember that Bear rallies are vicious and feel very bullish. The short term technicals remain bullish but a lot is still needed to shift the Long Term secular Bear into a Bull!! Transition into a Bull could take 2 years?! Market could move in a wide sideways range for a while. Stocks need to perform and show good earnings! The economic recovery remains mixed and very anemic. Improved Earnings are not reflecting increased employment which means that companies are cutting costs to help their bottom line! The improved earnings are not occurring due to a strong consumer demand! Corporate America needs to pick up the slack and begin spending! The US consumers debt is at all time highs! The Secular Bear market on the long term technicals remains entrenched!! The WEEKLY chart patterns have Lower Highs and Lower Lows. DOW CASH needs to close above 9045 to damage the Weekly Chart! S&P needs to close above 966.00 to damage the Bear Weekly trend. Nasdaq needs to close above 1157 to damage the Weekly Bear trend. Market psychology has shifted to buying dips from selling rallies. Price action continues to favor the bulls. Monitor the 200 Day MA's! SARS in now in our backyard in Toronto, Canada. Canada is the US's biggest trading partner!! Toronto makes up 25% of Canada's GDP!! SARS will affect Technology Sourcing companies in Asia! The world seems to have contained the problem except China. MARKET CAVEATS : -Higher Health Care costs which are hurting Corporate America's bottom line -SARS (Severe Acute Respiratory Syndrome) could slow business! -Consumer confidence is improving. Consumers make up 2/3 of the US's 10 Trillion Dollar annual GDP. Consumers helped the economy through the first recession! Their buying power is critical until Corporate America spends! -Consumer credit card debt is at record highs!! Bankruptcies should rise?! -Rising unemployment figures, which some argue are a lagging indicator. -Non Farm Payroll falling 108,00 is very troubling!! 308,000 last month! -Global markets recovering very slowly from bursted bubble. The market bubble is still unwinding and may take another 2 years? -Return to budget deficits due to war time spending and recession. Deficits will cause interest rates to inevitably rise which is the last thing the markets need! -Future terrorism. -North Korea rattling their sabers. Reactivated a nuclear power plant! -Venezuelan political turmoil- US imports almost 15% of its oil! -Nigeria is experiencing civil unrest. U.S. imports 9% of its oil! Around 800,000 barrels. -Housing market is softening and interest rates may begin to rise!? EARNINGS : Many companies lowering expectations for 2nd Qtr!! -Schering Plough came in 2 cents better at 12 cents. -Pacific Sunwear came in 2 cents better at 16 cents. -Oxford Health came in better than street at $1.13. -Disney came in at 11 cents as expected. -Exxon Mobil came in a penny better. -Liz Claiborne came in 2 cents better at 59 cents. -PacifiCare Health came in better at $1.91 versus $1.23 expectation. -TXU Corp. came in 9 cents better than street expectation. -Conoco Philips came in 15 cents better. -Clear Channel came in line at 12 cents. -Tyco lost 23 cents a share. Suppose to post earnings of 32 cents a share!!! -Martha Stewart lost 9 cents a share. Street looking for 6 cent loss. -Glaxo Smith Kline came in 15% above estimates. -Northrop Grumman came in at 91 cents versus street expectation at 56 cents. -Bristol-Myers Squibb came in at 39 cents versus streets 38 cent expectation. -Du Pont came in at 61 cents, 7 cents better than expected! -McDonald's came in a penny better at 29 cents. Weakening US$ helped! -Procter & Gamble came in at 96 cents, 2 pennies better. -Altera came in a penny better at 8 cents. -RJR 2003 earnings were slashed!!! -American Express came in at 53 cents a penny better than street expectations. -Aflac came in 2 cents better at 46 cents. -LSI Logic lost 14 cents. Street was looking for 19 cent loss. -Qualcomm came in at 38 cents, 2 cents better than street expectation. -ATT came in 5 cents better. Street was looking for 3 cents. -Symantec came in 1 cent better than expectations. -Amgen came in 3 cents higher at 42 cents. -E Bay came in 5 cents higher at 36 cents. -Eli Lilly came in 3 cents better at 61 cents. -Lockheed Martin came in 13 cents better at 55 cents. California Pizza kitchen came in line at 21 cents with 2nd Qtr. warning! -Whirlpool came in 3 cents higher but warned that the year could be slow!! -Boston Scientific 28 cents. 1 cent lower than street expectations -Gateway had a net loss of 62 cents. Market was looking for 42 cents. -Sun Microsystems earnings were break even as expected. Revenues were bearish coming in at 2.79 Billion versus 2.94 B expectation. -Apple came in 2 cents better than expected! -AMD lost 42 cents a share. Market looking for 48 cent loss. -J&J earnings came in at 69 cents. Market was looking for 68 cents. -Microsoft earnings came in at 26 cents, 2 cents higher than expectations. 7.83 Billion in Revenue came in higher. Street expectation was 7.7 B. Forward looking growth into 2nd quarter is slow!! -Intel earnings came in at 14 cents versus 12 cent expectation. Also looking for slow growth into the next quarter! -Texas Instruments earnings came in at 7 cents, a penny better than expected. -GM earned $1.84 versus $1.54. Looking for a dismal 2nd quarter also. ECONOMIC NUMBERS : **We need to see JOB creation!! Anemic recovery!** -Retail Sales for April came in at 3.7%. Street was looking for 3.8%. -Jobless claims for April were down 28, 000 to 425,000. Still above the 400,000 level reflecting a recessionary cycle. -US April Unemployment rate 6.0% up 0.2%. Consensus was 5.9%. -US April Nonfarm Payrolls down 48,000. Consensus was down 68,000. -US April workweek down 0.3 Hours to 34.0 Hours. -US Manufacturing Payrolls 95,000, Service Producing up 25,000. -US April Average Hourly Earnings up $0.2 to $15.11. -Factory Orders for March were up 2.2%. -Construction spending for April was down 1.0%. Looking for up 0.4%!! -I.S.M. (Institute for Supply Management) for April was at 45.4%. ISM for March was 46.2%. Below 50% depicts Economic Contraction!! -I.S.M. Non-Manufacturing Index (Service's Sector) for April was 50.7% versus 47.9% in March. Expansion! -Non-Farm Productivity for 1st Qtr came in weaker up 1.6%. Consensus was 2.0%. -Chicago PMI dropped more than expected. -Consumer Confidence came in at 81.0% versus 61.4% in March! Positive!! Be aware that after the war in 1991 this number spiked up and then went to new lows 6 months later!! -E.C.I. (Employment Cost Index) was up 1.3% in the 1st Qtr. -Personal Income rose 0.4% for March. Positive number! -Consumer Spending rose 0.4% for March. Also positive. -Durable Goods were up 2.0%. -Michigan Consumer Confidence was 86% for April. -Leading Economic Indicator for March was down 1.2%. -New Home Sales were up 7.3% in March to 1.01 million units. -Existing Home Sales were down 5.6% for March at 5.53 million units. -Housing Starts for March up 8.3%. 1.78 million units. Largest # since Sept. -New Housing permits collapsed down 7.0%!! -1st qtr. GDP was up 1.6%. Bearish. Looking for 2.3%!! 2002 4th Qtr. was 1.4%. -CPI up 0.3% for March. -PPI was up 1.5% for March. -Excluding Energy, PPI for March was up 0.7%. -Excluding Autos, up 1.1% for March. -Retail Sales were up 2.1% for March. February revised from down 1.6% to 1.3%. -Wholesale Inventories came in down 0.2%. Market looking for up 0.3%! -Capacity Utilization for March was 74.8%. Looking for 75.3%. Slowing Down!! Number remains near 20 year lows!! -Industrial Production for March was down 0.5%. Looking for down 0.3%. -NAPM Chicago Manufacturing # reflected a contracting economy! "Double Dip" recession!? -Factory Orders for February were down 1.5%. -Chicago Manufacturing # contracted for the 1st time in 5 months!! 48.4%. Below 50% depicts a contracting economy! A "Double Dip" recession may be brewing?! -Personal income for February was up 0.3%. Personal spending for February was unchanged! ENERGIES : June (M) Crude : Closed at 27.35 down 37 cents. Weakening US currency may have an underlying bullish tone for crude!? M CRUDE below 200 WEEK MA at 27.46!! Bullish above / Bearish below. 25.17 KEY Trend Line Pivot area. Bullish Above / Bearish Below. 25.90 & 26.80 Key GANN Lines! 28.20 objective has been met. Key TREND LINE at 28.58. 28.60 close triggers 29.49. Key GANN Line at 26.80. Selling pressure below. 26.79 close triggers 25.70. 21 DAY MA=26.80 40 Day MA= 27.23 200 Day MA= *****27.51***** Bearish Below / Bullish Above Daily SD= 28.75 & 24.85. Mean= 26.80 21 WEEK MA= 31.76. 40 Week MA= ***30.17*** Bearish tone below. 200 Week MA= *****27.46***** Bearish below / Bullish Above. Weekly SD= 39.19 & 24.32. Mean= 31.76 21 MONTH MA= 26.52 40 Month MA= ***27.63*** KEY Pivot! 200 Month MA= 21.00. Long term test area. Monthly SD= 35.51 & 17.54. Mean= 26.52 June Daily Trend Lines 23.00, 23.61, **25.17** & ****28.58**** Gann Lines 20.90, 22.10, **23.30**, 23.70, 25.90, ***26.80***, 27.50, 28.20, 28.50, 29.00, 29.60, ***30.40*** FIBO's from 34.70 to 25.08= 28.75, 29.89, 31.02, 32.43 FIBO's from 39.99 to 16.70= 31.09, 28.34, 25.60, 22.20. Caught in a sideways trading range between 25.00 and 28.60. June (M) Heating Oil : Closed at 70.82 down 1.07. FIBO's from 92.40 to 66.90= 76.65, 79.65, 82.65, 86.40 FIBO's from 131.30 to 29.20= 92.30, 80.25, 68.20, 53.30 Key GANN Line 73.30. 73.35 close triggers 75.70. Key Gann at 68.30. 68.25 close triggers 66.40. KEY Trend Line at 66.40. Technical selling below!! Gann Line's 60.60, 62.10, 64.20, ***64.90***, **65.90**, 69.90, 70.40, 71.70, 72.60, ***73.30***, 74.80, 75.50, 78.00, 79.50. Caught in a sideways trading range between 67.00 and 76.40. June (M) Unleaded : Closed at 81.40 down 1.99. FIBO's from 110.67 to 81.45= 92.60, 96.05, 99.50, 103.75 FIBO's from 110.67 to 76.40= 89.50, 93.55, 97.60, 102.60. KEY TREND LINES ***75.60***, *80.10*, 85.70 & ****87.60**** 77.70 & 87.50 are now Key GANN LINES! 77.60 close triggers 75.60. Gann Lines 67.50, 72.10, 74.90, 76.20, 77.10, ***77.70***, 75.60, 79.30, 81.30, 82.10, 83.60, 86.00, ****87.50****, 89.10, ***90.60*** June (M) Natural Gas : Closed at 598.30 up 17.70. FIBO's from 657.00 to 495.00= 556.90, 576.00, 595.10, 618.80 FIBO's from 1118.99 to 1.76= 802.60, 682.90, 563.30, 415.30 Trend Lines *510.00*, **525.00**, ***566.00***, ****583.90**** Broke out above 583 Trend Line. 610.00 objective has been met. A "Runaway Gap" did occur yesterday and accelerated upside! Bullish tone until a close below 582.90 occurs. Gann Lines 503.00, **516.00**, ***521.00***, 526.00, ****534.00****, 548.00, ***555.00***, 564.00, 576.00, ****607.00****, ***621.00***, 653.00. CURRENCIES : A weaker US Dollar is being used to help reflate the global markets!! The fear of deflation is very real and needs to be contained!! Short term, it will help the US multi-nationals export their goods. To be effective, the global markets need to recover, so the importers develop more buying power. If the weakness occurs too quickly, INFLATION could be triggered!? June (M) Eurocurrency : Closed at 115.44 up 45. FIBO's from 123.04 to 82.45= 97.96, 102.75, 107.53, **113.46** Key GANN Lines **108.45**, 109.50, **110.75**, 112.20, ***112.65***, 114.95, 115.65, *116.05* An "Island Top" will exist with an opening below 115.22 today!! 21 DAY MA= 110.90 40 Day MA= **108.92** 200 Day MA= 102.55 DAILY SD= 115.89 & 105.90. Mean= 110.90 21 WEEK MA= 107.98 40 Week MA= 103.68 200 Week MA= 95.31 WEEKLY SD= 113.99 & 101.97. Mean= 107.98 21 MONTH MA= 97.47 40 Month MA= 94.19 MONTHLY SD= 114.81 & 80.13. Mean= 97.47 Key TREND LINE at 113.60. Key Pivot! Euro Rally continues due to Deflationary fears!! The weak US$ is being used as the catalyst to avoid a Deflationary spiral as Japan experienced! Strong Bond market is confirming the fear of deflation and foreshadowing another rate cut by the FED in June? Are US equities correct or are the Bonds? June (M) US DOLLAR : Closed at 94.72 down 10. Key TREND LINES at 95.20 & ***97.40*** Technical weakness below 95.20! Look for short covering above 95.21 today!! An "Island Bottom" will exist with an opening above 94.81 today! Gann Lines 88.90, 90.40, 92.20, **93.50**, 95.50, 96.30, ***97.40*** 21 DAY MA= 97.91 40 Day MA= 99.37. Key Pivot! 200 Day MA= 104.40. DAILY SD= 101.56 & **94.25**. Mean= 97.91 21 WEEK MA= 99.77***** Failed against! 40 Week MA= 103.08 200 Week MA= 109.31 WEEKLY SD= 103.97 & **95.56**. Mean= 99.77. 21 MONTH MA= 108.75. 40 Month MA= 110.55. 200 Month MA= 96.58. MONTHLY SD= 124.04 & **93.46**. Mean= 108.75. 101.65 High on 2/11/03 key pivot!!***** Key Technical level at **99.78**Key WEEKLY LOW 7/19/02 at 104.12. FIBO's from 121.29 to 78.43= 104.92, 99.86, **94.80**, 88.54. Dollar could fall another 15% from here! US equities have divorced themselves from the weakening US dollar! INTEREST RATES : CME Sept (U) Eurodollars : Closed at 98.83 down 1.0. 98.88 KEY! 98.905 objective until a close below 98.805 occurs. 98.77 Key Trend Line!! 98.765 close triggers 98.695 which becomes a major Trend Line! 98.69 close triggers 98.56. Key TREND LINES ***98.695***, **98.77**,****98.88**** & 99.235. Monitor the strengthening equity market which should raise rates! Fed left a bias towards lowering rates in June? Bond strength reflecting fear of deflation?! The Short end is weakening against the bonds. The weakening US$ is supposed to reflate the markets, helping the FED to avoid the dreaded deflationary spiral that the Japanese have experienced for over a decade!! Maybe 1/4%- 1/2% cut in June? Lower rates will again weaken the US dollar triggering monies to chase higher rates in Europe! The Fed has bullets and can go up the yield curve if necessary!! June (M) BONDS : Closed at 116.27 up 10. TREND LINES at 111.07, 116.17, 118.02, & ***118.22*** Key Gann's 108.28, 109.24, ***111.00***, 111.16, *****112.14*****, **112.24**, 113.08, 113.22, ****114.02****, 115.02, 115.24, 116.16, 116.26, 117.06, ***118.02*** 40 DAY MA= 112.19. Key Technical area at 112.12. FIBO's from 135.08 to 89.00= 106.21, 112.04, *117.19*, 124.11. If strong equities continue, bonds should break (Higher Rates). Paradox: Bonds don't seem to weaken in the face of equity strength?! US$ continues to make new lows, helping to fight deflationary fears! Fed comments reflected fear that Deflation is still a KEY worry!! June (M) 10 Yr. Notes : Closed at 116.315 up 1.0. TREND LINES at 114.00, *114.22*, ***117.13***, ****119.02**** Gann Lines 111.27, 112.16, ***114.12***, ****114.28**** ***115.12***, 115.31, **116.08**, 116.26, ***117.04***, 119.10. 40 DAY MA= ***114.165*** Key Pivot!! Key Technical area at 114.075. FIBO's from 123.19 to 93.215= 105.035, 108.20, 112.05, *116.17* METALS & SOFTS : July (N) Sugar : Closed at 7.04 up 10. Left a textbook "Island Top" KEY TREND LINES 5.86, **7.06**& 7.65. 21 Day MA= 7.20 40 Day MA= 7.19> Bearish below. 200 Day MA= ***6.50*** July (N) Copper : Closed at 75.20 up 1.10. TREND LINES at 67.90, *73.35*, **75.65**, 81.60. Copper will usually track the Dow's strength or weakness. Copper is an industrial metal used in housing. High correlation to the economy. TREND LINE 73.35 >Key pivot! LOW yesterday!! 21 Day Moving Average= 73.00 40 Day Moving Average 73.75 200 Day Moving Average ***73.55*** Daily SD= 74.80 & 71.25. Mean= 73.00 FIBO's from 80.60 to 67.65= 75.65, 74.10, *72.60*, 70.70. June (M) Gold : Closed at $351.70 up $3.10. TREND LINES at 321.20, **337.80**, ***347.70*** Gann Lines 318.50, 320.50, 326.30, ***332.50***, *336.00* 346.50, 351.50, 354.50, ****357.50****, 359.00, 366.50. 21 Day Moving Average= 336.70. 40 Day MA= 333.80. Key Pivot!! 200 Day Moving Average= ***333.40. Bullish tone above! Hypersensitive to geopolitical events, the US$ and Bonds. Daily SD= *352.20* & 321.20. Mean= 336.70. CRITICAL technical level at 346.40! FIBO's from 386.00 to 302.50= 354.10, 344.20, **334.40**, 322.20. FIBO's from 388.90 to 252.50= 336.80, 320.70, 304.60, 284.70. Long Term WEEKLY Support Level at 330.30>Bounced strongly! July (N) Silver : Closed at 487.20 up 5.30. Trend Lines at 463.00 & **484.00** 21 Day Moving Average= 466.20. 40 Day Moving Average= 455.70*** Bullish bias above. 200 Day Moving Average= 462.30. Bullish tone above. Daily SD= 490.50 & 442.00. Mean= 466.20. Gann Lines 443.00, **450.00***, 453.00, 454.50, ***464.50***, **467.00**, 472.00, 483.00, ***485.00***, 495.00, 502.80, 508.00. FIBO's from 499.00 to 435.00= 459.40, 467.00, 474.50, 483.90. MARKET RECAP: -June (M) Crude closed at $27.35 down 37 cents. April (J) contract tested $39.99. War High in 1991 was $41.15! 200 WEEK MA at 27.46! Key Pivot! Key TREND LINES now at 23.00, **23.61**, *25.17*, ***28.58*** -June (M) Gold closed up $3.00 at $351.90. Weak US Dollar firming gold!! 346.40 Key Technical area!! 357.50 Key Gann Line!! ****WEEKLY Chart HELD Long term support at 330.30!! 200 Day MA= 333.40. Ironically near the 330.30 area!!***** -June (M) Bonds closed up 18 at 116.27. Driven upward by fear of Deflation! FIBO's from 135.08 to 89.00= 106.21, 112.04, *117.19*, 124.11. -June (M) US Dollar FIBO's from 121.29 to 78.43= 104.92, 99.86, *94.80*, 88.54. -June (M) 10 Yr Note FIBO's from 123.19 to 93.215= 115.035, 108.205, 112.05, *116.17* -Weekly US Dollar chart has Lower Highs and Lower Lows as the S&P and DOW!! -June (M) Eurocurrency closed up 69 at 115.44. Gann Lines 114.95, 115.65, 116.05. Could leave an "Island Top" with an opening below 115.22! FIBO's from 123.04 to 82.45= 97.96, 102.75, 107.53, **113.46**. Key TREND LINE ***113.60*** Bullish bias above! -June (M) British Pound Key Trend Line at 157.50. Key Gann's 155.80, **156.40**, 157.00, ***159.00***, 161.20, 162.20, 163.70 . -July (N) Platinum closed at $654.10 up $20.00. -July (N) Copper closed at 75.20 up $1.35. ***200 Day MA at 73.55*** Key TREND LINE at 73.35. Key Pivot area! Call us for Fibonacci Retracements or other Technical Studies on Metals, Softs, DOW, S&P, NASDAQ, Currencies, Energies, Grains, Meats, Interest Rates and more! We'll be happy to fax over the charts. Have a great day!! Technical Analytics Copyright 1999-2003, TECHNICAL ANALYTICS, INC. No part of this publication may be reproduced or transmitted in any form, or by any means, electronic or mechanical, including photocopy, recording, facsimile, e-mail, or any information storage retrieval system, without written permission. Retransmission by facsimile, e-mail, or other means, which results in the creation of an additional copy is unlawful. Although the recommendations and predictions outlined in this report are intended to provide a general trading guide, no guarantee can be made that these recommendations and predictions will result in profits and prove to be accurate. INVEST RISK CAPITAL ONLY because investments in commodity futures and options have a high level of risk and this risk can result in loss of the entire amount invested and more. In addition, there is no way to guarantee that the risk. of loss can be minimized through the use of protective stops due to factors, which among other things, include fluctuations in market liquidity. |