Commodity Connoisseurs

Or should I have spelled it ‘commodity coinosseurs’ – after all we’re all about banking coin here at Evil Speculator. For some reason I’ve got picture perfect commodity plays pop out of the woodworks today thus that’s what I’ll focus your short term attention brains on today.

But before we get to the goodies let’s take a quick look at the equities side which is currently attempting to find some footing after blasting the bears earlier this week. Now one often ignored aspect of fast price jumps (which I call rocket moves) is that they sometimes produce volume holes. Now that’s actually a bonus for the winning side as it establishes implicit support levels where there previously was only a gaping chasm of activity. As of right now the bulls seem to be busy establishing some ground near the 1538 mark in order to take things a bit higher.

For the record (and at danger of being a worry ward) I’d like to point out however that I do not much cherish the intra-day candle action I’ve been seeing on the Zero panel. Very much seems like bot traded tape to me and participation is minimal. Which suggests that we may see a little shake out at any moment – thus watch your six and don’t get over exposed on the equities side. Besides – there are plenty of goodies on the commodities side – so spread yourselves out a little!

The Dollar is inching higher despite valiant attempts to swat it down overnight. We’re closer to my long term Monty Python zone (i.e. when the big boot comes to stomp on the greenback) but not there just yet – things won’t get really interesting unless we breach 83.2. I wouldn’t mind seeing ole’ bucky there again – if nothing else it’ll be an opportunity to re-hedge.

Okay, on to the goodies – since I’m in a good mood today I’ll throw two freebies to the leeches. Crude is getting traction and has managed to creep above its 100-day SMA. The hourly has held the 100-hour and may be able to climb on that 25-hour. So this will be a chart worth watching starting Sunday night.

Gold – interesting spike there earlier today on the ST panel – some buyer was pretty serious about holding 1560 and it actually managed to jump higher and touch its 100-hour. Thus far the lower 100-day BB has been acting as resistance, which suggests a pretty solid down trend. But I would still keep an eye on that 100-hour for possible signs of buying interest going into the new week.

Alright – I got plenty more – please step into my freshly fumigated spring lair:

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Well, you know what time it is now:

Enjoy your weekend everyone!

Cheers,