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US 30 year bond futures 2016-08-28

This is old news but continue to think that odds are increasing that bonds are at a major turning point. The form for a completed ending diagonal is now present and the long term cycle has turned.

Gold fund GLD should see a correction

Since we last wrote about the SPDR Gold ETF (symbol GLD) in March, the Elliott wave pattern has come into focus. Gold price targets for the wave higher have been met and a move lower (or price correction) may be in process.

The Day Ahead 2016-08-26

The market will be focused on comments out of Jackson Hole today. Yellen is scheduled to speak at 10:00 am EDT.

The Day Ahead 2016-08-25

Difficult to imagine that the market is going to make a break, either up or down, prior to Yellen’s speech tomorrow.

The Day Ahead 2016-08-24

The summer trading pattern continues with the US equity markets choppy with an upward bias. I see know reason to think that it does not continue until at least Friday when Yellen gives a speech. Another event to look for is the next NFP which is on September 2nd.

The Day Ahead 2016-08-23

Equity future are trading up overnight which is in line with expectations of a modest rise in the equity markets. Crude slightly lower which is also on track with forecast. DX is stabilizing after falling lower much of this month.

Gold futures 2016-08-22

The next move should be lower but the larger picture is still open for interpretation. Either the pullback is a rest in a new bull market or part of a more complex formation that in the long run leads to a new low before a new bull market in metals begin.

The Day Ahead 2016-08-22

Very slow economic news day to start the week with. People should start returning from their summer holidays this week preparing kids for school. Traders will not be fully returned with their head in the game till after September 6th.

Corn futures putting in a major low?

As we turn our newsletter focus to grains this month, here we chart corn futures as one example of a contract that may be ready to bounce.

The Day Ahead 2016-08-19

Equity futures are down a modest amount overnight. That can run into the early morning trade today but expect support to be found an the market to hold up into next week.