WEEKLY MARKET DIGEST: SMART MONEY SELLING COMMODITIES INCLUDING GOLD $GLD $SLV $USO $DIA $SPY $QQQ $TBF $TBT

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Moscow From the Air

The Weekly Digest reproduces the morning capsules made available every morning before the market open in the Real Time Feeds to the paying subscribers.)

MOSCOW COMMUNIQUE LEADS TO GOLD AND SILVER FALLING OUT OF BED

February 15, 2013

The group of 20 largest economies (G-20) has begun their meeting in Moscow.  A draft communique by G-20 shows a pledge to refrain from competitive currency devaluation.

Gold and silver have fallen out of bed on the news.

Adding to gold’s woes, the CFTC Commitment of Traders  (COT) data shows that bullish traders have  dramatically cut their positions.

The latest 13F filings show that George Soros cut his holding in GLD and Moore Capital liquidated all of its GLD holdings.

We will update technical analysis of gold later in the day.

Gold futures are at $1612, silver futures are at $29.97, and oil futures are $96. 27.

S&P 500 resistance levels are 1530, 1537, and 1550; support levels are 1513, 1500, and 1480.

DJIA futures are down 9 points.

GOLD FALLS ON GOOD EMPLOYMENT DATA

February 14, 2013

As our readers know, one of our favorite leading indicators is weekly initial unemployment claims.  Initial claims fell to 341K vs. 365K consensus. In other words, fewer people than expected  filed for unemployment compensation.

gold immediately reacted by falling to 1636.50, but is now recovering.

Stock market remains very overbought and therefore caution is warranted.

Gold futures are at $1648, silver futures are at $31.00, and oil futures are $97.42.

S&P 500 resistance levels are 1517, 1530, and 1537; support levels are 1500, 1480, and 1474.

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DJIA futures are down 49 points.

TRADE TALKS WITH EUROPEAN UNION

February 13, 2013

Other than this item there was nothing new in the State of the Union to move the markets.   Sequester negotiations should now come center stage.

The big news that has gone unnoticed is the potential trade pact with the European Union and the United States.

The sentiment on the stock market has turned too bullish and at this level, now it is a negative indicator.

Gold futures are at $1647, silver futures are at $31.02, and oil futures are $97.83.

S&P 500 resistance levels are 1530, 1537, and 1550; support levels are 1513, 1500, and 1480.

DJIA futures are up 20 points.

STATE OF THE UNION DAY

February 12, 2013

President Obama will deliver State of the Union address tonight.  Professionals will be positioning themselves throughout the day based on the rumor mill about what will be in the address.  The groups most affected are defense, guns, coal, natural gas, and solar.

If any trading opportunities arise in these sectors, we will let you know in the Real Time Feed.

Gold futures are at $1643, silver futures are at $30.89, and oil futures are $97.56.

S&P 500 resistance levels are 1517, 1530, and 1537; support levels are 1500, 1480, and 1474.

DJIA futures are up 10 points.

SMART MONEY SELLING COMMODITIES INCLUDING GOLD

February 11, 2013

Our algorithms have detected fairly aggressive selling by Smart Money in commodities across the board including gold, silver, copper, zinc, oil, and natural gas.

See also  DISNEY, UBER, STARBUCKS, AND MCDONALD’S SEND A POWERFUL SIGNAL TO INVESTORS BUT MOMO CROWD OBLIVIOUS

The selling is not originating from Europe or Asia but from North America.

As of this writing we are still investigating as to what has triggered this aggressive selling.  If it is a trend, it will provide many opportunities.  On the other hand, if it is just a one time occurrence because a large fund has reduced allocation to commodities, then there will be short-term trades on the buy side.  If more information becomes available we will be back to you.

Gold futures are at $1648, silver futures are at $31.02, and oil futures are $95.25.

S&P 500 resistance levels are 1517, 1530, and 1537; support levels are 1500, 1480, and 1474.

DJIA futures are up 8 points.

 

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