Gold Pops, Dollar Slumps on Durable Goods Miss
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Archive for date: October 28th, 2014
How High Can Copper Futures Go?
Copper is rallying for the fourth session in a row after near term trend resistance was broken yesterday. Sign up for a Free Trial on the right hand side of this page to read our analysis of the copper market, and where futures are going next.
Markets Today
What’s Inside Today’s Report
— Why yesterday’s headlines were fundamentally positive for Europe
Futures are higher this morning as Europe rebounds from Monday’s declines and China surged higher on hopes of more free market reforms.
China was the out-performer o/n, rallying more than 2% after President Jinping said other regions should copy the Shanghai free trade zone and the government announced the merger of two large railroads.
Economically it was quiet but Japanese retail sales did beat expectations (2.3% vs. 0.6%) sending the yen lower.
Today should be another quiet day as Durable Goods Orders (E: 0.09%) is the only economic release while earnings continue to roll in (but again aren’t as important as last week). On the charts watch the 100 day MA in the S&P 500 at 1966ish, as a break through there will likely cause more covering/chasing.
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