Morning Corner 7.14.11

Platinum (weekly info)
-no change (below mid)
trend=no
direction=down (1 bar)
low= 1677.60
rev= 1865.50; mid= 1771.55

Platinum has been trying to make a clean break above its 61.8% retrace (1716.65) but keeps pulling back to it. It's been stuck in a $400 range since May 2010. Trying to at least get back above its weekly 3LB mid this week. It's above all SMA's.



Rough Rice (weekly info)
-no change (above mid)
trend=no
direction=down (1 bar)
low= 12.90
rev= 15.89; mid= 14.40

Last week Rough Rice closed above its weekly 3LB mid and is now trading above its weekly 3LB reversal price this week. It's above all SMA's. It's also above its 38.2% minor retrace (15.92). Asian citizens are about to get pissed off…again. Expect more riots soon.



DXY (weekly info)
-no change (above mid)
trend=no
direction=up (1 bar)
high= 75.76
rev= 72.93; mid= 74.35

The dollar did all it could to get above its 61.8% minor retrace (76.49) but has failed miserably. It's back below its 38.2% minor retrace (75.10) which is also the monthly 3LB mid. It's testing the SMA(21) and it has held so far. You'll also notice that the SMA(55) has crossed below the SMA(89) and SMA(233) back in June 2011.

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S&P500 Short Term Update from AT:

This update is a little more general in nature but sticks to the same themes. Will do a Metals Commentary this evening before heading for another family weekend.

SP500 Short Term Update 13JUL11