LOOKING AHEAD TO MONDAY BY REFLECTING BACK ON FRIDAY'S ACTION
The US Dollar settled higher but is still in a strong Downtrend. Copper in a Bull Pennant.
CURRENCIES: 10/19/09 Higher closes last Friday for the British pound and dollar index while lower for the Euro Fx, Swiss franc, British pound, Japanese yen, Aussie and Canadian dollar, Japanese yen. The euro and franc settled lower but like most of the currencies are still in good up-trends. The yen, however, followed through lower form Thursday's sell signal. The Canadian dollar also had a weak close but its up-trend is still in tact. Unfortunately though, it has little support down to the 9400 area basis the December contract. The pound closed sharply higher again off its sharply higher close on Thursday but needing to close over 16500 at this time to give me a buy signal. The Aussie dollar made another new recent high but closed lower in reversal type action. However, this is one strong currency. Finally, the dollar index settled higher but still in a strong down-trend overall.
METALS: 10/19/09 Higher close for gold and silver while lower for copper and platinum. All of the metals are still in up-trends with copper now in a BULL PENNANT while in a consolidation mode overall since the beginning of August needing to stay above 27500 basis the December contract. Silver and gold closed slightly higher still in obvious up-trends overall, but now forming potential tops with support under 1700 for the former and 1020 for the latter. Platinum also closed lower again but holding up well overall. Friday's action could be important if there is a good follow through to the downside.