Pre-Market Summary

CURRENCIES: Lower Euro zone risk concerns puts the Dollar under pressure.
ENERGIES: Crude complex mixed to start; cautious ahead of OPEC meeting
BONDS: Initial bear control, a bounce off the #'s & weakness into the auction
STOCKS: Uncertainty keeps trade contained; focus on JP Morgan and Retail Sales
METALS: Hope of easing and increased EU anxiety leaves the bulls with an edge
CORN: Soil conditions continue to decline but some rain helps and late June?
WHEAT: Crop Production and supply/demand updates today
BEANS: USDA report to set tone today; tightening new crop stocks?
CATTLE: Highest beef trade since March may hold cash steady this week; firm
HOGS: Surge in bellies/ribs suggests better than expected demand; more up
COCCOA: Tight West African supplies keep cocoa prices well supported.
COFFEE: Positive outside market factors give coffee prices a boost.
COTTON: USDA bearish; record high world stocks at a whopping 68.4% of usage
SUGAR: Need some help from outside market forces or another swing down

Crude Oil Intraday | Pre-EU

Crude Oil (Jul 12) intraday: the downside prevails.

Pivot: 83.20
Most Likely Scenario: SHORT positions below 83.2 with targets @ 81.05 & 80.
Alternative scenario: The upside penetration of 83.2 will call for 83.85 & 84.5.
Comment: The RSI is bearish and calls for further downside.

Decline from 1608 is in three waves, liekly part of a recovery from 1555. Break of 1603 put 1610/12 in play. We will turn aggressively bearish when decline will unfold impulsively.

First-time jobless claims fall to 377,000, down 12,000; four-week average edges higher

The number of people who filed for unemployment assistance in the U.S. last week fell broadly in line with market expectations, official data showed on Thursday.

In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending June 2 fell by 12,000 to a seasonally adjusted 377,000, in line with expectations.

The previous week’s figure was revised up to 389,000 from a previously reported 383,000.
Jobless claims have remained below 400,000, a level historically associated with an improving labor market, in 30 of the past 32 weeks, though lately claims have been pushing higher from the 350,000 associated with above-average job growth.
Continuing jobless claims in the week ended May 26 rose to 3.293 million from an upwardly revised 3.259 million. Analysts had expected continuing claims to decline to 3.245 million.
The four-week moving average was 377,750, an increase of 1,750 from the previous week's revised average of 376,000.

The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.

Following the release of the data, the U.S. dollar remained modestly lower against the euro, with EUR/USD adding 0.18% to trade at 1.2604.

Meanwhile, U.S. stock index futures held on to gains after the release of the data. The Dow Jones Industrial Average futures pointed to an increase of 0.55%, S&P 500 futures indicated a gain of 0.75%, while the Nasdaq 100 futures signaled a 0.65% advance.

Copper! More Weakness in the weeks to come

More weakness to come in weeks ahead

Copper Intraday

Copper (CME) 6/6/2012 11:29 AM 1 week Trend: (=) 1 month Trend: (=) Copper‏ (Jul 12) intraday: the downside prevails. Pivot: 3.35 Our Preference: SHORT positions below 3.35 with targets @ 3.3 & 3.24. Alternative scenario: The upside penetration of 3.35 will call for a rebound towards 3.375 & 3.405. Comment: the upward potential is likely to be limited by the resistance at 3.35. Trend: ST Ltd downside; MT Bearish

1 Hour Gold is in Range ! Trade on BreakOut

1 Hour Gold is in Range. We recommend to trade on Break Outs.