Stronger Dollar Leads to Fallback of Crude, Gold, and Silver Prices

North American Commodity Update, Last Updated 7/2/2009 4:27 PM EST (GMT = EDT +5:00)
Commodities – Energy
Crude Prices Fall After Disappointing Non-Farm Payrolls Report

Crude Oil (WTI)   $66.810                              -$2.500                             -3.61%
Crude prices fell drastically to a 5-week low during today’s session as a disappointing US Non-Farm Payroll report hinted towards a continuation in weak crude demand. [...]

European Stocks Plummet as US Unemployment Data Dampens Recovery Outlook

European Markets started the month strong with roughly a two percent rally, but saw those gains erased after pessimistic data from the United States softened hopes for a recovery in the near-term. Indicators from the UK and the EZ indicate a moderating of the recession.

S&P 500 May Look To Extend Gains From Golden Cross Over Medium Term

The Dow broke above resistance at the 200-Day SMA at 849 which casts some doubt on our contention that a head & shoulder’s pattern is forming. 8,250 is the key level, a break below there could lead to a test of 7,962 -38.2% Fibo of 6,470-8,877.

Asian Stock Markets Slump Ahead of U.S. Job Report With Commodity Prices Falling Further

Asia Session Key Developments

Crude oil prices slip to $67/bbl
Japan’s Economy and Fiscal Policy Minister continues to see risks for deflation

Stocks in Asia/Pacific traded slightly lower on Wednesday, with the Hang Seng dropping 200.68 points on the back of lower commodity prices. Meanwhile, the new Economy and Fiscal Policy Minister of Japan [...]

European Stocks Advance But Overall Positioning Little Changed

FTSE 100
Long-Term Technical Outlook

I wrote last update that “the FTSE is at risk of at least a pullback if not an outright reversal as daily RSI has rolled over from overbought territory.”  The implications from the above count suggest a drop beneath the March low in order to complete 5 waves down from the 2007 [...]