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that the US administration was targeting a stronger dollar and had been instrumental in pushing for a stronger G7 stance on the US currency. The dollar pushed to a high around 1.5370, but was unable to break Euro support levels and weakened steadily back to lows around 1.5570 in New York The dollar was hampered slightly by a rally in oil prices during the day.
Prices closed nearer the session high and were hit by mild profit taking yesterday after scoring a fresh contract high on Friday. Bulls still have the solid near- term technical advantage in August cattle as prices have seen an upside "breakout" from a bullish pennant pattern on the daily bar chart. The next downside technical objective for the bears is pushing and closing prices below solid technical support at the February high of $98.65.
VIX indicates that fear is decreasing. Stock Price Momentum turned upward, but only modestly. Volume fell, and there were more New Lows than New Highs on the NYSE. Crude Oil and Commodity price indexes settled down modestly, providing temporary relief from last week’s worries.
May 12 (Bloomberg) — Sponsors of a measure to halt shipments of oil to the U.S. Strategic Petroleum Reserve are confident they will gain passage of the bill, following a week in which records for the price of oil were set each day. We have argued over the years that trend changes for crude oil prices tend to follow policy changes with regard to the Strategic Petroleum Reserve.
We had been calling for a continuation of the bounce in the US Treasury market with 116.115 as the target area. This was achieved on Friday as we just popped through here to post a high of 116.13.
Important Rules of Technical Trading
"Here are some rules that are designed to help explain the whole idea of technical trading for the beginner and to streamline the trading methodology for the more experienced practitioner."
A Futures Guide to Technical Analysis - Part 1: Tracking Price Presenter: Darrell Jobman, Editor-in-Chief, TradingEducation.com, LLC
Join Darrell Jobman, Editor-in-Chief of TradingEducation.com for the first webinar of our new, educational series on technical analysis. Darrell starts by describing how futures markets work and what the price of a futures contract actually means to you as a trader. The many types of charts available to technical analysts are examined with explanations on how they are used in trading. The concepts of support and resistance are also be explored.
May
13,
2008- Content Updated Daily 
