BT Crude Oil and Gold Futures Report >>> Market Overview

Crude futures finished a volatile session in the red today, as investors interpreted the commodity's rise to $80 per barrel as an ideal time to take profits. Furthermore, reports of a possible aid package for Greece bolstered the U.S. dollar against the euro, making dollar-denominated commodities more expensive for holders of foreign currencies.
Earlier in the session, crude jumped as high as $80.62 per barrel, helped in part by Iran's threat to cut off energy supplies to European countries aligned with the U.S., which has been vocal about the hostile nation's nuclear capabilities. By the close, April-dated crude oil shed $0.96, or 1.2%, to settle at $78.70 per barrel.

Gold futures didn't stray too far from breakeven today, as the stronger greenback offset support from overseas. More specifically, Chinese economic data showed continuing expansion in the country's manufacturing sector, pointing to escalating demand for the malleable metal.

By the close, gold for April delivery surrendered 60 cents to end at $1,118.30 an ounce. Elsewhere in the metals pits, copper futures jumped 7 cents, or 2.1%, to end at $3.35 a pound, bolstered by an earthquake-induced shuttering of several Chilean mines.

Levels to Watch in Trading:
Dow Jones Industrial Average (DJIA – 10,403.79) - support at 9,000; resistance at 11,000
S&P 500 Index (SPX – 1,115.71) - support at 950; resistance at 1,300
Nasdaq Composite (COMP – 2,273.57) - support at 1,900; resistance at 2,600

BULLS MARCH ON

Bullish Parade Down Wall Street
The bulls kicked off March on a high note today, as the Street cheered a sliver of encouraging economic data, a slew of merger-and-acquisition news, and some potential aid for debt-riddled Greece.

On the economic front, the Commerce Department said personal spending inched 0.5% higher in January, surpassing economists' predictions for a 0.4% increase.
Elsewhere, bulls across the globe rejoiced on speculation that euro-zone countries may reveal a bailout deal to help Greece alleviate its growing debt concerns. Greek officials today met with members of the European Union, escalating hopes that the healthier countries' banks will join forces to buy some of Greece's government bonds.

Against this hopeful backdrop, all three major market indexes started the month on bullish footing, settling comfortably north of the breakeven line.

The Dow Jones Industrial Average (DJIA – 10,403.79) added 78.5 points, or 0.8%, as 26 of its 30 components finished higher. Pacing the advancing equities were tech titans Hewlett-Packard (HPQ) and Intel Corp. (INTC), while American Express (AXP), General Electric (GE), JPMorgan Chase (JPM), and Wal-Mart Stores (WMT) bucked the trend.

Thanks to today's advance, the Dow closed atop the round-number 10,400 level for only the second time since Jan. 20.

Elsewhere, the S&P 500 Index (SPX – 1,115.71) advanced 11.2 points, or 1%, to settle atop its 50-day moving average for the first time since mid-January.

Finally, the Nasdaq Composite (COMP – 2,273.57) bested both of its broad-market brethren, climbing 35.3 points, or 1.6%, to close above the 2,250 level for the first time since Jan. 21.

The intraday chart shows the bulk of the buying occurred in the first two hours. The rest of the session was just a sideways drift. The sector action maintained the upside bias we saw earlier.

As noted above, the afternoon was relatively quiet so nothing really changed from what was discussed earlier. However, with the close in place, I will now be keying on last week's highs. The levels shown above are still the "major" short-term points to keep in mind, but watching the best levels from last week offers a way to guage the relative buying demand. The most immediate "need" is that the Dow needs to join the SPX & COMP in staging a mini-breakout.

And with this, concludes the U.S, market report.

Have an enjoyable trading day.

FBM KLCI Futures >>> Market Overview

FKLI contracts ended at discounts but firmer
The KLCI Futures contracts ended generally higher Monday but still closed at discounts ranging from 0.4 to 7.9 points to the underlying.

The March contract soared 18.0 points to 1,283.0 points, trimming its discount of 5.78 points to the underlying last Thursday to only 0.40 of a point. The contract opened 9.0 points higher at 1,274.0 points and traded between 1,272.0 and 1,285.0 points during the day.

The April contract closed at the day’s highest level of 1,283.0 points on its first trading day, representing a discount of 0.40 of a point to the cash market. It opened at 1,270.5 points, slightly above the day’s lowest level of 1,270.0 points.

The June contract surged 19.0 points to 1,278.0 points, which is a discount of 5.40 points to the underlying, while the September contract closed 20.5 points higher at 1,275.5 points, representing a discount of 7.90 points to the underlying.

FKLI >>> Recommend

SELL Into Premium Strength

Harga minyak terus menguat

Harga minyak mentah naik untuk hari yang kedua terkait ekspektasi adanya kenaikan permintaan bahan bakar, setelah sebuah laporan pada 26 Februari menyebutkan bahwa ekonomi tahunan AS, negara konsumer energi terbesar dunia,tumbuh 5,9% dalam kuartal keempat.

Minyak mentah untuk pengiriman April naik 50 sen, atau 0,6%, menjadi US$80,16 per barel, dalam perdagangan elektronik di New York Mercantile Exchange.
Harga pada pukul 10:00 waktu Singapura mencapai US$80.20. Kontrak naik US$1,49 untuk bertengger di harga $79,66 pada 26 Feb.

May '10 Soybeans >>> Bear Trend Acceleration

This Ain't Good For Soybean Oil
- Technically the MKT is on edge and flirting with a release. The MKT has produced a big negative signal and any positive corrective action is expected to be short-lived. Any held strength is a sign that the trade will turn digestive. - On the SELL side accept FADE, REVERSAL and BREAKOUT strategies below the previous session's high point. DIR and DP BREAKOUT may need to be "worked" as the MKT is on edge and will be emotional, producing some starts and stops before it drops.

- On the BUY side avoid REVERSAL strategies off major support levels as these signals are more likely short squeeze rallies. BREAKOUT strategies above the previous session high are a long shot, so risk less and go for more. Any DIR or DP FADE should have confirmation and is not recommended if the integrity of the previous session high is intact.

This could take awhile longer than today, tomorrow or this whole week.

In fact more likely short to midterm.

Bulls >>> On Guard!