Evening Thread

Gold is trading below the 200 day moving average for the second time in a few months. Previous trip (not on this chart) below the 200 day average was in 2008. Oops.

Today we finished off the lows, but I would think any move back up to the 200 day average might be a shorting opportunity. The typically strong season for gold begins in Aug-Sept. The present weakness is due in part to strength in the dollar.

Afternoon Thread

COT Report - Gasoline Futures (Sentimentrader.com)

As the S&P500 churns around the 1400 level today, I thought it might be interesting to look at the latest Commitments of Traders report for unleaded gasoline (which is slightly up on the day as I'm typing). I don't follow this report on a regular basis, but I'm curious how this will play out going forward given the extreme positioning by speculators. Could this mean we won't see the $4-5-6/gallon prices everyone seems to be forecasting this summer? Time will tell.

Morning Thread

Gator's Chart of the Day: CHRW

Tuesday the DJ-20 (Transport Index) finally showed some upside movement and closed above its 50 day simple moving average.  With that in mind I'm looking at C.H. Robinson Worldwide, Inc.

The price is testing a long downtrend line and looks to be a good bet to pop above it.  Note that volume was just a little above the 50 day average and clearly higher than the previous red bar.  Also note that 4 of the last 5 bars are green.

If the stock closes above the downtrend line I expect that the horizontal line will become support.

"C.H. Robinson Worldwide, Inc., a third-party logistics company, provides freight transportation services and logistics solutions to companies in various industries worldwide. It offers transportation and logistics services, such as truckload, less-than-truckload, intermodal, ocean, and air freight transportation, as well as transportation management, customs brokerage, and warehousing services through contractual relationships with approximately 53,000 transportation companies, including motor carriers, railroads, air freight carriers, and ocean carriers. The company also engages in buying, selling, and marketing fresh produce. It offers its fresh produce to grocery retailers, restaurants, produce wholesalers, and foodservice distributors through a network of independent produce growers and suppliers under the Fresh 1, Tomorrow's Organics, Rosemont Farms, Melon Up, Tropicana, Welch's, Mott's, and Glory Foods names. In addition, the company provides payment management and business intelligence services, such as funds transfer, fuel purchasing, and online expense management primarily to motor carrier companies and fuel distributors. It operates through a network of 235 branch offices in North America, Europe, Asia, South America, Australia, and the Middle East. C.H. Robinson Worldwide, Inc. was founded in 1905 and is headquartered in Eden Prairie, Minnesota." ... Finviz