Gold has a new high print at 1111.70 posted this afternoon…Silver was higher, but at 17.80, its still a bit off from its high ten days ago at 18.15…Crude Oil traded with a low at 7777 and a high at 80.19, settling at 79.30… I will probably see gasoline prices up ten cents on the way home… Like I’ve said before, the only people I know who watch markets closer than trader’s, long haul truckers,and Airline Executives, have to be the owners of the gas stations in my area..
I looked at a weekly chart in the Dow Futures. The weekly major low last March 9th was 6452.. Yikes, double Yikes and Holy Cow… Today we had a trading session high at 10196, or basically 10,200. I think that’s considered a RALLY… 8 month, 3,800 points worth of RALLY… Wow did this market climb the wall of worry over that time frame.. Looking at that weekly chart there is a long term trend line if you take that March 9th week low at 6452 and then connect it to the July 13 low at 8018… We have support beneath this market at that trend line…An important support area to watch.
The grains all settled sharply higher: WZ up 22 3/4 cents at 520, CZ up 19 cents at 386 and SF up 17 cents at 972… The grains followed the melt-down in the US Dollar, which posted a 15 month low, after the G20 meeting in Europe made it clear that no one was going to defend the dollar…So again, we are trading currencies in the grain markets… Overnight, I suspect we will have quiet trade, as the USDA crop report is being released tomorrow morning…
If the yields are not what was for casted, there should be some hedging on the opening one way or another… I would not be surprised to see a 15 or 20 cent move from today’s settlements, if the numbers miss the estimates substantially.
Good Trading