Gold Settled Higher today at 1094.50….It did, however, get the 1,100 print on the tape. The actual high print was 1,101.90 Congratulations to whoever did that momentous trade…Now for the foreseeable future we will be listening to prognostications for certainly 1,500, then 2000 then the Mythical 3,000 an oz gold… At that point, I wonder if shotgun shells and canned goods may be worth more than an oz of gold…
Interestingly, Crude Finally de-coupled moving to a settlement at 77 and change, 5 dollars lower than it all time high at 81.99 posted just ten sessions ago..
Stocks rebounded after exploring a healthy trading range… We chopped around quite a bit, with DJZ and SPZ settling higher, but not resoundingly higher on the day. I looked at a long term chart on the SPZ and pulled out a long term bull trend-line you might be interested in.
As for the Unemployment figure breaching into double digits, at 10.2 percent, I’d say that was hardly a news flash.. Anyone with a pulse knows that the real figure is probably more like 16 or 17 percent… I was a senior in high school the last time unemployment was this high, and there was no where near the Malaise that grips this country now…
If you can recall, actually, the 80’s were the “DECADE OF GREED”, characterized by Mike Milken, Junk Bonds, Ferris Buelers’s Day Off, Fears of a Nuclear Winter, Fears of WWIII, but I can’t remember this level of dis-heartened public malaise…
In any event, there is a nice long-term bull trend-line which SPZ is hugging like a five year old hugs its teddy bear on Halloween…
The fist low is back in March, at around 6752…The second is in July at around 8605 it projects out very, very nicely, and it suggests that for the bull run to continue, we have to settle above the 1083 level next week… A settlement there will return us to being above that key long term trend line…Please take a look at it and focus on it.. I think its very key.
In the Grain Market, we had further profit taking in SF, with a technical support level at 955 being reached today, Friday, right on the close… It was a difficult, choppy, hesitant trade, and we never had a bounce rally of significance all day…I personally kept looking for a place to get comfortably short, but we never had more than an 8 cent bump to sell into, and instead, it just creeped lower…
On the weekly charts, there are some good chart points to look at. I will do some homework on Sunday night with specific numbers where we will cross some longer term trend lines…For the time being, it definitely looks like we have some more work to do to the down side, moving down to the 941 area and then 934.
The market is telling us what it thinks of the USDA number ahead of time.. It will be posted on Tuesday… For now, the charts look poised to extend lower, possibly down to the 900 level in SF…
On Sunday Night I will have some better numbers for the corn and beans after I check my charts.
For now, I am going to relax and try to enjoy the last of the 60 degree temps we will see in Chicago for about 7 months…
Good Trading