Blog Archive

Today the computers say “Buy, Buy Buy” Get in there and turn those machines back on. Where’s Beeks”. Gold breaches 1200 an ounce, Silver Breaches 19 dollar an ounce.

All the traders who sold into a thin Thanksgiving market on the Dubai news, while initially re-warded, have now had their heads handed to them if they stayed short too long.

Stock indexes continue their rally. Dow futures are within 25 points of the 10,500 level. If we breach that level, there should be a flurry of trading for a brief while. We had positive economic numbers in US housing,as existing home sales have risen […]

Overnight, Asian and European traders apparently reversed out of any short positions they still held, after betting on new lows in the immediate flurry of trade last Thursday night. We came within 1 dollar of a 1200 print so far in the Gold, with a high a 1,199.00. Silver is within 13 pips of a 19 dollar an ounce print, with a high so far at 18.87.
Crude oil has rallied as well, with a high at 7877. Perhaps we will see that push in Oil back towards 80 dollars, especially if the dollar weakens and gold is able to explore what lies above 1200 […]

Tonight I thought I’d do a re-cap of technical support/resistance areas I like in the Grain Complex. Specifically soy beans, corn and wheat futures.
You should get some good support/resistance numbers to consider, as well as some interesting chart formations I will describe.

First, every one’s favorite January Soybean Futures. On a longer term chart, SF has been in a two dollar sideways trade for the past 6 months.

The highs at 1104 were posted in June 09, we have bounced off of the low range at 891three separate times since July 09, and most recently the October low at 885 1/2. With Today’s […]

Today looked like a typical December trading day. Business in the morning, a lull in the afternoon, then a flurry in the last half hour of trading. At this time of year, a lot of money managers and traders are closing out their books. The next month of trading through New Years, typically, we have that pattern.
People are either not trading any more, or trading in the morning and then heading off to parties of early lunches. Typically after about 2 PM New York Time, the only people still trading are those who are losers on the day, or just have nothing better […]

Today is Monday, but its the last day of the month. So far we have had two sided trade, with highs actually being posted overnight in most of the markets. We have had a rally in bank stocks after calmer heads have seemed to prevail over the bank of Dubai mess. One thing you cant’ argue with, is at least they can’t just print the money. All they have to do is pump the oil. Seems like people realized that over the long haul, that means they’ll either get their money, or they’ll get 40 dollar a barrel oil, until the 60BB is paid off. […]

Crude, the Metals and the grains are all higher. Those traders who went home short on Friday’s abbreviated Holiday session were all rewarded with losses across the board, so far on this night session.
A quick re-cap follows:

Gold is up 24 at 1176.60, with a high at 1183.70 and a low at 1165.00. Last Thursday nights low at 1130.90 is a stinging reminder of what a lack of liquidity will do in a computerized model when all the black boxes try to sell at the same time.
Silver is higher currently at 18485, up 183. It has had a high at 1851 and low […]

This is a brief re-cap of today’s market action. It may have been Black Friday for US retailers, but early in the AM of Friday, it looked like it might be Black Friday for US investors. The shock of The Bank of Dubai asking for a delay in its interest payments til may, on their 60BB, along with the Yen move to a new multi year high against the US dollar, were the two catalysts which set off corrections across the board in both the stock indexes and the commodities.

The bears were rewarded, if they were awake and didn’t get stubborn, with 38 […]

This is a brief re-cap of today’s market action. It may have been Black Friday for US retailers, but early in the AM of Friday, it looked like it might be Black Friday for US investors. The shock of The Bank of Dubai asking for a delay in its interest payments til may, on their 60BB, along with the Yen move to a new multi year high against the US dollar, were the two catalysts which set off corrections across the board in both the stock indexes and the commodities.

The bears were rewarded, if they were awake and didn’t get stubborn, with 38 […]

Well, all I can say is my radio news caster I regularly listen too sounds positively bummed that the melt-down, “has abated for now”… I had to laugh. But he is correct. As soon as the US woke up this morning, even with hang overs and full bellies, the return of liquidity has calmed things down.
Gold is back to 1,175, the Dow has rebounded 200 points from its lows, and while the public is out participating in “Black Monday” for the retailers (traditionally a positive item) the TV anchors have canceled plans for shots in front of the brokerage houses on Wall Street, salivating […]

We have had the catalyst for a pause in the recent up move in the metals.
We posted a high last night at 1,195… just 5 bucks away from the round number 1,200. Important psychologically…What was astounding was the rapid rate of decline. Most of that was fueled, I believe, because it was a Holiday here in the US, and no one was working, ie trading these markets. That left them vulnerable to some short term fluctuations which would have been absorbed differently if there had been usual market depth.

In any event, I did a chart retracement for the Gold.

We had a near […]