Blog Archive

Interesting, the DJZ came within ten ticks of the 38 percent retracement of the upmove. The low so far is 10157. The retracement is 10147, and people think technical analysis is garbage?

Anyhow, in the beans, we’ve had a new low at 1025, but the retracement for SF you should look at is the following:

The Nove 23rd high was 1066 3/4. The Nov 9th low was 951 1/4. A one dollar 16 cent rally.
The first support is at 1023… Just 2 ticks off of our low so far this night session.
The 50 percent retracement is 1009. The 62 percent retracement is at […]

One November 2nd we had lows in the SPZ at 1026 and a low in the DJZ at 9596. We proceeded to have a 3 week rally from those levels. SPZ posted a new 9 month high on Nov 20th at 11125.25, for an 86 handle run-up. DJZ rallied to a new 9month high on Nov 23rd at 10,486, for an 890 point run-up… Impressive. However, its now time for a correction, and tonight’s issues with the Yen and the Dubai Bank may be the catalyst the market was waiting for.
Support in the DJZ is at 10,146… 10041 and then 9931 if the wheels […]

If everyone is digesting their turkey dinner, watching the third football game of the day… then no one is going to be trading.
If no one is trading, and there’s a hint of bad news, the bears can really smack these markets lower.
It 930 PM CST and I just checked the computer. I am sure I am not the only individual who did the same.

The Yen is at a 14 year high against the dollar and the Japanese Finance Minister is going to talk about currency moves over the next few days to address this issue.
The Nikkie is down about 2.8 […]

Gold posted a new record high today at 1,192.80. If you look at my entry this morning, or for that matter for the past 6 weeks, you can see I have been calling for this move. Perhaps there will be resistance at the 1300 level, or more likely the 1250 level. This train just keeps on motoring. This is a type of move where I think to benefit fully from it, you have to buy a dip, put in a judicious stop, and then leave it alone. Have the trailing stop follow the market up, accounting for the 20 dollar to occasional 30 dollar trading […]

Interesting day here in Chicago. Gold moves to a new all time high at 1,183.20.. Moving towards its next milestone at 1,200. Silver is also higher, but hasn’t approached 19.00 seriously yet. Silver has been the laggard all the way in this metal move.
In the grains, someone finally woke up to the fundamentals. Corn and Wheat are sharply higher, while the Soybeans, the recent market darling, took it on the chin for a 20 cent break. I was checking the charts and the next good support in SF is 1020 area. A nice Fibonacci retracement off of the larger move. Pull it up on […]

Wow, a typical pre-holiday trade today. The grains explored their rather large trading ranges, trading schizophrenically in tune with the gyrations in the Crude Oil Today. The metals fought off some early weakness, but Silver lagged the Gold again, as Gold posted a new all time high settlement at 1167.90, but could not take out yesterday’s record high at 1174… today’s high in gold was 3 bucks away from there, at 1171.70.

Crude oil had a high today at 7780 and a low at 7560. For the time being, it seems we are done flirting with 80 or thoughts of 90 dollar a barrel oil. […]

Over night trade was relatively quiet. With Thanksgiving on tap this Thursday and the end of month on tap, we may have seen all the business for the month.
Currently the markets are mixed. Gold posted a high overnight at 1.171.70, Silver posted a high at 18.68, Crude posted a high at 77.80.
In the stock indexes, we had a high at 110700 in the SPZ, a high at 10,441 in DJZ in mostly quiet trade.
In the Jan beans, we had a high at 1049 1/4, once again having resistance show up at the 1050 strike price area. For the night, SF settled at […]

Wow, the lord giveth to the bulls, and then the lord taketh away. Bearish Hook Reversal formations across the grains, with new highs being slapped away forcefully and then ending lower on the day. Corn, Wheat Beans, Bean Oil and Soybean Meal all collapsed this afternoon and settled on or near their lows.
Jan beans had a 30 cent range. When I wrote this morning that I could see SF going after last night’s low at 1046 1/2, little did I know that it would go another 8 cents to a low at 1038. We just had wave after wave of large selling in the […]

The Stock Indexes continue to baffle the bears, as we climb the wall of worry.
After we “survived” October which was touted by the cable news reporters as “the most important earnings season in the history of history of history”, I felt at that time, we would have this type of action in the Stock Indexes. Fresh New Highs are pounded on by the bears, but as the market sloughs off continuing high unemployment. With today’s 2-1/2 year high in existing home sales, that languishing housing market looks like a swimmer who sank to the bottom of the deep end of the pool, has touched […]

Looks like some shorts got out of their stock positions this morning. New Highs in the DJZ at 10,486, just 14 points below the 10,500 round number which will have the TV Anchors jumping for joy.
New high in the SPZ as well, flirting with the 1112 level, with a high print at 1111.50
Gold moved up to 1,174.0 for another new all-time high print, following the script of jumping in 5 and 15 dollar increments on its way to 1,500 while silver traded to within 7 pips of the 19 dollar an oz high with a high print so far today at 1893.5

All […]