Blog Archive

January Soybeans Have 2 trend lines to be aware of on the longer-term daily charts.
The first is a bearish one… The first point to mark for the trend line is the Jun 12th high at 1105… The second point is the Aug 13th High at 1066, and the third point is the Oct 23rd high at 1029 1/4 and the fourth point is last Thursday’s high, Nov 4th at 1022 1/2 … It projects out with resistance all this week at the 1018 level…In fact, I had thought we would have broken higher last Thursday Morning… once we traded up to that trend-line, but […]

Please take a look at a daily chart of SPZ09…There are three key points which, together, provide a nice long-term bull trend line…First is Mar 06/09 low at 6775. Second is Jul 13/09 at 8615 and Third is Oct 2/09 at 1012… Connect these three and it projects to a trend line intersection today at the 1080 level which should be good resistance, then again at 1096..
Corresponding Points in the DJZ (Dow futures) are the following… Mar 02/09 low at 6808…July 13 low at 7970 and the Oct 2 low at 9334… Currently we are above that trend line as of last Friday’s settle…Its […]

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… […]

Stock indexes remain choppy during this Friday’s Trade…Crude Oil is lower on the unemployment news with US running at 10.2 percent….Every analyst on TV has made the connection that with unemployment so high, there might be decreased demand at the pump.

The only people who don’t seem to pay any heed to this fact are the gasoline wholesalers/ or the owners of our friendly neighborhood Gas Station of Choice.. A two dollar drop today with the crude trading around 77 and change, or basically 5 dollars a barrel less than the Oct 21st high, has yet to show up here at the pump in […]

On the number this morning, the Dow Index Futures DJZ… broke from 9986 down to 9907 sharply, on the first minute after the number…At that point DJZ drifted lower to its day session low so far at 9874, then proceeded to do a classic F/U rally to all the traders who got short in the hole on the bearish fundamental numbers… In the long run, it may be right to be short stocks, but in its typical fashion, the market punished the herd…rallying from 9874 all the way back up to a day trading high of 1007…125 point swing trading range…Unfortunately, the market always breaks […]

Estimates for jobless claims had expected 175K, we saw 190 instead..Unemployment has now topped 10 percent at 10.2… With the News Media heralding “The worst unemployment since 1983″… Nothing like bad news to lead off a news cycle…Again, we see the psychological significance of the round number…In response,the markets are basically sideways to slightly lower.

On a different note, look at the 1.50 level in the Euro/Dollar trade. If the Euro can substantially pop above the 1.50 level on the charts, it bodes for further strengthening of the Euro and and equal weakening of the US Dollar from its current 76 level to a target […]

We had some volatility last night… January Beans (SF) traded up to the 984-975 then could not hold on to those gains, settling 14 cents lower from those highs at the 970 area…Trade today may be looking for a technical short-term bounce, after so much selling has been absorbed over this week.

That being said, there is certainly more room on the charts for down-ward price action in the Beans, as we continue the harvest pressure…Ditto for Corn. December Corn (CZ) remains caught in the same chart patterns as the beans, so look for continued bounce between the highs and lows of its recent […]

Tomorrow we will get October Unemployment data, expectations are for 175K…The number comes out at 730 CST…
Today we had a short covering rally, recapturing much of yesterday’s end of day losses, with the Dow cash flirting with the 10000 mark… For a number that some traders profess is meaningless, it certainly gets a hell of a lot of attention.That in itself is one reason it attracts a lot of trade…Buyers and sellers congregate around round numbers in all markets… be it ten dollar beans, 10000 in the Dow, 1100 in the S&P, I can remember 5000 being close to the all time high in […]

Today we had revised numbers for first time filers last month.. The number was revised down 20,000 from 532 to 511… A sign of a healthy economy is under 400K every month…
Some analysts are heralding this declining rate of decline as the early sign the lay-offs may be coming to an end…Expected number tomorrow morning at 730 is for
175K…A number above or below will be a key to trade from…

Currently, we are working back towards yesterday’s high before the afternoon melt in the stock indexes…

Gold continues to hover around 1100, while grains are seeing lower prices with better dry weather […]

Today we had revised numbers for first time filers last month.. The number was revised down 20,000 from 532 to 511… A sign of a healthy economy is under 400K every month…
Some analysts are heralding this declining rate of decline as the early sign the lay-offs may be coming to an end…Expected number tomorrow morning at 730 is for
175K…A number above or below will be a key to trade from…

Currently, we are working back towards yesterday’s high before the afternoon melt in the stock indexes…

Gold continues to hover around 1100, while grains are seeing lower prices with better dry weather […]