This is a weekly chart of December Gold. Last Week we tested that long-term trend line. Last week’s low at 1213 just kissed that line. We promptly ralliesd up to 1267. We’ve rolled back over in choppy trade to where we are at 1233 as I write this.
Today’s intersection is 1220.
News on the wire talks of a massive short position by managed futures. No doubt they are looking for the 1200 print to fail and then there would be a big psychological push to go and […]
Above is a weekly continuation chart for Corn. 2008/2009 saw a spike up above $8.00. In 2010 we began a 3 year rally up culminating with Summer 2012 peaking above $8.00 again.
In my opinion, many of the factors which were present between 2010 and now are now dissipated. Gone is the fear of rampant inflation. We saw huge influx of outside fund money as money poured into the market. Gold rallied and in general the commodity as a hedge for inflation sales pitch was rampantly considered “prudent”. […]
With 14 Trading Days left in 2013, consider these two trend lines in DJZ. A pop above or below could give us some activity as we move into the end of the year. Trend lines are funny. Every one I know looks at them, but generally don’t admit that they look at them. They Do NOT ALWAYS WORK! So that’s enough reason for a lot of people to completely discount them.
I don’t think it makes sense to ignore something that is so blatant. Whether or not […]
Numbers were friendly as expected for Corn and Beans: All numbers are in millions of bushels.
Corn 1.8 which was on the low end of the range for stock piles. Bullish
Beans: 150 again, mid to low range of guess. Bullish
Wheat: 575 on the high end of expectations: Bearish
World Stock piles in Million Metric Tons
world wide, 162.5 for corn which is Bullish
Soybeans: 71 Friendly but not super bullish
Wheat World wide: 183 Above high end of expectations: Bearish.
Bottom line: We got the bullish corn and bean numbers and we are selling off in response.
Feels like the highs are in until January […]
This isn’t the big USDA report to be worried about in my opinion.
That is on the horizon for Friday Jan 10th, when we get final production and world wide production for grain for 2013 as well as updates on acres and projected crops for S.A.
As far as S.A goes, weather has so far been non-threatening, with nothing out there so far hurting production. That could change in 5 to 7 days, so I wouldn’t put that bull story to bed yet. Lord knows the bulls won’t.
Today, CH has a ton of resistance at $4.50. SF at 13.50 with support at 13.00. I […]
This isn’t the big USDA report to be worried about in my opinion.
That is on the horizon for Friday Jan 10th, when we get final production and world wide production for grain for 2013 as well as updates on acres and projected crops for S.A.
As far as S.A goes, weather has so far been non-threatening, with nothing out there so far hurting production. That could change in 5 to 7 days, so I wouldn’t put that bull story to bed yet. Lord knows the bulls won’t.
Today, CH has a ton of resistance at $4.50. SF at 13.50 with support at 13.00. I […]
1212 is key support here. A weekly chart going all the way back to 2009 when gold was at 875. That’s the first intersection point. The second intersection point was the June low at 1184. Today’s low at 1212 was the trifecta.
This is a low risk area to initiate speculative longs. As usual, you must use protective sell stops.
The trend-line above? That doesn’t come in until 1665. Does that mean I think we’ll bounce $450 bucks to that level? Nope. I am not saying that at […]
True to December, we’ve had another whippy response to a better than expected Un enjoyment report.
We had some inkling that the number would be higher because of the ADP number released earlier this week. ADP had figured in a good bump, based on the number of paychecks they processed.
Now the argument between the left and to right as to “whose responsible”, or better yet, what about the number of people not even counted because they are considered not looking for work. Throw in the record number of people on disability ( we have more people on disability than the entire population of Greece) […]
Back in the 1980’s there was a commercial for a Ginsu knife. The ad copy was “it slices! it dices!”. That is exactly what December does to futures traders.
Lets face it, the only people still actively trading are trading because they had a lousy year. That’s warning sign one. If you had a good year, you are booking profits and looking ahead to 2014.
People tend to trade the opening and the close, while spending the afternoon on the computer or in the bar having “business lunches”. Its the time of the year where you are looking at dropping cash for your wife and […]
Looking at a longer term chart of Dow Jones Futures there are two trend-lines to consider.
The upper projects out to Dow 17,000 by the first week of January. Wow. That doesn’t seem possible or realistic, but that’s where the Trend line projects out towards.
Down below in the lower T-Line support doesn’t really come in until 15,500 to 15000. Its really any one’s guess as to when the correction comes or how violent it will be.
I certainly am not professing advanced knowledge of any type.
However, […]