Don't blink, don't sneeze, certainly don't yawn or, you will miss the next turn of the market. The behavior of this market has been nothing short of incredible as it swings between complete elation, for a short while, and then moves total despair, all within a two hour time-frame. We are up one minute, down the next, up and down we go. All we seem to need is a pogo stick to complete the act and enhance trading. Traders sport blood-shot eyes and really frayed nerves. Sleep is allowed on Saturday nights, because nothing is trading as yet, Sunday evening back to the machine which has now taken over everything.
We certainly are trading in interesting times.Despite continued economic woes and increased unemployment the U.S. is continued to be supported. Much of the U.S Dollar strength is due to the avalanche - like sell-off in the Energy sector. Reports out of South Africa report Gold production was down 18% based on third quarter numbers.(Supply & Demand ???).
The Christmas selling season is in full swing with sales and discounts appearing everywhere. The Grinch is in charge this year so unless you are a child--expect to collect some coal in your Christmas stocking. The good news is that perhaps you can burn that coal.
December corn futures at the Chicago Board of Trade on Thursday slumped to a fresh two-week low of $3.78 as of this writing. Prices have backed well down from this week's high of $4.22 and the bears have regained downside near-term technical momentum. December corn futures remain in a 4.5-month-old downtrend on the daily bar chart, as prices have declined over 50% from the late-June contract and all-time high of $7.99 1/4 a bushel.
"A community for Traders serious about learning" is the title of Informed Trades and it really lives up to its name. Here's a young website with a fresh new approach, as it's built around Forum software to enable maximum collaboration which it delivers. The site is absolutely packed with valuable information right from basic "How to" content for rank beginners all the way to the most sophisticated market analysis.
Last week we continue to see the Dollar putting in at least a temporary top. We expect that top to hold for the near term and are therefore selling into any rallies that attempt to retest recent highs. We have the ECB meeting this week but a cut is already priced in and likely to have a counter-intuitive move higher in the Euro after the cut.
The volatility in the economic sector has crossed all barriers from Wall Street to Main Street. The Stock Market has experienced triple figure moves on a regular basis causing sheer panic with investors.The price of Crude Oil has dropped from the $150.00 per barrel level down below $67.00 per barrel. Gold has not gone unscathed in the recent volatility. Many investors use Gold as a leverage to protect their Stock portfolio's.This has caused the Gold market to drop from $1037.10 on March 8,2008 to the $695.50 on October, 2008 .(just 7 months later).
SuperFutures is proud to announce the arrival of Mike Daly to lead our Marketing and Gold trading divisions. Mike is a former Goldman Sachs and J.Aron Gold Broker and a member of the Chicago Mercantile Exchange Gold Committee. In addition Mike has been a member and active broker and Trader of the Chicago Mercantile Exchange,Chicago board of Trade, and the Chicago Board Options Exchange. Mike brings 25 years of knowledge and experience to SuperFutures.
