The correction in the Crude Oil futures market finally began this week but now everyone is wondering; is it over already? By my estimation we still have a few dollars to correct to the downside before we think about climbing to the new psychological upside target of $80.00 We may not see this correction in […]
Archive | April, 2006
Pressures in the pit
Here’s what setting world oil prices looks like on the New York Mercantile Exchange, the world’s largest energy marketplace: a flurry of small white cards spinning through space like off-kilter paper airplanes. The cards, thrown by traders in the circular “pit,” or small amphitheater, where futures contracts for light, sweet crude oil are traded, are […]
Live Cattle Option Spread
Cattle has fallen like a hot knife through butter for all of 2006. We are building what looks like a double bottom at this time. Seasonally cattle is quite strong through the month of May, as shown on the bottom of the chart below. While there has been some talk of Mad cow and other […]
Sugar – consolidation phase nearing a decision point
Before discussing the current market, we want to step back for a moment to our June 7, 2004 report in which we opined … “There is a trendline on the monthly continuation chart of sugar that stretches all the way back to the peak in 1995 at ca. 16 cents and slopes gently downward to […]
U.S. Dollar Index Suffers More Chart Damage
June U.S. dollar index futures on Monday gapped lower on the daily bar chart and hit a fresh 7.5-month low. A dollar-bearish weekend Group of Seven meeting was a bearish fundamental development for the greenback. (more…)
Jim Rogers: Gold to reach $1,000/oz
Jim Rogers, the former George Soros partner who foresaw the start of a commodity rally in 1999, said the boom in energy and raw material prices will endure, driving gold to a record $1,000 an ounce. “The shortest bull market for commodities lasted 15 years, the longest 23 years,” Rogers, 63, said in an interview. […]
World Economic Outlook
The International Monetary Fund released its latest semi-annual World Economic Outlook and raised its forecast for global GDP growth in 2006 to 4.9%. The fund also slightly raised its growth forecasts for the United States and the euro area (to 3.4% and 2.0% respectively), but expects China’s GDP to grow by 9.5% this year, up […]
CBOT Corn – holding the gap, building on prior strength
In our last US Futures Summary Report (April 5) we advised readers to consider buying dips in July corn, down to as low as 240. We’re sticking to that message in this report. We also want to take a closer look at some of the factors we think are playing a supportive role for prices. […]
Cotton Futures on Spreads
Today’s price action was considered by many to be an inside trading day technically, with most of the volume in NY Cotton futures once again focused upon spread relationships. These spreads are basically the price differentials between futures months and they have generated a majority of the volume traded recently. This volume results not only […]
Jim Wyckoff on Trading Options on Futures
Jim Wyckoff is the chief technical and market analyst at FutureSource.com—the No. 1 ranked futures and options website in the world. He’s also the editor of the futures markets advisory newsletters: “Jim Wyckoff on the U.S. Markets” and “Jim Wyckoff on the International Markets.” Download a free e-Book from Jim called Sharpening Skills. (more…)