The September U.S. dollar index futures are presently in a seven-week-old downtrend on the daily bar chart and prices just hit a fresh three-month low. The bears have the solid near-term technical advantage and have gained more downside momentum this week. See at the bottom of the chart that the Directional Movement Index (DMI) has […]
Weakness in commodities what to do? Here are a few ideas…get short, exit longs or be prepared to buy from lower levels. We think Crude oil and the distillates have put an interim top and expect prices to fall back. We reserve the right to change our mind if September closes above $79.50. We expect […]
The financial markets have been nothing short of a high speed roller coaster with light volume, earnings season and macro economic uncertainty as the culprits. Yesterday, investors staggered out of equities and allocated money into bonds and notes but today was the polar opposite. Today’s data was weak, but not enough to encourage more buying. […]
ICE December cotton futures prices on Tuesday hit a fresh 4.5-month low of 72.96 cents a pound. In five weeks’ time the cotton market has shed 6 cents (600 points) as prices are in a five-week-old downtrend on the daily bar chart and the bears have downside technical momentum. The next downside price objective for […]
Volatility Reigns…. Week High….$1218.80 ……7/13 Week Low…..$1185.80……7/16 This week’s Gold market covered a very volatile $33.00 range as the summer dull-drums expose the lack of confidence from investors globally. This week has found Gold trading in a very technical range as lack of buying momentum has forced the bulls to take profits as the high […]
If the dollar is moving south and the indices are moving north that is conducive for commodities to trend higher. Crude is above the trend line mentioned in yesterday’s blog higher by over 3% in today’s session. Not to mention a bullish engulfing candle on the daily chart so yes folks it looks like higher […]
December corn futures at the Chicago Board of Trade on Monday morning were under some modest profit-taking pressure from recent gains that on Friday saw prices hit a fresh two-month high of $3.98 a bushel. The corn market bulls do still have some near-term upside technical momentum as December futures prices have rallied around 50 […]
As long as indices tread water or move higher money should flow back into commodities and out of Treasuries and the US dollar. Crude followed thru today and now has the 20 day MA in its sights. As we said yesterday as long as equities move higher we think we could see Crude appreciate $3-5 […]
A massive short squeeze in equities sucked the bid away from Treasuries. With little fresh fundamental news to work with, this was the primary driving force behind the day’s trade. If it weren’t for the volatility, these markets would be snoozers. There is little news and light volume…and this makes our job tough. Accordingly, we’ll […]
December Chicago soft red winter wheat futures at the Chicago Board of Trade on Tuesday hit a fresh seven-week high of $5.53 1/4 a bushel. Prices are in a four-week-old uptrend from the early-June contract low of $4.72 3/4. The wheat market bulls have recently gained fresh upside near-term technical momentum to firmly suggest that […]
