September RBOB has appreciated 13% in the last three weeks lifting prices to fresh intra-day highs in Friday’s session trading above the February highs. I see this move in the 9th inning and expect a retracement in the immediate future. This goes hand in hand with my prediction of a trade lower in WTI in […]
A very interesting last 30 days…let’s look at the weekly and daily charts on the Almighty Buck. Let me get this straight the greenback rallied on speculation that a rate hike may happen sooner rather than later; higher rates should equate to a stronger dollar. Yesterday Bernanke set the market straight verbalizing that not so […]
* DATA HIGHPOINTS FOR THE WEEK: — Japan Tankan Report…US ISM Manufacturing Data… US, Eurozone PMI Data… Reserve Bank Australia, ECB, Bank of England monetary policy meetings, rate announcements… US, Eurozone Employment Data US MARKET HOLIDAY SCHEDULE -EARLY CLOSES WEDNESDAY JULY 3RD…US MARKETS CLOSED THURSDAY JULY 4TH Data in italics-high potential to influence markets *Tuesday-4:30 […]
Could a breach of the 50 day MA (dark blue line) at 1610 today be a game changer? As seen on the chart below that level has acted as support an all attempts in recent weeks. I am a believer that a settlement under this pivot point confirms an interim top and we are preceded […]
Cocoa has been kind to speculators of late as we we’re fortunate to catch a few trades. Will three times be a charm? From here it appears prices could be headed south. In the previous two weeks September futures bounced off the 61.8% Fibonacci levels gaining eight consecutive days’ elevating futures 8%. Today will likely […]
If you go back in time and read comments from 2-3 weeks ago I had called for deprecation in the dollar and the market delivered. I only bring this up because the move happened a lot quicker than I anticipated…from the high made 5/23 June futures are lower by 3.3% in just over 2 weeks. […]
Old crop (July) soybeans hit an eight month high after appreciating just better than $2/bushel, high to low, over the last four weeks. And volatility has not been lacking, with an average 44 cent daily trading range over the last several sessions. It appears the bulls are starting to lose control. Long upper wicks, on […]
The Greenback is looking increasingly weak. I tell you this not as a recommendation to get short the dollar, but as a cue to look for bullish exposure in inversely correlated markets. Looking at a weekly chart, 84.00 is clearly the line in the sand. This level once acted as support (in 2010), and has […]
Having been a proponent of bullish grain plays for several weeks now, I’m happy to see new crop wheat and corn on the verge of breaking above significant down trend lines. These have acted as resistance for two quarters, so a break above should produce a meaningful move higher. Wheat prices appear to be forming […]
The Yen’s 8-month clobbering is no secret. It’s down over 20%! But what’s interesting now, in my eyes, is how the Yen seems unable to trade below parity with the dollar. Recent data out of Japan shows inflation expectations are on the rise, so why not see a bounce in Japan’s currency after such a […]
