Someone Woke Up to Grain Fundamentals

Interesting day here in Chicago. Gold moves to a new all time high at 1,183.20.. Moving towards its next milestone at 1,200. Silver is also higher, but hasn’t approached 19.00 seriously yet. Silver has been the laggard all the way in this metal move.
In the grains, someone finally woke up to the fundamentals. Corn and Wheat are sharply higher, while the Soybeans, the recent market darling, took it on the chin for a 20 cent break. I was checking the charts and the next good support in SF is 1020 area. A nice Fibonacci retracement off of the larger move. Pull it up on […]

Did Some One Say Choppy Trade?

Wow, a typical pre-holiday trade today. The grains explored their rather large trading ranges, trading schizophrenically in tune with the gyrations in the Crude Oil Today. The metals fought off some early weakness, but Silver lagged the Gold again, as Gold posted a new all time high settlement at 1167.90, but could not take out yesterday’s record high at 1174… today’s high in gold was 3 bucks away from there, at 1171.70.

Crude oil had a high today at 7780 and a low at 7560. For the time being, it seems we are done flirting with 80 or thoughts of 90 dollar a barrel oil. […]

Tuesday Overnight Trade Was Relatively Quiet

Over night trade was relatively quiet. With Thanksgiving on tap this Thursday and the end of month on tap, we may have seen all the business for the month.
Currently the markets are mixed. Gold posted a high overnight at 1.171.70, Silver posted a high at 18.68, Crude posted a high at 77.80.
In the stock indexes, we had a high at 110700 in the SPZ, a high at 10,441 in DJZ in mostly quiet trade.
In the Jan beans, we had a high at 1049 1/4, once again having resistance show up at the 1050 strike price area. For the night, SF settled at […]

If it was easy to Trade Grains, Everyone would do It

Wow, the lord giveth to the bulls, and then the lord taketh away. Bearish Hook Reversal formations across the grains, with new highs being slapped away forcefully and then ending lower on the day. Corn, Wheat Beans, Bean Oil and Soybean Meal all collapsed this afternoon and settled on or near their lows.
Jan beans had a 30 cent range. When I wrote this morning that I could see SF going after last night’s low at 1046 1/2, little did I know that it would go another 8 cents to a low at 1038. We just had wave after wave of large selling in the […]

Climbing a Wall of Worry in the Stock Indexes

The Stock Indexes continue to baffle the bears, as we climb the wall of worry.
After we “survived” October which was touted by the cable news reporters as “the most important earnings season in the history of history of history”, I felt at that time, we would have this type of action in the Stock Indexes. Fresh New Highs are pounded on by the bears, but as the market sloughs off continuing high unemployment. With today’s 2-1/2 year high in existing home sales, that languishing housing market looks like a swimmer who sank to the bottom of the deep end of the pool, has touched […]

Monday Morning Rally Holiday Week

Looks like some shorts got out of their stock positions this morning. New Highs in the DJZ at 10,486, just 14 points below the 10,500 round number which will have the TV Anchors jumping for joy.
New high in the SPZ as well, flirting with the 1112 level, with a high print at 1111.50
Gold moved up to 1,174.0 for another new all-time high print, following the script of jumping in 5 and 15 dollar increments on its way to 1,500 while silver traded to within 7 pips of the 19 dollar an oz high with a high print so far today at 1893.5

All […]

Gold Tests 1165, Silver closes in on 19.00 and The Beans Rally 20 Cents for a Starter

Its Midnight, Chicago Time. Gold has tested the 1,165 level, and Silver has posted a high at 18.80 In 6 hours or so, we’ll see if the Asian markets were able to light a new fire under these metals, and perhaps send the dollar index to fresh lows.
Crude Oil has a trading high at 78.25 up 78 cents from last Friday’s close.
The SPZ mini’s are trading 4 handles higher at 1094, while DJZ sits just 35 ticks higher at 10338. Surprisingly quiet given the action in the outside markets, but the day is young.

In the grains, December Corn is up 3 1/2 […]

Midnight and Beans, Gold and Silver Lead the Way

Its Midnight, Chicago Time. Gold has tested the 1,165 level, and Silver has posted a high at 18.80 In 6 hours or so, we’ll see if the Asian markets were able to light a new fire under these metals, and perhaps send the dollar index to fresh lows.
Crude Oil has a trading high at 78.25 up 78 cents from last Friday’s close.
The SPZ mini’s are trading 4 handles higher at 1094, while DJZ sits just 35 ticks higher at 10338. Surprisingly quiet given the action in the outside markets, but the day is young.
In the grains, December Corn is up 3 1/2 […]

What’s on Tap for Resistance in These Markets?

I did a quick look at the charts and picked out the following resistance levels, as it seems most of these commodities tonight are heading higher.
In the crude oil, I would think of selling 80.40, 80.88 and then 81.67.
In the Jan Beans, 1058, 1063 and then 1068.
In the Dec Wheat, 572 1/4, 584, and then 585.
In the Dec Corn 409 1/2 and then 413 1/2
For the stock indexes, resistance would be the following;

DJZ, there are two points 10412 and the 10427
SPZ, there are two as well, 1108.50 and 1,112.25

All of these levels are major points on the […]

Higher Trade Across the Board This Sunday Night

Its Sunday Night and the screen is Blue, Blue, Blue. Gold; New high at 1,162.50 Silver; New High at 18.70 Corn Wheat and Beans Higher… SF pops through the resistance at 1050 and jumps up to 1056 for a high so-far…A low at 946 3/4 gives us an 11 cent range so far for the night and we’ve only been open for 20 minutes. SF is up 7 1/2 cents. CZ is one cent higher at 393 1/4 and Wz is up 3 cents at 562.
These grains will move in sync with the Crude which is up at 78.14 up 50 cents.

Continued weakness […]