Get Ready for Friday Unemployment:: S&P 1900 and Dow 17000?

Two Charts to look at on the Stock Indexes prior to Friday’s Unemployment figures:

YMM14 (Doe Index) 16.465 remains the high which was posted on New years Eve, just 3 months ago. After that , we had the February Swoon, followed by the bulls fighting back every bit of that 7% pull back.
Friday we look to be funneling into a real test of that old high.  A settlement above that level would open the door for Dow 17,300.
A lot of the general public is still out of this market. As always,  its going to take a big psychological target to bring them back.  I […]

USDA throws no surprises-Funds in the Driver Seat

Unlike 2013, the USDA threw no big surprises at the markets today.  Acres were within estimates,  a little higher for beans and a little lower for corn,  which spurred CZ-SX spreading .  July/Nov old crop new crop went from its pivot at 2.00 out to 2.46.  It seems determined to push out towards 3.00 over time.
Funds are long 180 beans,  250 corn and 50 wheat , and are in the driver seat.
I personally had thought there was a 70 percent chance of a down side flush on  bearish USDA, but carry out for corn dropped to 7.000 billion and stayed at 998 or […]

Gold retraces 38% of its 3 month $209.00 rally

April Gold Retraces38% of its 3 month rally.  Last week, April gold rallied to its highest price since September.  That’s marked a 6-month high. That was a week ago today.  The high tick was 1392.60. We missed the 1400 print by just $7.40
First support it 1312
Second support 1287
Third support 1262.

These are pretty simple Fibonacci Supports. 

Topping out in the S&P and the Dow?

This is a Weekly Chart of the Dow basis June contract.

6 weeks in the past 13 we’ve tested 16400 and sold off.  In my opinon, if we settle above 16,400, it opens the door to a run up to at least 17,000.
IN the mean time.  Every time it comes close to 16,400 :  I’d continue to sell it.
If you had done that in the past 3 months, you would have had a bunch of opportunities to scalp profits on the sell offs.

Is there a big sell […]

Hedgers: USDA closing In after a volatile week in the grains

Corn: May Corn settled up ½ cent at $4.79. December settled down 1 ¼ cent at $4.79 ¼.. For the week, CK settled down 7 cents, while CZ settled down 7 ¼ cents. Corn had subdued trade to finish the week, with just a 5 cent trading range. It looked like the trade was more interested in their NCAA brackets then making big changes heading into the weekend. May corn has done some back filling in the wake of the 6-month high at $5.02 ½ posted two weeks ago. […]

Get your hedges on in front of the USDA on the 31st

Corn: May corn settled up 1 cent at $4.86. December settled up 3 ¼ at $4.87 ¼. For the week, May lost 3 cents while December gained 2 ½ cents. The trade was lighter than usual, and a typical for a Friday on a Holiday-type weekend. Last Friday’s high print at $5.02 ½ punctuated a 2-month, 88 cent rally which saw May gain 20% in value from its January 10th 3-1/2 year low. The market seemed to take a breather here after that high tick. Most of the […]