Gold hit highs for the week today ending in the green, having a weekly intraday high today at $1,350 and a weekly intraday low seen Tuesday at $1,306. Today also marked a monthly high for the yellow metal. Quite a move after the FOMC meeting raised interest rates on Wednesday, but this was mostly priced in to the market already. …
X Marks the Spot: US 30yr Bond Futures
30 Year Bond Futures I’ve gotta admit although I expected the bonds to hold the line and establish another leg up I did’t believe they would break thru the 143.20 level. That being said I still contend that this recent advance will ultimately reach for 146.15 to 147. I have currently labeled the last sharp low established at …
Livestock Report
Live Cattle The June Live Cattle contract made another new low for the down move, trading to a low of 106.65 on Wednesday, March 21, 2018. It made an early test of the trendline (109.25) as it opened at 109.00 and up ticked to 109.125 before breaking down and trading through the 108.65 support level. It consolidated near 108.65 and …
Grain Spreads
Moves aplenty in the grain complex since last Fridays close has afforded the hedger and spreader phenomenal opportunities for both futures and options trades. Lets examine what to look for going forward. This includes retracement bounces and further liquidations in beans and wheat that potentially could reveal sizable moves in price in the near term as we near one of …
Tariff Victims, Grain longs loaded up?
Fast market conditions may have begun. This feels to me like a big meat blow, funds were long. MEAT ALERTS- live, Hogs has an OLB by lows and holding yest. Tariff talk may put nail in coffin for soybean fund longs? @ day puts may be lotto ticket, 2 days into announcement. Are funds really record long in meal? 110,000 …
Huggin the Curb: June S&P Futures
June S&P Futures The S&P market traded in a narrow range in today’s session. The 20 period daily ATR (average true range) which checks in at over 34 pts contracted on a one day measurement to a mere 2pts (open to close). Of other note is the fact that the June contract settled within a pitching wedge of …
Livestock Report
Live Cattle The June Live Cattle contract is now the lead contract as the volume is greater here than in April. June made another new low for the down move, trading to a low of 108.90 on Tuesday, March 20, 2018. It ended the day nearby at 109.05. It ended the day below trendline support (109.25) and above the 108.65 …
Tri-Tanic: May Crude Oil
May Crude Oil I’ve been watching the crude market form what I believe to be a b wave triangle. I don’t think it is quite complete at this juncture. In my opinion we have recently run up to complete the c wave of the a-b-c-d-e pattern. I am patiently waiting for the d and e to materialize. This …
Livestock Report
Live Cattle The April Live Cattle contract made a new low for the down move, trading to a low of 120.125 on Monday, March 19, 2018. It ended the day nearby at 120.45. It ended the day below the 120.50 support level. A breakdown below 120.125 could see price test the 119.15 support level and then the 200 DMA at …
Livestock Report
Live Cattle The April Live Cattle contract opened at 121.925 and ticked higher to the session high at 122.15, which is right at the upward sloping trendline (122.15) on Friday, March 16, 2018. It failed at the trendline and traded lower for the remainder of the day, making the low at the end of the session at 120.875. It ended …