July Soybeans Soybeans pressed higher thru projection and resistance zones mentioned in yesterdays post. Because of the sloping quality and time factor effecting these levels one must be careful of attempting to pinpoint exact trade location and also be willing to minimize risk. Trading is like fishing in a sense. The minor drawdowns you incur are comparable to the bait you lose …
Long on events , short on reactions
Lots on the agenda If you looked on the calendar today, you might have seen the following schedule; ECB Decsion, UK Vote, Comey Testimony. All had the potential to send the markets on a run, in either direction. At the end of the day the markets didn’t look too much different than any other session. ECB Holds Steady The European …
Soybean Complex: Assessing The Structure
Another sloppy session develops in the July soybeans. A typical description of a corrective counter trend move. The market should be setting up for another impulsive wave lower. This upcoming wave should commence with a minor 5 wave move. This should be closely monitored. As of now it appears unclear. If contract weakens and holds below 926.6 I would consider this the commencement of …
Livestock Report
Live Cattle The August Live Cattle made an early attempt to rally and recover some of Tuesday’s late day losses on Wednesday, June 7, 2017. It made its high for the day at 124.925 right around the time the fedcattleexchange auction was to take place. The auction was postponed however, to Thursday as technical glitches with their website occurred. They …
Daily Gold Report
Gold and Silver futures took a respite from their post unemployment rally as equities again held their ground while the U.S. Dollar finished slightly higher. A big drop in crude oil and gasoline prices potentially spilled into the precious metals sector as there was a reluctance by buyers to push front month gold futures above 1300.0 and ounce and deferred contracts in silver …
Buy Grains sell meats ? long term.
Game on volatility picks up everything. What is your game plan? Need one? Disclaimer- While I have traded meats I am no expert and do not pay attention to fundamentals because they carry those people out now for years (inquire) but if cattle and feeders can top here they probably did yesterday I posted the 1150-am-ish voice comment citing olive …
Soybean Complex: A Close Up Technical view
Soybeans July soybeans come out of a minor iv wave triangle to complete what appears to be a completion of a non-impulsive a-b-c subset iv wave rebound off previous mentioned cross support zone at 910-900. A failure to press above todays highs should give way to another impulsive wave lower to complete a subset 5 wave decline stemming from the highs …
Soybean Complex: Nothing to See Hear
Soybeans Tight 9 cent range in the July soybeans to kick off the week. High of the day just misses resistance level previously mentioned in last weeks post at 928.2 to 929. Because of time element price action puts current close right on down sloping channel line. Structure still appears corrective in nature and should be followed by an …
Currency comment 6/5
Over the last two weeks the U.S. dollar has weakened marginally. Foreign currencies have strengthened moderately. Gold has firmed on the softer dollar. U.S. stock indices remain in record high territory. The U.S. monthly employment report last Friday showed weaker than expected growth. This weak report has many traders confused as to what the Federal Reserve will do with interest rates …
Livestock Report
Live Cattle The August Live Cattle continued its trek higher on Monday, June 5, 2017, making a new high (127.15) for the move and testing resistance at the 127.45 level. Anticipation of higher cash prices this week is the driving force of the futures trade. Last week’s unexpected bidding war for fed cattle (prices traded from $131.00 up to $137.50 …