June Eurocurrency has pulled back to downward sloping trend line support. This also puts the market inside the 60% buy window. If support holds the market should move up to test 1.3692 high posted on April 12.… read more
Monthly Archives: April 2010
Silver falters at median line and triggers major sell signal. [chart]
Silver has been flirting with the two up-sloping median line over the past several days. The market closed beyond the long-term median line, but was lost momentum and could not push above the short-term median line and began to move away from the median line as it approached Monday’s reversal swing date. The market failed after… read more
Reversal Swing date for the week of April 19 – 23
Monday – Cattle, Silver, Gold, British pound, Australian dollar Tuesday – Soy meal, RBOB gas, Heating oil, T-Notes, Dollar index, Canadian dollar Wednesday – Wheat, Crude oil, T-Bonds Thursday – S&P Friday – Coffee… read more
Grain Calls
WHEAT – Down 1/2 to 1 cent per bushel. Profit-taking expected after the strong technical rally on Thursday. Plentiful supply of wheat continues to slow rallies. CORN – Down 1 to 2 cents per bushel. Outlooks for good U.S. corn planting weather through the weekend into next week weighing on corn futures in addition to… read more
CME Pit Cattle Commentary
Cattle Complex Pit-traded CME live cattle are seen mainly firm based on futures’ price discounts to this week’s cash cattle sales and potential short-covering after the market’s three-day losing streak.… read more
Opening Grain Calls
WHEAT – Down 1 to 2 cents per bushel. Plentiful global supply of wheat weighs, in addition to pressure from a firm dollar. CORN – Down 1 to 2 cents per bushel. Firm dollar and good U.S. corn planting weather combine to weigh on market, in addition to profit-taking after Wednesday’s short-covering bounce. SOYBEANS –… read more
Initial Jobless Claims [4/15/2010]
NEW YORK (AP) — Stocks are falling in early trading after a report shows initial claims for unemployment benefits rose unexpectedly for the second straight week. The Labor Department says first-time requests for jobless benefits rose to 484,000 last week, the highest level since late February. Economists were expecting claims to fall to 440,000. High… read more
“Double cross’ pattern triggers new swing trading opportunity in Silver. [chart]
Silver crossed above the up-sloping median (center) line and closed beyond the line on Friday and Monday. However, heavy profit-taking pressured the market on Tuesday, causing the Silver t0 dip below the line. The sell-off ended quickly and Silver surged above the line for a second time during Wednesday’s trading session forming a “double cross”… read more
EIA Energy Stocks Report [4/14/2010]
NEW YORK, April 14 (Reuters) – U.S. crude oil futures extended their gains on Wednesday, rising more than $1, after government oil inventory data showed crude oil stocks fell last week, against expectations for a build. The U.S. Energy Information Administration’s report said crude oil stockpiles fell 2.2 million barrels, against a forecast for stocks… read more
Bullish reaction swing portends new rally in Crude. [chart]
The International Energy Agency said that it expects world oil demand to average 86.6 million barrels per day (mbd) in 2010, slightly more than the previous record high of 86.5 mbd in 2007. Crude zoomed through the ascending median line and closed above the prior swing high of 85.43 on April 6th. From this new… read more