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T H U R S D A Y M O R N I N G E X T R E M E M A R K E T S
A complimentary service from INO.com ( http://www.ino.com/ )
__________________________________________________ ___________________
With The Violence In Iraq Affecting Supply,Yukos Oil Company
Filing For Bankruptcy, And Winter Demand Upon Us Crude Oil Has
Risen To A Record High. Find Out Where The EIA Thinks Crude Oil,
Unleaded Gas, And Natural Gas Will Be Over The Next Several Months.
http://www.ino.com/specials/348D8/mercercap/energy.html
__________________________________________________ ___________________
8:30 AM ET. Initial Jobless Claims (expected -19K; previous +18K)
8:30 AM ET. USDA Weekly Grain Export Sales Report
10:00 AM ET. Sept. 25 DJ-BTM Business Barometer (previous +0.7%)
3:00 PM ET. Aug. Consumer Credit (expected +$5.4 Bln; previous
+$10.9 Bln)
4:30 PM ET. Money Supply
Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes
The December NASDAQ 100 was slightly lower overnight due to light
short covering as it consolidates some of Wednesday's rally, which led
to a breakout above the 75% retracement level of the June-August
decline crossing at 1476.55. Stochastics and the RSI are bullish but
overbought hinting that a short-term top might be in or is near. If
December extends the rebound off August's low, a test of test of the July
5th reaction high crossing at 1500.50 is the next upside target. Closes
below the 10-day moving average crossing at 1436.60 would temper the
bullish outlook in the market. The December NASDAQ 100 was down
3.00 pts. at 1476 as of 5:48 AM ET. Overnight action sets the stage for a
steady to weaker opening by the NASDAQ composite index later this
morning.
The December S&P 500 index was slightly lower overnight due to light
profit taking as it consolidates some of Wednesday's rally. If the rally
continues, a test of June's high crossing at 1146.50 is possible later this
week. Stochastics and the RSI are bullish but very overbought hinting
that a short-term top might be in or is near. Closes below the 10-day
moving average crossing at 1124.61 would temper the friendly outlook
in the market. Overnight action sets the stage for a steady to weaker
opening when the day session begins later this morning.
. .................................................. ...................
Visual Signals everyday, on every chart and every market
.................................................. ...................
Monte:
INO.com is not a broker and we do not manage money. We do
not have an agenda other than to help you understand how
the markets really work.
S & P Index:
Topped out or going higher? Call 800.538.7424 for instant analysis.
December Gold:
Topped out or going higher? Call 800.538.7424 for instant analysis.
December Crude Oil
Topped out or going higher? Call 800.538.7424 for instant analysis.
Your Market Here
?????????????????? Call 800.538.7424 for instant analysis.
__________________________________________________ ______________________
INTEREST RATES http://quotes.ino.com/exchanges/?c=interest
December bonds were mostly steady overnight as it consolidates below
the 40-day moving average crossing at 111-07 and above the 25%
retracement level of the May-September rally crossing at 110-29.
Stochastics and the RSI remain bearish signaling that sideways to lower
prices are possible near-term. Closes below the 25% retracement level
crossing at 110-29 would open the door for a likely test of the June-July
uptrend line crossing near 110-05 later this fall. Closes above the 10-day
moving average crossing at 112-09 are needed to temper the bearish
near-term outlook in the market. Overnight action sets the stage for a
steady open when the day session begins trading later this morning.
ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy
November crude oil was higher overnight as it extends this week's
breakout above psychological resistance crossing at 50.00. The daily
ADX (a trend-following indicator) remains in a bullish mode signaling
that sideways to higher prices are possible near-term. November is now
trading into uncharted territory. Closes below the 10-day moving
average crossing at 50.31 would signal that a short-term top has been
posted. Overnight action sets the stage for a steady to firmer tone in
early day session trading.
November heating oil was higher overnight as it extends this year's rally
into uncharted territory. The daily ADX (a trend-following indicator) is
in a bullish mode signaling that sideways to higher prices are possible
near-term. Closes below the 10-day moving average crossing at 139.14
would signal that a short-term top has been posted. Overnight action sets
the stage for a steady to firmer tone in early-day session trading.
November unleaded gas was higher overnight and has broken out above
monthly resistance crossing at 138.45. If the rally continues, monthly
resistance crossing at 147.00 is the next upside target. The daily ADX (a
trend-following indicator) is in a bullish mode signaling that sideways to
higher prices are still possible. Closes below the 10-day moving average
crossing at 135.07 would signal that a short-term top has likely been
posted. Overnight action sets the stage for a steady to firmer tone in
early-day session trading.
November Henry Hub natural gas was higher overnight and is working
on a possible inside day as it consolidates some of Wednesday's decline.
If November renews the rally off September's low, monthly resistance
crossing at 7.630 is the next upside target. Stochastics and the RSI are
becoming overbought and are turning neutral hinting that a short-term
top might be in or is near. Closes below the 10-day moving average
crossing at 6.690 would signal that a short-term top has likely been
posted. Overnight action sets the stage for a steady to firmer tone in
early-day session trading.
CURRENCIES http://quotes.ino.com/exchanges/?c=currencies
The December Dollar was lower overnight due to light profit taking as it
consolidates below the 20-day moving average crossing at 88.56.
Stochastics and the RSI have turned bullish signaling that sideways to
higher prices are possible near-term. Closes above the 40-day moving
average crossing at 88.85 would open the door for a larger-degree
rebound during the first half of October. Closes below July's low
crossing at 87.52 would open the door for a possible test of weekly
support crossing at 84.77 later this fall. Overnight action sets the stage
for a steady to weaker tone in early-day session trading.
The December Euro was higher overnight and is working on a possible
inside day as it consolidates above the 20-day moving average crossing
at 122.723. Stochastics and the RSI have turned bearish signaling that
sideways to lower prices are possible near-term. Closes below the 40-
day moving average crossing at 122.271 would open the door for a test
of the September 16th reaction low crossing at 121.130 later this fall. If
the rally off the late-August low resumes, a test of July's high crossing at
124.55 is possible. Overnight action sets the stage for a steady to firmer
tone in early-day session trading.
The December British Pound was higher overnight due to short covering
as it consolidates some of Wednesday's decline. However, stochastics
and the RSI remain bearish signaling that sideways to lower prices are
possible near-term. If December extends this week's decline, a test of
September's low crossing at 1.7569 is the next downside target.
Overnight action sets the stage for a steady to firmer tone in early-day
session trading.
The December Swiss Franc was higher due to short covering overnight
as it consolidates some of Wednesday's loss but remains below the 20-
day moving average crossing at .7951. This week's breakout below this
support level has opened the door for a possible test of the September
20th reaction low crossing at .7850 later this fall. Stochastics and the
RSI are bearish signaling that sideways to lower prices are possible
near-term. Overnight action sets the stage for a steady to firmer tone in
early-day session trading.
The December Canadian Dollar was higher as it extended this summer's
rally. If the rally continues, a test of weekly resistance crossing at .8060
is the next upside target. Closes below the 10-day moving average
crossing at .7888 and then Monday's low crossing at .7830 would
confirm that a short-term top has been posted while opening the door for
a larger-degree decline. Overnight action sets the stage for a steady to
firmer tone in early-day session trading.
The December Japanese Yen was slightly higher overnight due to short
covering as it consolidates below the 10-day moving average crossing at
.9050. Stochastics and the RSI have turned bearish signaling that
sideways to lower prices are possible near-term. If December extends
this week's decline, a test of July's low crossing at .8966 is possible later
this month. Closes above last week's high crossing at .9143 would
confirm that a double bottom with July's low was posted last Tuesday.
Overnight action sets the stage for a steady to firmer tone in early-day
session trading.
Improve your bottom line today with InvestorFLIX. It's as easy as 1, 2, 3. Here's how it works: Choose the DVD/CDs you'd like to see. Your favorite titles are delivered to your door. Postage prepaid for easy returns. Available everywhere in the US and to most international users. No limit, no late fees. Available today at http://www.investorflix.com/
PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals
December gold was slightly lower overnight as it consolidates below the
75% retracement level of the April-May decline crossing at 421 but
above August's high crossing at 416.80. Stochastics and the RSI are
overbought and are turning bearish hinting that a short-term top might
be in or is near. Closes below the 10-day moving average crossing at
416.60 would signal that the rally off September's low has likely come
to an end. If December extends last month's rally, the April 7th reaction
high crossing at 424 is the next upside target. Overnight action sets the
stage for a steady to weaker tone in early day session trading.
December silver was lower overnight due to light profit taking as it
consolidates some of this week's rally, which led to a breakout above
August's high. Stochastics and the RSI are overbought and are turning
neutral warning bulls to use caution as a short-term top might be
forming. If December extends this week's rally, the 62% retracement
level of the April-May decline crossing at 7.342 is the next upside target.
Closes below the 10-day moving average crossing at 6.849 would signal
that a short-term top has been posted. Overnight action sets the stage for
a steady to weaker tone in early day session trading.
December copper was higher overnight as it extends this week's rally.
The daily ADX (a trend-following indicator) is in a bullish mode
signaling that sideways to higher prices are possible near-term. If the
rally continues, a test of the July 1995 high crossing at 146.10 is
possible later this fall. Closes below the 10-day moving average crossing
at 139.35 would signal that the rally off September's low has come to an
end. Overnight action sets the stage for a steady to firmer tone in early-
day session trading.
FOOD & FIBER http://quotes.ino.com/exchanges/?c=food
SOFTS: March sugar closed down 10 points at 8.95 cents
today. Prices closed near the session low. Prices are
pausing at higher levels and that is not bearish. The
contract high of 9.10 cents is stiff overhead resistance
for the bulls to overcome.
December coffee closed down 50 points at 76.65 cents today
in quiet trading. Prices closed near the session low. Chart
damage has occurred recently. It's going to take multiple
closes back above 80.00 cents to give the bulls some fresh
upside momentum.
December cocoa closed down $18 at $1,406 today. Prices hit
another fresh 2.5-month low and closed near the session low
today. Chart damage is occurring this week. We are seeing a
bearish downside "breakout" from the sideways trading range
in place since early September.
December cotton closed up 124 points at 48.47 cents today.
Prices closed near the session high. The bears remain in
firm technical control, but a strong close on Thursday
would negate a four-week-old downtrend in place on the
daily bar chart.
November orange juice closed up 50 points at 84.20 cents
today. Prices closed near the session high. No serious
chart damage has occurred this week.
November lumber futures closed up $3.70 at $330.50 today in
quiet trading. Prices Tuesday hit a 3.5-month low. Bears
are in full command. Their next downside objective is the
June contract low of $321.00.
With The Violence In Iraq Affecting Supply,Yukos Oil Company
Filing For Bankruptcy, And Winter Demand Upon Us Crude Oil Has
Risen To A Record High. Find Out Where The EIA Thinks Crude Oil,
Unleaded Gas, And Natural Gas Will Be Over The Next Several Months.
http://www.ino.com/specials/348D8/mercercap/energy.html
GRAINS http://quotes.ino.com/exchanges/?c=grains
December corn was mostly steady overnight as it continues to drift
sideways to lower following the recent breakout below key weekly
support crossing at 2.10. This morning's weekly export sales report
might provide early direction for the market however; trading is likely to
remain choppy ahead of next week's monthly supply-demand report. The
door remains open for a test of the 2001 low on the monthly chart
crossing at 1.98 1/4 later this fall. Stochastics and the RSI are oversold
but are bearish signaling that additional weakness is possible. Closes
above broken long-term support crossing at 2.15 are needed to temper
the bearish outlook in the market. Overnight action sets the stage for a
steady opening when the day session begins trading later this morning.
December wheat was fractionally higher overnight as it consolidates
some of Wednesday's loss but remains below the lower boundary of a
two-month old trading range crossing at 3.08 1/2. Stochastics and the
RSI remain bearish signaling that sideways to lower prices are possible
near-term. The door remains open for a test of the May 2003 low on the
weekly December chart crossing at 2.95 1/2 later this fall. Closes above
last Thursday's gap crossing at 3.16 1/4 are needed to temper the bearish
outlook in the market. Overnight action sets the stage for a steady to a
1/2-cent lower opening when the day session begins later this morning.
December Kansas City Wheat closed lower on Wednesday and the low-
range close sets the stage for a steady to lower opening on Thursday. If
December extends this fall's decline, a test of August's low crossing at
3.24 1/4 is the next downside target. Stochastics and the RSI remain
bearish signaling that sideways to lower prices are possible near-term.
Closes above last Thursday's gap crossing at 3.45 would temper the
near-term bearish outlook in the market.
SOYBEAN COMPLEX
November soybeans were higher overnight due to light short covering
ahead of this morning's weekly export sales report. Open harvest
weather along with continued reports of good yields across the Midwest
continues to pressure the market. Stochastics and the RSI are oversold
but are bearish again hinting that additional weakness is possible near-
term. If November extends last month's decline, a test of weekly support
crossing at 5.15 is the next downside target. It will take closes above last
week's high crossing at 5.39 1/2 to temper the bearish outlook in the
market. Overnight action sets the stage for a 1 to 3-cents higher opening
when the day session begins later this morning.
December soybean meal was steady overnight as it consolidates some of
this week's decline, which tested the July 2003 low crossing at 156. If
December extends this fall's decline, a test of the January 2002 low
crossing at 145.40 is possible later this year. Stochastics and the RSI
have turned bearish again signaling that additional weakness is possible
near-term. Closes above the 20-day moving average crossing at 163 are
needed to temper the bearish outlook in the market. Overnight action
sets the stage for a mostly steady opening with the day session begins
later this morning.
December soybean oil was slightly lower overnight but remains above
the 10-day moving average crossing at 20.95. Stochastics and the RSI
are oversold and are turning neutral to bullish hinting that a short-term
low might be in or is near. However, It would take closes above last
week's high crossing at 21.24 to temper the near-term bearish outlook in
the market. Overnight action sets the stage for a steady to 2 points lower
opening with the day session begins later this morning.
LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock
LIVESTOCK: December live cattle closed up $0.05 at $88.87
today in quiet trading. Prices poked to a fresh three-week
high today. Traders are awaiting cash cattle trade later
this week. A close below the September low of $85.35 would
provide the bears with some solid downside power.
November feeder cattle closed up $0.07 at $111.82 today in
quiet trading. Bulls still have the technical advantage. A
close below last week's low of $108.60 would give the bulls
some fresh downside momentum.
December lean hogs closed up $1.05 at $66.80 today. Prices
closed near the session high on short covering from recent
steep losses. Chart damage has occurred recently and that
is a clue that a near-term top is in place.
February pork bellies closed up $1.37 at $97.97 today. More
short covering in a bear market was seen today. Near-term
chart damage has occurred recently. It still looks like a
big bear flag could be forming on the daily bar chart.
Learn about these markets from hundred of experts. Check out InvestorFLIX at http://www.investorflix.com/
A complimentary service from INO.com ( http://www.ino.com/ )
__________________________________________________ ___________________
With The Violence In Iraq Affecting Supply,Yukos Oil Company
Filing For Bankruptcy, And Winter Demand Upon Us Crude Oil Has
Risen To A Record High. Find Out Where The EIA Thinks Crude Oil,
Unleaded Gas, And Natural Gas Will Be Over The Next Several Months.
http://www.ino.com/specials/348D8/mercercap/energy.html
__________________________________________________ ___________________
8:30 AM ET. Initial Jobless Claims (expected -19K; previous +18K)
8:30 AM ET. USDA Weekly Grain Export Sales Report
10:00 AM ET. Sept. 25 DJ-BTM Business Barometer (previous +0.7%)
3:00 PM ET. Aug. Consumer Credit (expected +$5.4 Bln; previous
+$10.9 Bln)
4:30 PM ET. Money Supply
Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)
The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes
The December NASDAQ 100 was slightly lower overnight due to light
short covering as it consolidates some of Wednesday's rally, which led
to a breakout above the 75% retracement level of the June-August
decline crossing at 1476.55. Stochastics and the RSI are bullish but
overbought hinting that a short-term top might be in or is near. If
December extends the rebound off August's low, a test of test of the July
5th reaction high crossing at 1500.50 is the next upside target. Closes
below the 10-day moving average crossing at 1436.60 would temper the
bullish outlook in the market. The December NASDAQ 100 was down
3.00 pts. at 1476 as of 5:48 AM ET. Overnight action sets the stage for a
steady to weaker opening by the NASDAQ composite index later this
morning.
The December S&P 500 index was slightly lower overnight due to light
profit taking as it consolidates some of Wednesday's rally. If the rally
continues, a test of June's high crossing at 1146.50 is possible later this
week. Stochastics and the RSI are bullish but very overbought hinting
that a short-term top might be in or is near. Closes below the 10-day
moving average crossing at 1124.61 would temper the friendly outlook
in the market. Overnight action sets the stage for a steady to weaker
opening when the day session begins later this morning.
. .................................................. ...................
Visual Signals everyday, on every chart and every market
.................................................. ...................
Monte:
INO.com is not a broker and we do not manage money. We do
not have an agenda other than to help you understand how
the markets really work.
S & P Index:
Topped out or going higher? Call 800.538.7424 for instant analysis.
December Gold:
Topped out or going higher? Call 800.538.7424 for instant analysis.
December Crude Oil
Topped out or going higher? Call 800.538.7424 for instant analysis.
Your Market Here
?????????????????? Call 800.538.7424 for instant analysis.
__________________________________________________ ______________________
INTEREST RATES http://quotes.ino.com/exchanges/?c=interest
December bonds were mostly steady overnight as it consolidates below
the 40-day moving average crossing at 111-07 and above the 25%
retracement level of the May-September rally crossing at 110-29.
Stochastics and the RSI remain bearish signaling that sideways to lower
prices are possible near-term. Closes below the 25% retracement level
crossing at 110-29 would open the door for a likely test of the June-July
uptrend line crossing near 110-05 later this fall. Closes above the 10-day
moving average crossing at 112-09 are needed to temper the bearish
near-term outlook in the market. Overnight action sets the stage for a
steady open when the day session begins trading later this morning.
ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy
November crude oil was higher overnight as it extends this week's
breakout above psychological resistance crossing at 50.00. The daily
ADX (a trend-following indicator) remains in a bullish mode signaling
that sideways to higher prices are possible near-term. November is now
trading into uncharted territory. Closes below the 10-day moving
average crossing at 50.31 would signal that a short-term top has been
posted. Overnight action sets the stage for a steady to firmer tone in
early day session trading.
November heating oil was higher overnight as it extends this year's rally
into uncharted territory. The daily ADX (a trend-following indicator) is
in a bullish mode signaling that sideways to higher prices are possible
near-term. Closes below the 10-day moving average crossing at 139.14
would signal that a short-term top has been posted. Overnight action sets
the stage for a steady to firmer tone in early-day session trading.
November unleaded gas was higher overnight and has broken out above
monthly resistance crossing at 138.45. If the rally continues, monthly
resistance crossing at 147.00 is the next upside target. The daily ADX (a
trend-following indicator) is in a bullish mode signaling that sideways to
higher prices are still possible. Closes below the 10-day moving average
crossing at 135.07 would signal that a short-term top has likely been
posted. Overnight action sets the stage for a steady to firmer tone in
early-day session trading.
November Henry Hub natural gas was higher overnight and is working
on a possible inside day as it consolidates some of Wednesday's decline.
If November renews the rally off September's low, monthly resistance
crossing at 7.630 is the next upside target. Stochastics and the RSI are
becoming overbought and are turning neutral hinting that a short-term
top might be in or is near. Closes below the 10-day moving average
crossing at 6.690 would signal that a short-term top has likely been
posted. Overnight action sets the stage for a steady to firmer tone in
early-day session trading.
CURRENCIES http://quotes.ino.com/exchanges/?c=currencies
The December Dollar was lower overnight due to light profit taking as it
consolidates below the 20-day moving average crossing at 88.56.
Stochastics and the RSI have turned bullish signaling that sideways to
higher prices are possible near-term. Closes above the 40-day moving
average crossing at 88.85 would open the door for a larger-degree
rebound during the first half of October. Closes below July's low
crossing at 87.52 would open the door for a possible test of weekly
support crossing at 84.77 later this fall. Overnight action sets the stage
for a steady to weaker tone in early-day session trading.
The December Euro was higher overnight and is working on a possible
inside day as it consolidates above the 20-day moving average crossing
at 122.723. Stochastics and the RSI have turned bearish signaling that
sideways to lower prices are possible near-term. Closes below the 40-
day moving average crossing at 122.271 would open the door for a test
of the September 16th reaction low crossing at 121.130 later this fall. If
the rally off the late-August low resumes, a test of July's high crossing at
124.55 is possible. Overnight action sets the stage for a steady to firmer
tone in early-day session trading.
The December British Pound was higher overnight due to short covering
as it consolidates some of Wednesday's decline. However, stochastics
and the RSI remain bearish signaling that sideways to lower prices are
possible near-term. If December extends this week's decline, a test of
September's low crossing at 1.7569 is the next downside target.
Overnight action sets the stage for a steady to firmer tone in early-day
session trading.
The December Swiss Franc was higher due to short covering overnight
as it consolidates some of Wednesday's loss but remains below the 20-
day moving average crossing at .7951. This week's breakout below this
support level has opened the door for a possible test of the September
20th reaction low crossing at .7850 later this fall. Stochastics and the
RSI are bearish signaling that sideways to lower prices are possible
near-term. Overnight action sets the stage for a steady to firmer tone in
early-day session trading.
The December Canadian Dollar was higher as it extended this summer's
rally. If the rally continues, a test of weekly resistance crossing at .8060
is the next upside target. Closes below the 10-day moving average
crossing at .7888 and then Monday's low crossing at .7830 would
confirm that a short-term top has been posted while opening the door for
a larger-degree decline. Overnight action sets the stage for a steady to
firmer tone in early-day session trading.
The December Japanese Yen was slightly higher overnight due to short
covering as it consolidates below the 10-day moving average crossing at
.9050. Stochastics and the RSI have turned bearish signaling that
sideways to lower prices are possible near-term. If December extends
this week's decline, a test of July's low crossing at .8966 is possible later
this month. Closes above last week's high crossing at .9143 would
confirm that a double bottom with July's low was posted last Tuesday.
Overnight action sets the stage for a steady to firmer tone in early-day
session trading.
Improve your bottom line today with InvestorFLIX. It's as easy as 1, 2, 3. Here's how it works: Choose the DVD/CDs you'd like to see. Your favorite titles are delivered to your door. Postage prepaid for easy returns. Available everywhere in the US and to most international users. No limit, no late fees. Available today at http://www.investorflix.com/
PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals
December gold was slightly lower overnight as it consolidates below the
75% retracement level of the April-May decline crossing at 421 but
above August's high crossing at 416.80. Stochastics and the RSI are
overbought and are turning bearish hinting that a short-term top might
be in or is near. Closes below the 10-day moving average crossing at
416.60 would signal that the rally off September's low has likely come
to an end. If December extends last month's rally, the April 7th reaction
high crossing at 424 is the next upside target. Overnight action sets the
stage for a steady to weaker tone in early day session trading.
December silver was lower overnight due to light profit taking as it
consolidates some of this week's rally, which led to a breakout above
August's high. Stochastics and the RSI are overbought and are turning
neutral warning bulls to use caution as a short-term top might be
forming. If December extends this week's rally, the 62% retracement
level of the April-May decline crossing at 7.342 is the next upside target.
Closes below the 10-day moving average crossing at 6.849 would signal
that a short-term top has been posted. Overnight action sets the stage for
a steady to weaker tone in early day session trading.
December copper was higher overnight as it extends this week's rally.
The daily ADX (a trend-following indicator) is in a bullish mode
signaling that sideways to higher prices are possible near-term. If the
rally continues, a test of the July 1995 high crossing at 146.10 is
possible later this fall. Closes below the 10-day moving average crossing
at 139.35 would signal that the rally off September's low has come to an
end. Overnight action sets the stage for a steady to firmer tone in early-
day session trading.
FOOD & FIBER http://quotes.ino.com/exchanges/?c=food
SOFTS: March sugar closed down 10 points at 8.95 cents
today. Prices closed near the session low. Prices are
pausing at higher levels and that is not bearish. The
contract high of 9.10 cents is stiff overhead resistance
for the bulls to overcome.
December coffee closed down 50 points at 76.65 cents today
in quiet trading. Prices closed near the session low. Chart
damage has occurred recently. It's going to take multiple
closes back above 80.00 cents to give the bulls some fresh
upside momentum.
December cocoa closed down $18 at $1,406 today. Prices hit
another fresh 2.5-month low and closed near the session low
today. Chart damage is occurring this week. We are seeing a
bearish downside "breakout" from the sideways trading range
in place since early September.
December cotton closed up 124 points at 48.47 cents today.
Prices closed near the session high. The bears remain in
firm technical control, but a strong close on Thursday
would negate a four-week-old downtrend in place on the
daily bar chart.
November orange juice closed up 50 points at 84.20 cents
today. Prices closed near the session high. No serious
chart damage has occurred this week.
November lumber futures closed up $3.70 at $330.50 today in
quiet trading. Prices Tuesday hit a 3.5-month low. Bears
are in full command. Their next downside objective is the
June contract low of $321.00.
With The Violence In Iraq Affecting Supply,Yukos Oil Company
Filing For Bankruptcy, And Winter Demand Upon Us Crude Oil Has
Risen To A Record High. Find Out Where The EIA Thinks Crude Oil,
Unleaded Gas, And Natural Gas Will Be Over The Next Several Months.
http://www.ino.com/specials/348D8/mercercap/energy.html
GRAINS http://quotes.ino.com/exchanges/?c=grains
December corn was mostly steady overnight as it continues to drift
sideways to lower following the recent breakout below key weekly
support crossing at 2.10. This morning's weekly export sales report
might provide early direction for the market however; trading is likely to
remain choppy ahead of next week's monthly supply-demand report. The
door remains open for a test of the 2001 low on the monthly chart
crossing at 1.98 1/4 later this fall. Stochastics and the RSI are oversold
but are bearish signaling that additional weakness is possible. Closes
above broken long-term support crossing at 2.15 are needed to temper
the bearish outlook in the market. Overnight action sets the stage for a
steady opening when the day session begins trading later this morning.
December wheat was fractionally higher overnight as it consolidates
some of Wednesday's loss but remains below the lower boundary of a
two-month old trading range crossing at 3.08 1/2. Stochastics and the
RSI remain bearish signaling that sideways to lower prices are possible
near-term. The door remains open for a test of the May 2003 low on the
weekly December chart crossing at 2.95 1/2 later this fall. Closes above
last Thursday's gap crossing at 3.16 1/4 are needed to temper the bearish
outlook in the market. Overnight action sets the stage for a steady to a
1/2-cent lower opening when the day session begins later this morning.
December Kansas City Wheat closed lower on Wednesday and the low-
range close sets the stage for a steady to lower opening on Thursday. If
December extends this fall's decline, a test of August's low crossing at
3.24 1/4 is the next downside target. Stochastics and the RSI remain
bearish signaling that sideways to lower prices are possible near-term.
Closes above last Thursday's gap crossing at 3.45 would temper the
near-term bearish outlook in the market.
SOYBEAN COMPLEX
November soybeans were higher overnight due to light short covering
ahead of this morning's weekly export sales report. Open harvest
weather along with continued reports of good yields across the Midwest
continues to pressure the market. Stochastics and the RSI are oversold
but are bearish again hinting that additional weakness is possible near-
term. If November extends last month's decline, a test of weekly support
crossing at 5.15 is the next downside target. It will take closes above last
week's high crossing at 5.39 1/2 to temper the bearish outlook in the
market. Overnight action sets the stage for a 1 to 3-cents higher opening
when the day session begins later this morning.
December soybean meal was steady overnight as it consolidates some of
this week's decline, which tested the July 2003 low crossing at 156. If
December extends this fall's decline, a test of the January 2002 low
crossing at 145.40 is possible later this year. Stochastics and the RSI
have turned bearish again signaling that additional weakness is possible
near-term. Closes above the 20-day moving average crossing at 163 are
needed to temper the bearish outlook in the market. Overnight action
sets the stage for a mostly steady opening with the day session begins
later this morning.
December soybean oil was slightly lower overnight but remains above
the 10-day moving average crossing at 20.95. Stochastics and the RSI
are oversold and are turning neutral to bullish hinting that a short-term
low might be in or is near. However, It would take closes above last
week's high crossing at 21.24 to temper the near-term bearish outlook in
the market. Overnight action sets the stage for a steady to 2 points lower
opening with the day session begins later this morning.
LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock
LIVESTOCK: December live cattle closed up $0.05 at $88.87
today in quiet trading. Prices poked to a fresh three-week
high today. Traders are awaiting cash cattle trade later
this week. A close below the September low of $85.35 would
provide the bears with some solid downside power.
November feeder cattle closed up $0.07 at $111.82 today in
quiet trading. Bulls still have the technical advantage. A
close below last week's low of $108.60 would give the bulls
some fresh downside momentum.
December lean hogs closed up $1.05 at $66.80 today. Prices
closed near the session high on short covering from recent
steep losses. Chart damage has occurred recently and that
is a clue that a near-term top is in place.
February pork bellies closed up $1.37 at $97.97 today. More
short covering in a bear market was seen today. Near-term
chart damage has occurred recently. It still looks like a
big bear flag could be forming on the daily bar chart.
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