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Dr. Kris
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Dr. Kris hails from the land o' lakes, beer, bratwurst, and Bucky Badger. She traded in her cheese hat for a propeller beanie and has never looked back. She has two degrees from MIT because one just wasn't enough. Her life goal was to figure out the universe and having done that (at least to her... More
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  • Market Notes: Sugar Getting Sacked -- June 13 0 comments
    Jun 13, 2013 7:25 PM | about stocks: SGG

    It appears as if the bears weren't able to deliver that one-two punch needed to knock the bulls from the ring. The bullish engulfing candlesticks in the one day charts of most of the major averages (excepting the Nasdaq) and a bounce off recent support levels indicate a second wind for the bulls. On top of that, the Trin still has a ways to fall before entering contrarian land showing that today's rally could easily last through tomorrow. It will take more than a day or two, though, for the bulls to declare victory as the overall direction of the market is still trending down.

    Commodities Highlight: One piece of market data that isn't being widely reported is that sugar (SGG, $57.50)continues to slide. It's been falling steadily for about two years, shedding 45% of its value from its July 2011. Recently, the exchange-traded note (NYSE:ETN) fell beneath $58, a major support level. There's minor support around $55 but it sure doesn't appear as if that's likely to hold. Should it not, the stock could easily continue on down to retest its all-time lows in the $35-$40 range. There are options on this vehicle but they're not heavily traded, although there is some action at the $60 put strikes.

    Subscriber Notes: There are no new entries but please read today's trading note.

    Stocks: SGG
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