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Chris Bersaw
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Spent my entire career on the trading floor of major futures exchange experiencing price discovery up close and quite personal like in your face personal lol and know first hand just how irrational these markets can be. Initially in futures, branched into the world of options trading learning... More
  • Commodity Currents: Turn Around Tuesday.  0 comments
    Apr 3, 2012 8:44 PM

    Sure enough Tuesday lives up to its reputation as most markets usually reverse their Monday directions with some notable exceptions. Stocks floated lower but 1400 held in the S&P500 nothing really new here unless we get a close with conviction under 1195 but with few upside catalysts either. Key reversals in Treasuries with 10Yr sharply lower as 130-00 proved to be formidable resistance with prices under 129-08 and looking for 128-00 with 30Yr heading for 135-00 unable to close over 139-00. Key reversal in the Dollar taking it to 79.66 in a blink of an eye and should it build on these gains with a close over 79.84 can result in a challenge of 80.20 pressuring the crosses with reversals in the Aussie dropping more then 1 cent cents to 1.0226, Yen dropping under 1.2083 but buyers have been supportive at 1.200 to 1.2100 and the Euro falling unable to move beyond 1.3400 now threatening 1.3223 with a failure can result in a drop to 1.2122. Metals melted with Gold falling after unable to move over 1681 back to 1640 and a close under that could result in a trade to 1600 with Sliver reversing lower rejected from 33.235 but has more support under it around 32.10 and Copper failed at 3.9500 and has support at lower levels as well namely 3.8500 to pull back too before risking the up move. Crude slipped unable to get a close over 105.25 looking more top heavy and prices still can probe to 101.00 perhaps lower if 104.25 and 102.86 do not support. Natural gas advanced on more short covering but has its upside work cut out for it with a long list of resistance levels to overcome starting with 2.250 providing nimble traders an excellent short entry. In the grains, more of the same with Corn advanced touching its 200day average at 664 before pulling back with near term support at 646, Wheat was more subdued holding 650 to end fractionally higher while an inside day in Soybeans after recent gains but well over its near term support of 1360. Coffee looks like its putting in a base here and could start a push higher as long as it stays north of 183.00 which held on a test, Sugar continues lower taking out more support with a close under 24.20 with the path of least resistance lower to 24.00, Orange Juice bounced at 160.00 for now but a failure here means 150.00 and Cotton put in a higher high and lower low relative to yesterday a clue of a pending trend change as long as it stays over 92.00 with 95.00 next upside objective.

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