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Commodity Currents: Wondering Wednesday.

Stocks sold off but this time on decreasing volume while still remaining over 1302.50 again to keep the upside potential alive with 1320 and 1340 seen as resistance as a similar pattern for the Nasdaq 100 holding at 2520 with upside seen at 2550 and 2600. 10yr Treasuries rallied as buyers supported but unable to advance beyond 133-20 forming a series of lower highs over prior session, very interesting if this continues while support is at 133-10. The Dollar dropped through 82.38 with a vengeance so now its time for buyers to show their commitment to take prices back over 82.50 if not then an interim top is likely in with next stop south of 81.00. Gold continued higher now supported by 1610.60 closed over 1616.80 something it couldn't do for a while setting the stage for 1640 next upside target whereas Silver floats higher taking the long walk to 29.715 and Copper floats between 3.4000 and 3.3000 looking for direction. Crude slipped pulling back from 84.00 but not doing much else as sellers do not seem too willing to sell here while an inside day for Natural gas as prices grind lower heading toward the April lows with upside seen at 2.348. Outside day in Hogs again this time with prices advancing after holding 92.95 within reach of 95.00 the 200dma with gains from here expected to be more difficult whereas Cattle got slaughtered falling through 119.75 testing token support at 118.00. Outside day in Corn with market over 587 now looking for 604 and Wheat looks for direction capped by 624 while still supported by 611 and Soybeans pulled back after completing 61.8% retracement of the May sell off now testing 1400 with Meal testing 418 as sellers push it off the 440 highs traded yesterday. October Sugar made up its mind falling under 19.73 after an indecision day prior as sellers get more interested whereas Sept. Cocoa climbs higher tagging 2,265 on its quest to 2,300. Orange Juice tries to rally but sellers wait at 113.06 with buyers supporting prices at 110.50 keeping the market guessing for another day and Cotton continues to challenge 70.36 as buyers find value at 69.13.

DISCLAIMER:

The risk of loss trading commodity futures contracts can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. Trading futures without protective stops or options is not recommended. Past performance is not indicative of future results