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Commodity Currents: Thriving Thursday.

Rumors of more central bank stimulus goosed the markets going into the close sending the indices over token resistance 1320 in the S&P500 which should support putting 1340 within reach while the Nasdaq 100 climbs albeit lagging the broader market with 2,550 seen as resistance. 10yr Treasuries remain between 133-17 and 133-11 so something has to give either prices break up or down. The Dollar tried to move higher but was turned away from 82.72 after falling through that level in the prior session and with new resistance now can easily see a trade lower to 81.26. Gold eeked out a gain still supported by 1610.60 while heading toward for 1640.00 with Silver falling back under 28.725 but supported by 28.40 to try to advance to 30.00. August Crude advanced closing over 84.00 now with 84.19 support next upside could be 87.07 and out of nowhere a 15.7% gain in Natural gas combination of short covering and new buying as well, while I was expecting such a move didn't think it would happen in one day but expect prices to pull back offering an opportunity to get in on the next up move. Hogs were cooking tagging the 200dma at 95.00 only to pull back with support seen at 94.075 and more slaughter in Cattle falling through 118.00 with more selling likely to follow. Corn tried to advance but was contained by 610 closing under 603 while still supported at 590 whereas Wheat tried to rally off 611 but couldn't advance beyond 624, Soybeans continue to fall now under 1400 although buyers support at 1387 however with resistance at 1403, upside work will be more difficult. Coffee continues to grind longs with another new contract low as sellers remain in control with Sugar souring a little as sellers push prices toward 19.50 from failure to exceed 19.75. Outside day in Cocoa as sellers tried to have their way but buyers regained control to take prices back to 2,264 keeping 2,300 within reach. Orange Juice looks like it wants to challenge 100.00 if it fails to close over 110.35 and Cotton tried to rally but seller had other ideas selling as prices approached 74.00 checking gains but prices remain over 70.36 to try again.


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