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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 and know first hand just how irrational these markets can be. Initially in futures, branched into the world of options trading learning various options strategies that... More
  • Commodity Currents: Throw Away Thursday. 0 comments
    Jun 21, 2012 10:41 PM

    Profit-taking sends the S&P500 lower with more selling interest but still remaining over 1313.15 for now with resistance seen at 1330 with the Nasdaq 100 being turned away from 2622.25 but like the blue chips, remained over some notable support at 2537.25 and 2520.60 so have to see if prices can recover or will they head toward the lower end of the range. 10yr Treasuries rallied but ran into resistance at 133-17 and thus far unable to close over it, if this continues then it could mark an interim top with support seen at 132-09. The Dollar exceeded 82.24 on the upside with the real test being if it can close over 82.70 with Aussie holding .9981 Loonie supported by .9703 and the Yen finding 1.2459 as 1.2541 seen as resistance. Profit-taking in Gold sends it through 1580 putting 1540 within reach and have to see if buyers will support should prices return to that area whereas Silver closed under 27.000 testing 26.865 as prices travel the path of least resistance. Crude slipped under 82.00 as it looks like prices might hit 76.31 before its said and done and Natural gas continues to try to move higher managing to stay over 2.563 keeping 2.800 within reach with support just over 2.400 offering a buying opportunity should prices pull back. Hogs continue to straddle the 200dma although still looks like upside is limited with 96.000 offering resistance while Cattle looks like its going to test 115.00 unable to make any upside as 117.50 and 118.625 check gains. Coffee woke up today reversing higher falling short of 159.00 resistance again putting 171.00 in play as sellers were unable to get a close under 151.00 with an outside day in Sugar hitting 21.00 and could pull back to test the breakout area at 20.00 before moving higher as 21.82 remains bull's upside objective. Cocoa fell through 2169 looking to challenge 2100 as 2213 resistance caps upside, Orange Juice didn't' do much of anything although it could move higher as 113.58 supports but 120.00 checks gains for now and Cotton shears buyers falling to 68.00 with 70.00 and 71.00 seen as more resistance to work through on any recovery.

    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.

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