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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 Thursday.  0 comments
    Jun 28, 2012 10:15 PM

    Stocks in the S&P500 looked like they were about to sell off but were stopped at support around 1305.00 which has resisted the selling thus far further frustrating the bears not to mention end of quarter window dressing also giving a bid for equities for now with near-term resistance of 1330 likely containing any significant upside gains with the Nasdaq 100 lagging contained by 2567.50 while supported at 2500.00 for now like the blue chips going nowhere fast. 10yr treasuries rallied but stalled at 134-01 again and could be a great place to sell if not for the possible location of buy stops north of this level so its probably best to try to buy low if market can sell off as support of 133-16 should hold. The Dollar found its 2nd wind advancing to 83.000 within reach of 83.500 after holding 82.325 on a downside test and suspect there is more to this move which will put pressure on the crosses with the exception of the Yen which continues to do its own thing by moving higher challenging 1.2625. Gold melted lower again heading closer to 1543 where a close under will increase the probability of the market finding sell stop risking a greater sell off as 1580 is seen as upside resistance and Silver continues to fall from 27.000 taking out 26.950 with 23.325 likely the next downside objective as 27.250 is seen as resistance. Crude hit a speed bump in the form of resistance at 80.49 putting prices in reverse back under 78.00 but not too far from support at 76.30 while Natural gas initially tried to rally but ran into resistance at 2.840 only to fall back to support at 2.69 before recovering as prices are seen contained between 2.69 and 2.85 for now. Inside day in Corn as prices consolidate from recent advances while overextended could fall back to 590 before resuming the uptrend as don't think the up move is over as no high is too high whereas Wheat looks like it could pull back to 716 while Soybeans tests 1440 with more support seen at 1400 while Oats consolidate as 350 remains within reach. Profit-taking in Coffee trimmed gains as prices remain within reach of 170.00 while still supported at 158.87 whereas Sugar had a wild session falling short of 21.64 but able to stay over 20.45 as prices attempt to base at 20.00 and inside day in Cocoa after challenging 2,250 pausing as 2,237 caps gains for the 2nd time and Cotton made another attempt on 70.00 with a little more buying interest as prices continue to consolidate at 68.00.

    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 necessarily indicative of future results.

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