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Commodity Currents: Waiting Wednesday.

S&P500 zipped higher not waiting for the open to take out 1381.25 with 1390.00 the next challenge with the tech heavy Nasdaq 100 closing on 2711.75 with indices looking like they want to move higher. 10yr Treasuries ended close to where they started so have to see if they can advance over 131-22 with support established at 131-00. Nothing new with the Dollar as it churns lower not even challenging 79.50 on the upside with a possible downside objective of 78.86. Gold was on the move with buyers shopping at the 1625.00 low but still unable to move over 1645 although a little different in Sliver now unable to close over 31.000 with buyers active at 30.000 so the waiting continues. Copper advanced to challenge 3.7100 again looking for 3.7500 if successful. Two sided trade in Crude but this time getting a close over 104.00 after another test of 103.00 held which is significant and could set the stages for further upside if prices can exceed 105.00. Wow say it isn't so, another 5.63% gain in Natural gas as prices build on prior gains printing 2.191 as the high where I was looking for 2.200 with the next upside target 2.300. Inside day in livestock as the market ponders what to do after recent selling with Hogs range bound between 87.000 and 88.000 and Cattle floated higher on likely short covering with near term resistance at 114.00. Corn failed to close over 610 now trending lower with Wheat rejected from 640 again but managed to hold the line at 625. Soybeans and Soybean meal continued to reach for new contracts highs again but this time closing off their best levels 14.96 3/4 and 426.60 respectively, could a correction be looming? Back to square one with an outside day for Coffee sending prices back under 177.70 as longs experienced withdrawal at pushing prices past 185, Sugar found 22.00 before falling back but as long as it stays over 21.40 it could try again to move higher while Cocoa ran into a wall of resistance around 2,300 forcing it back but have to see if it can hold 2,200. Orange Juice managed to close over 145.00 again lacking conviction but as long as 140.00 supports it could try to bounce. Inside day for Cotton as prices failed to close over 92.00 but it could pull back to try again if 90.00 supports.


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.