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Commodity Currents: Monday Movers.

Stocks pulled back a little but remain over 1380.00 in the S&P500 keeping upside possibilities alive while the Dow stays within reach of 13200 after being turned away with support seen at 13,000. Inside day in 10yr Treasuries able to hold 132-00 but think gains especially new contract highs will be difficult to come by. Gold initially sold off but held 1648.20 ending the session back almost where it started keeping 1676.60 within reach while Silver couldn't stay over 31.195 but not by much as buyers supported and Copper held 3.8000 to end fractionally higher with 3.9000 next upside objective. Crude slipped but managed to hold 103.86 again to trade back to the highs challenging the 105.00 area again which is encouraging for oil bulls as what doesn't sell off usually heads higher and another five percent plus move in Natural gas as prices held 2.144 with next upside level 2.420 which would mean an appreciation of 21% from the lows over a relatively short period of time ideal to consider shorting unless new buying appears. New contract lows were rejected in Hogs despite plenty of selling interest around which could mean a possible reversal in the works if sellers lose control whereas Cattle managed a close over 114.000 on follow through buying with 115.00 the next near term objective. The grains still in the green with Corn closing in on 640 resistance following Wheat which ended the session just under 655 while no high is too high with Soybeans closing back over 1500 again keeping new contract highs in reach with no signs of correcting anytime soon. Coffee perked higher holding 175.00 again for the 8th time closing in on 180.00 which have capped gains almost as long so have to wait and see if buyers can really wake up here or can sellers grind prices lower. Sugar was marginally lower with no new contract lows this time could seller fatigue be setting in? Outside day in Cocoa once again just unable to stay over the 100dma but prices did close off the worse levels over 2,200 whereas Orange Juice was squeezed back under 145.00 again after being rejected from 148.75 and Cotton fell unable to hold 91.00 with the short term outlook negative although closing off the worse levels of the day as buyers supported at 88.00.


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.