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Commodity Currents: Trading Thursday.

More selling in the indices with E-mini S&P500 falling through 1390 risking a close under 1380.00 as prices are now trending lower without any help from the E-mini Nasdaq 100 declining as well sitting on 2,700 support while a close under could take prices to 2638.00. 10yr Treasuries held support at 131-20 again as equities sold off but not making much upside either while bonds fared about the same holding 142-13 support but with prices capped at 143-00. Gold dropped under 1640 although buyers did support but they need to do more then that as 1,600 looks more realistic should sellers get a close under 1621 with more selling in Silver as prices challenge 30.000 and continued profit-taking in Copper keeps buyers on the defensive although managing to hold 3.7300. Crude reversed lower as longs gave up as prices dropped through 105.00 like it wasn't there not a good technical sigh either changing the outlook from bullish to bearish in one day with more downside likely now that prices closed under 103.48 with 102.00 likely to offer token support. Natural gas advanced but was stopped by 2.380 for the 2nd time, have to watch if buyers can force the issue or will sellers keep prices checked as recent gains have been too fast too soon. Hogs managed to avoid new contract lows but unable to make any significant upside either so too early to tell if prices can remain over 84.00 while Cattle had no such hesitation as buyers supported at the low chasing prices back over 114.65 which should support on any pull back. Small bounce in Corn takes prices up to but unable to close over 616 while an inside day for Wheat as the market ponders where to go from these levels with more profit-taking in Soybeans closing under 1480 but the real question is if sellers can get a close under 1453? Coffee grinds lower after yet another failed rally attempt at 185.00 with more selling interest on the decline as in the previous sell off but buyers have prevented new lows by holding 175.00 which is positive so have to see if they can do it again. Cocoa ended the session with a small loss while able to remain over the 100dma as well as 2,307 keeping 2,383 within reach but buying interest is waning however while Sugar managed a small bounce from deeply oversold conditions. Calm session in Cotton with prices remaining under 90.00 for the third time as the market consolidates with buyers and sellers on the sidelines.

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.