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Commodity Currents: Fasten The Seatbelts Friday.

Two sided trade in S&P500 if you were buying at 1344 support which held prices again however resistance looms large over 1370 keeping the index bouncing between the two levels for now although the trend remains lower. Nothing new with 10yr Treasuries still hanging over 133-00 seemingly unable to make new highs but sellers are not to willing to sell either with support still at 132-16. Another slippery solution for Crude as prices reversed from 97.31 while supported around 95.00 but if that level fails prices could break to 90.00 while Natural gas continues higher but looks like its running out of steam as buyers lose conviction at these levels as prices advanced on the order of 25% stalling at 2.512 again with nearby support seen at 2.400 and 2.330. Gold was quietly lower with buyers finding value when prices dropped under 1580 again but the trend remains lower with the Dec lows of 1528 not too far away with an uneventful day in Silver as buyers buy the low taking prices almost back to unchanged. New lows for Corn after falling through key support 590 yesterday with some buying on the close but can't rule out a trade to 550 if not lower, Wheat still churned fractionally lower whereas an outside day in Soybeans took prices through nearby 1411 support, next downside target likely 1363 if sellers are quick to sell and buyers are nowhere to be found. Inside day in Coffee as buyers and sellers assesses the situation with prices ending the session roughly where they started whereas Sugar was turned away from 20.60 heading lower but no new contract lows either as sellers appear to be losing interest. Orange Juice traded in a similar fashion but with buyers nowhere to be found as prices were turned away from 123.60 forming a small bear flag which looks to take prices to 111 or lower not to be outdone by Cotton which plumbed new lows showing once again no low is too low with 73.25 cents next likely downside objective.

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.