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Commodity Currents: Waiting Wednesday.

Correction or not? That is the question with stocks as the S&P500 challenged 1,400 before floating higher ending with a fractional gain and the Nasdaq 100 challenged its support of 2719.80 before too floating higher in an uneventful session as rumors of more central bank stimulus continues to boost prices for now anyway. How low is low for the 10yr Notes as prices continue to fall, dropping through 132-19 with sellers getting more interested and next notable support is seen at 131-19. The Dollar is starting to show signs of life after remaining over 82.50 now challenging 82.80 and with 82.92 beyond that level so a trade to 83.00 could be a game changer although buying conviction still seems lacking. Inside day in Gold still able to stay over 1,600 for now but that's about all it can do bumping up against 1608.50 resistance as prices stay largely range bound with 1620 remaining the bigger upside hurdle to overcome with Silver largely consolidating under 28.000 as 27.665 should support. Crude advanced over 93.50 on a spike in volume suggesting for now the short-term direction is higher with 97.40 within reach as 93.66 should offer significant support with Natural gas heading in the other direction falling on apparent profit-taking on a failure to challenge 2.843 but support of 2.755 checked the selling once again keeping both bulls and bears alike guessing to the next direction. Hogs sold off now back under 75.885 support as sellers didn't wait for prices to challenge 78.000 before entering the market although selling conviction was restrained with Cattle pulling back a little but would like to see a bigger decline which could be buy as prices seem challenged to move beyond 126.810 while supported by 126.550. In typical fashion, Corn reversed higher but stalled right at 804 so have to see if it can advance higher with Wheat putting in an inside day as sellers rethink downside prospects especially if corn is looking to advance as well as significant resistance at 900 to deal with and Soybeans after a prior indecision day proceeded to move higher exceeding 1615 putting 1650 within reach and possible another challenge of 1700 with less buyers? Oats rallied as well but was unable to advance beyond 377 instead closing right at that level. Coffee continues lower while firmly in a downtrend managed to close well off the lows suggesting some buying interest which is encouraging as prices approach 160.00 support with Sugar also trending lower but it looks like selling momentum is starting to taper off but no sign of a reversal either. Inside day for Cocoa as it pivots off 2,442 with a pullback not out of the question after its recent advance with near term support seen at 2,378 and what a day for Orange Juice hitting 124.80 (I was looking for 125.00 mentioned in prior post) and if it can hold this level it will put 130.00 within reach whereas a pull back should be contained by 115.85 area and Cotton initially sold off but buyers supported ending the session with a fractional loss but more importantly closing over 72.79 putting 74.00 within reach.

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.