New ETF Book by Larry Connors - Click here to read more
Comments for Tuesday, June 30, 2009
Looking Ahead to Tuesday by Reflecting Back on Monday's Price Action
GRAINS:
Higher for oats, mixed for soymeal while lower for corn, Minneapolis, Kansas City and Chicago wheat along with rough rice, soybeans and soyoil ahead of a couple of pretty important reports. All of the wheat continues to look very weak with Minneapolis, KC and Chicago making new recent lows and closes once again. Corn made a new recent low (April) and close (March) ending up below the all important psychological price of 400 basis the December contract. Rough rice also made a new recent low and close still in a trading range between 12000 and 13000 basis the September contract. Its long term trend has been down since last September however. Oats closed slightly higher but it was its highest high and close in 5 trading sessions. It wouldn't take much for a good size retracement rally to take place based on its present formation. There really is very little resistance overhead. The beans and oil closed lower again while meal settled mixed this time. SELL SIGNALS FOR SOYBEANS, SOYMEAL, MINNEAPOLIS WHEAT AND OATS.
MEATS:
Sharply higher settlements on Monday for live and feeder cattle while higher for lean hogs and lower for pork bellies. The cattle and feeders exploded to new recent highs and closes as shown below. Both should continue higher overall but the feeders are now in a resistance area. Hogs had a decent close after the hogs & pig report but still are in a major downtrend . Bellies settled lower again acting like they'll test their contract lows. I am holding Buy Signals for Live and Feeder Cattle; a Sell Signal in Pork Bellies.
METALS:
Lower closes yesterday for gold, silver and platinum while higher for copper just the opposite of Friday's action. Copper still is in a long term uptrend acting like it will challenge its highs while also has the makings of forming a potential top at this time. Gold and silver settled slightly lower but are still close to ending my sell signals. Platinum also closed lower still looking very toppy at this time.
See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
