ENERGIES: 08/17/09 Lower to sharply lowersettlementslast Friday for crude and heating oilalongwith the rbob andnatural gas. Today's action gave mesell signalsincrude and the rbob while gas continues to struggle making a new contract low and close. Look what one trading session did to the energies that were basically flying high. Heating oil has good support around the 18000 area which should be seen if my sell signals are any good.Buy Signal for Heating Oil; Sell Signal for the RBOB
GRAINS: 08/17/09 Reports today – Export Inspections, Crop Progress: Higher closes Friday for Chicago wheat, unchanged for rough rice, oats andKansas City wheat but lower closes for soybeans, soymeal,soyoil, Minneapolis wheatand corn. All of the wheat continue to look weak overall with Minneapolis and KC making new recent lows.making new recent lowsand closes this time. Corn settleddown near the lows level of its support area but still has held the 220 area since early July and should trade between 300 and 400 dollars basis the December contract through most ofthe year. There couldbe a test of 300 to knock out the stops underneath withweather forecasts now calling basically for cooler than normal temperatures also. Oats closedunchanged withstrongresistance between 220 and 235 basis theDecember contractbut now forming a potential bottom.Rice also settledunchanged with major support from 130 down to 120 basis the September contract.The beans complex settledlower this time giving me sell signals in the beans and meal with oil still hoding in to its buy signal. I am holding Buy Signals for Corn, Beans, Meal and Soyoil; Sell Signals for Rough Rice, Oats & Minneapolis Wheat.