As we get going after the election the commodity markets are pricing in policies. Will the Metal and Energy markets surge on Unemployment numbers and printing of dollars. Traders are contemplating these issues that will drive the futures markets higher.
In the overnight electronic session the December Corn is currently trading at 740 which is down 1 cent in the overnight electronic session. The trading range has been 744 ½ to 738 ¾ so far. I anticipate higher prices after the results of Friday’s report even if there is an initial break to the downside.
On the Energy Front the December Crude Oil is currently trading at 8753 which is 118 points lower at this writing. The trading range has been 8880 to 8730 so far. The market is pricing in demand destruction with the nor’easter in the aftermath of the hurricane. More winter storms on the horizon will only continue to push the Energy Complex higher.
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