LOOKING AHEAD TO MONDAY BY REFLECTING BACK ON FRIDAY'S ACTION
Rice in a Bull Pennant, Bullish technical signals for the Soybean Complex; Bear Signals for Treasuries
GRAINS: 08/10/09 Higher closes for rough rice, soybeans and soymeal while lower for Minneapolis, Kansas City and Chicago wheat along with soyoil, corn and oats. All of the wheat continue to look weak overall unable to hold their support areas making new recent lows and closes again with Chicago making its lowest low and close since June '07 once again! Corn settled sharply lower again at the low end of its last decent support area ending my buy signal. I thought the bean complex would hold up the corn but apparently I'm wrong. Oats closed lower again still is in a downtrend unable to penetrate a strong resistance area (220-235 Dec.). Rice settled higher this time looking very strong overall while now in a Bull Pennant.. The beans and meal settled higher with the latter in a Bull Pennant. Oil closed lower but is in a Bull Flag looking as strong as the beans and meal. Buy Signals for Rice, Corn, Soybeans, Meal and Soyoil; Sell Signals for Oats and Minneapolis Wheat. Please feel free to call or email me for details.
FINANCIALS: 08/10/09 Lower closes for the eurodollar, bonds and notes while slightly lower for the eurodollar but no changes technically. The eurodollar is still in a strong uptrend overall but now losing some steam while the bonds have finally given me a sell signal and the notes continued their downward bias. I hold Sell Signals for the Notes and Bonds.