LOOKING AHEAD TO FRIDAY BY REFL ECTING BACK ON THURSDAY'S ACTION
Focus on the Grains Sector: My technical indicators keep me Bullish on Wheat and Rice; But Still Bearish Corn and the Soybean complex.
GRAINS: 07/17/09 Lower closes yesterday for Minneapolis , Kansas City and Chicago wheat along with rough rice, corn, soybeans, soymeal, soyoil and oats. All of the wheat closed slightly lower but I still have buy signals for KC and Chicago while a sell signal for Minneapolis . Although corn is behind in many growing areas it made a new contract low and close looking very bearish Rough rice closed lower again but is in a bull pennant. looking to continue higher. Oats settled lower again while in a large consolidation area holding a good support area. The bean complex also settled lower with beans and meal making their lowest closes since April but the oil is in a bull flag as shown below. Please feel free to contact for details as to what I expect these markets may do, technically.
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