Comments for February 26, 2010
Looking Ahead to Friday by reflecting back on Thursday's trading action
Buy Signals for Crude Oil; Sell Signal for Natural Gas. Corn is a market to be watching!
ENERGIES: 02/26/10 Lower closes for the crude and heating oil along with the rbob and natural gas but no changes technically. The crude, heat and rbob are still in uptrends but we will have to closely watch to see what kind of follow through will result if any. Although I have buy signals in the crude, heat and rbob, they haven't been able to get through heavy overhead resistance which may eventually be their downfall. Gas made its lowest low and close since early December and is closing in on contract lows. Buy Signals for crude, heating oil and rbob; Sell signal for natural gas. Please email me for a copy of my latest report on Crude Oil.
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GRAINS: 02/26/10 Higher for corn, Minneapolis, Kansas City and Chicago wheat along with soybeans and soyoil while lower for oats, rough rice and soymeal. All of the wheat are still holding their respective support areas with my buy signals in tact. Corn gave me a buy signal on the 22nd of Janurary which I forgot to change at the end of the grain comments below until today. I do want to apologize for my error. Corn closed higher which continues to show me how strong this market is in the face of bearish news throughout most of the grain producing countries. Still expect choppy markets going into the growing seasons for most of the grains. Corn has a gap at 403 in the May contract and as I mentioned many times before, throughout history grains fill over 90% of their gaps sooner or later. Rice settled lower still is in a major downtrend overall while oats also settled lower for the fifth consecutive trading session making its lowest low since January 22nd back to continuing its downtrend since the middle of November now giving me a belated SELL SIGNAL. The beans and oil settled higher while meal closed lower and my sell signals are still in tact.