Comments for March 12, 2010
Looking Ahead to Friday by reflecting back on Thursday's trading action
Metals and Meats: Both sectors appear to be in Uptrends
METALS: 03/12/10 Higher closes Thursday for copper, gold, silver and platinum this time with few changes technically. All of the metals continue to be in uptrends overall with platinum still leading the way. Copper continues to look higher still in a BULL TRIANGLE, which has now changed its shape a little, but still trying to get through a resistance area. Gold, although giving me a buy signal last week has really been going nowhere since the middle of last December along with making lower highs and lows since then. It needs to settle over 1150(April) to help confirm my buy signal. Otherwise, a close below 11000 would 10885 would end it. Likewise, silver also gave me a buy signal last week while working lower overall since December needing a close over 1750 for May contract. It has penetrated 1750 three times lately but sold off each time at least confirming my analysis. Platinum continues to look the strongest of the metal complex with a stong close today. BUY SIGNALS FOR COPPER GOLD ,SILVER AND PLA
MEATS: 03/12/10 Higher for feeder cattle but lower closes for lean hogs and porkbellies along with live cattle. The cattle continues to look higher overall even after closing down following through from reversal type action. The feeders settled slightly higher still very bullish but with the first good support area approximately five dollars away making this a dangerous area to add on or go long. Still, there's no denying the feeders are in a strong uptrend overall. Hogs made its lowest low and close in a week withgood support in the 7000-7100 area basis the April contract while still in a uptrend. Bellies settled continuing to hold its support area also closing lower. BUY SIGNALS FOR LIVE AND FEEDER CATTLE, HOGS AND PORK BELLIES. CALL FOR DETAILS!
REMINDER: March/June Stock Index Futures Rollover began Monday, March 11!!