Futures Market Comments for Monday, April 13, 2009
CURRENCIES: 04/013/09 Higher to end last week for the Dollar Index and Canadian Dollar while lower for the Japanese Yen, British Pound, Euro Fx, Swiss Franc and Aussie Dollar. The euro and franc continue to look lower overall but I don't have any signals at this time. The yen is still looking very bearish with very little support underneath. The Canadian Dollar had a strong close still forming a larger possible bottom needing to close over 8200 basis the June contract to continue moving higher overall. The pound closed lower consolidating over the last week also still in a potential bottoming formation while the Aussie Dollar broke out of a bull pennant looking very bullish overall. The dollar, although settling higher, continues to lose steam poised to move significantly lower in my opinion based on its present technical formation. I am holding Buy Signals for the Canadian & Aussie dollar and maintain a Sell Signal on the US Dollar Index contract.
FINANCIALS: 04/013/09 The eurodollar has been moving higher gradually overall but the Bond and T-Notes have settled back near support areas with no real direction at this time. If you had to take a position in the notes it would be from the long side however.
ENERGIES: 04/13/09 Higher settlements last Thursday for crude and heating oil along with the rbob while lower for natural gas. Although the heat, crude and rbob look like they're in bull triangles I'll recommend standing aside at this time while these energies continue to consolidate in chopping around. Natural gas spike up early on but sold off to settle lower in one energy I can call--lower!
GRAINS: 04/13/09 Crop Progress and Export Inspection reports released today. Minneapolis wheat is barely holding on to its buy signal while KC and Chicago 's are gone. Corn settled at 390 1/4 with the bottom of its support at 3.90 basis the May contract and resistance from 400to 450. Rice settled up its daily 50 cent limit breaking out of a pattern that started back in the beginning of February. Its next target is the 140 area basis the May contract. Oats closed one cent lower in the May contract still needing to settle over 200 which continues to be a challenge since March 24th. Beans and oil spiked higher early on before closing near session's lows with the former higher and the latter lower. Oil closed midrange but all three continue to look higher overall. I hold Buy Signals for Minneapolis Wheat, Corn. Soybeans and Soybean Oil.
INDICIES: 04/13/09 Higher settlements for the cash and Dow futures along with the S&P's and Nasdaq once again. New recent highs and closes for the cash Dow along with S&P's and the Nasdaq reinforcing all of my buy signals including a larger one for the S&P's.