CURRENCIES: 04/09/09 Higher closes yesterday for the Dollar Index and Japanese yen while lower for the Canadian Dollar, British Pound, Euro Fx, Swiss Franc and Aussie Dollar. The euro and franc continue to look lower but may both be in bull triangles which could end up turning these two currencies higher if they break out of these consolidation patterns to the upside. The yen is a different story still looking very bearish even after today's sharp rally off session's lows even ruining a bear flag. Because of this the yen should have a retracement rally from here. The Canadian Dollar settled one tick lower messing up its bull flag but still forming a large possible bottom needing to close over 8200 basis the June contract. The pound also closed lower ruining its bull flag but in a potential bottoming formation. The Aussie Dollar is in a bull pennant continuing to look very bullish overall while the dollar closed higher again bouncing off the beginning of a resistance area still looking lower overall. I am holding Buy Signals for the Canadian and Aussie Dollar; Sell Signal for the US Dollar Index contract.
FINANCIALS: 04/09/09 Higher for the notes, bonds and eurodollars again last night. The eurodollars made a new recent high and close in a gradually uptrending market. Bond and notes also settled higher while the former is in a small bear flag but both continuing to hold at major support areas which is the only reason that I'm still keeping my buy signals for now. The bonds support goes down to the12500 area basis the June contract and the notes support is under 12200. Buy Signals for T-Notes and Bonds.
ENERGIES: 04/09/09 EIA Gas Storage report released today. Thursday we have something for everybody! The crude is now trading basically in a sideway's pattern since March 23rd, heating oil and the rbob are in bull triangles and natural gas is still looking very bearish after making new contract lows before settling higher in reversal type action. The bias excluding natural gas is higher overall although I keep vacillating because of their uncertain technical patterns.
GRAINS: 04/09/09 CROP PRODUCTION. EXPORT SALES. USDA SUPPLY/DEMAND reports released this morning. I'm not particularly pleased with the wheat action over the last couple of days but the trend is still higher overall. Corn settled lower again for the second day in a row. Strong resistance goes up to 450 and support down to 390 basis the May contract which corn needs to hold. Rice settled higher again but still needs to close over 130 basis the May contract and hold 120 since it's been basically in a trading range between 120 and 130 starting late in January. Long-term rice has been trending lower while attempting to form a bottom but trending sideways since the beginning of February. Oats had a huge trading trade range while rallying sharply off its lows and holding its previous low whiles settling down on the day but near session's highs. Just closing over 200 continues to be a challenge for the May contract since March 24th.However, oats have been gradually rising since the middle of March. The bean complex closed lower with beans in bull pennant and looking higher overall along with meal and oil. Buy Signals for Wheat, Corn, Beans and Soybean Oil.