CURRENCIES: 04/08/09 Higher closes last night for the US Dollar Index, Japanese yen, Canadian Dollar and British Pound while lower for the Euro Fx, Swiss Franc and Aussie Dollar. The euro and franc look lower but have held critical prices so far. No positions should be taken for either of these two currencies. The yen has formed a bear flag after closing higher still in a obvious down-trend overall as seen below. The Canadian Dollar and pound both closed higher forming bull flags with the latter close to a buy signal. The Aussie Dollar settled lower but still very bullish overall while the dollar closed higher now near a resistance area still looking lower overall. I am maintaining Buy Signals for Canadian and Aussie Dollar and a Sell Signal for the US Dollar Index.
FINANCIALS: 04/08/09 Eurodollars have been holding in narrow action while the bonds and notes continue to hold at major support areas which is the only reason that I'm still keeping my buy signals for now. The bonds and notes are both in small bull pennants still in uptrends overall with the former having support under 12800 and the latter 12200 basis the June contracts. I maintain Buy Signals for Notes and Bonds.
GRAINS: 04/08/09 Higher for rough rice while lower for corn,oats, Minneapolis , Kansas City and Chicago wheat along with soybeans, soymeal and soyoil.Minneapolis and KC made new recent highs before closing sharply lower with similar type action over the last two trading sessions. Chicago wheat just settled lower. 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 while 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. I remain bullish on Wheat, Beans, Corn, Beans and Soybean Oil.
ENERGIES: 04/08/09 Tuesday was lower for natural gas, crude and heating oil along with the rbob again. The crude, heat and rbob are now forming possible tops and are all relatively close to sell signals while natural gas made a new contract low and close continuing is obvious down-trend.