CURRENCIES: 05/06/09 Higher closes yesterday for the Canadian Dollar, British Pound, Aussie Dollar and US Dollar Index while lower for theSwiss Franc, Euro Fx and Japenese Yen.The euro and franc continue to be forming potential bottoms and close to buy signals. I still don't have them and,therefore,continue tostand aside until I get them or they turn back down. The yen closed slightly lower in narrow tradingand are still in a downtrend overall, with lower lows and lower highs. The Canadian Dollar closed higherten out of the last eleven trading sessions including today making another new recent high and close. The pound also settled higher again making a new recent high and close trading over the 15000 basis the June contract for the first time since January 9th which psychologically isextremely bullish. The Aussie Dollar closed higher again making its highest close since last October once again continuing to be the strongest of all the currencies overall. IT HAS BEEN SAID OVER THE YEARS THAT THE CURRENCIES ARE THE BEST TRENDING MARKETS OF ALL OF THE FUTURES. Right now it's tough to argue with that as evidenced by the charts below! The dollar index settledhigher after making a new recent lowbut still looks lower overall needing to hold the 8400 area. The last two weeks of action has hurt the dollar which is now poised to continue its downtrend unless it holds the area mentionedabove. I am holding Buy Signals for the Canadian Dollar, Aussie Dollar and British Pound.
GRAINS: 05/06/09 Higher closes yesterday for Minneapolis , Kansas City and Chicago wheat along with old crop corn, oats and soymeal while unchanged for rough rice and lower for new crop corn, soybeans and soyoil. All of the wheat continue to look higher led by Minneapolis . Also, all of the wheat contracts are in bull pennants. Corn closed mixed and has a double bottom at 370 basis the July contract that can't be ignored. However, corn also has been held up by the rest of the grain complex and, although I do have buy signal, needs to close over 418. Rice made a recent high before selling off to close lower in minor reversal type action. Rice settled unchanged with no changes technically meaning it has been in a minor uptrend since the middle of March really needing to close over 135 basis the July contract to be worth looking at. Oats closed higher and have been basing since the middle of February but really going nowhere since the middle of February. Stand aside for now but watch for a breakout in either direction. The beans and oil settled lower while meal closed higher but the entire complex continues to be very bullish and all are in bull pennants at this time. BUY SIGNALS FOR MINNEAPOLIS , KANSAS CITY AND CHICAGO WHEAT ALONG WITH CORN, SOYBEANS, MEAL AND OIL. CALL FOR DETAILS!