It's all Bullish for the Grains and Metals but a different story for the Energy complex
ENERGIES: 12/03/09 Lower closes on Wednesday for crude, heat and the rbob while lower for natural gas. The crude, heat and rbob had rallied sharply since last Thursday evening until today's action unable to penetrate crucial areas to turn these markets higher. Gas closed lower again making a new CONTRACT LOW AND CLOSE ending any possible bottom at this time. I am holding Sell Signals for Crude Oil, Heating Oil and Natural gas.
GRAINS: 12/03/09 Higher closes for rough rice and soyoil, mixed for soybeans, unchanged for oats while lower for Minneapolis, Kansas city and Chicago wheat along with soymeal and corn. All of the wheat continue to look higher overall although one sharp down day could change the technicals dramatically because the rise has been so gradual. A close over 6000 for March Minneapolis wheat would be very significant however since that hasn't happened since early August as shown below. Corn settled lower with the December contract ending up slightly below 400. A delay in the decision to possibly increase ethanol in gas back to next June was the underlying reason for the selloff as minor as it was. We don't know yet if this will keep a cap on the corn since the dollar and oil prices are such an strong influences on corn prices. I feel the weak dollar kept the corn from dropping more. Rice made its second best close of the move pretty much tells the story for this grain at the present time. Oats closed unchanged but is in a small BEAR FLAG which should mean lower prices near term and has been selling off since early November. The bean complex started out higher but, except for the oil, closed lower after the delayed ethanol news came out. All are still in up-trends along with the rest of the grains however.
METALS: 12/03/09 Higher settlements for copper, gold, silver and platinum once again. All of the metals continue to look strong overall with gold leading the way making a new CONTRACT HIGH AND CLOSE along with platinum while copper and silver made new recent highs and closes going back to 2008 again.