Comments for Friday May 15, 2009
CURRENCIES: 05/15/09 Higher closes yesterday for the euroFx, Aussie dollar, British Pound, Swiss Franc,and Canadian dollar while lower for the Japanese Yen and dollar index just the opposite of Wednesday's action. The euro and franc continue to look higher overall while consolidating this week and with little resistance overhead. The yen settled lower but should continue higher off of my recent buy signal. The Canadian dollar had its lowest low in a week before closing higher but is showing possible topping signs although still in a uptrend overall. The pound and Aussie dollar both settled higher this time but still ruined the former's bull pennant. However, like most of the currencies at this time the trend is still up for the both of them. The dollar settled lower and is looking very bearish overall. I continue to hold Buy Signals for the euro, Swiss, Canadian, Aussie, Yen and Pound. Feel free to contact me for details.
FINANCIALS: 05/14/09 Unchanged for the eurodollars, higher for the notes and bonds. Still the eurodollar made a new contract high. The bonds closed higher for the 4th session in a row and could retrace up to 12500 basis the June contract. The trend, however, is still down overall. The notes also settled higher for the4th session in a row touching the beginning of a resistance area again but now in a potential bottoming formation. I have a Sell Signal in Bonds.
ENERGIES: 05/15/09 Higher for the crude and heating oil along with the rbob while lower for natural gas. All of the energies continue to look higher overall with the rbob making a new recent high and close.
GRAINS: 05/15 /09 Higher closes on Thursday for Minneapolis , Kansas City and Chicago wheat along with soybeans, soymeal and corn while lower for rough rice, oats and soyoil. All of the wheat continue to look strong overall with Minneapolis making a new recent high and close. Corn also made a new recent high and close even if only by 3/4 of a cent but with the 450 area basis the July contract my next objective. Don't forget the July contract double bottomed at 370 and has been trending higher ever since. Rice had its lowest low and close since the middle of March and should test its contract low. Oats settled one half cent lower holding up well after its recent strong closes but has resistance between 230 and 250 while support doesn't start until 210 on the downside making this grain a little dangerous at its present level. Beans and meal made new recent highs and closes again and oil settled lower again after making a double top this week. Still the bean complex is in an uptrend overall. I am bullish on all the grains based on my technical indicators.