LOOKING AHEAD TO WEDNESDAY BY REFLECTING BACK ON TUESDAY'S ACTION
Metals remain in Uptrends but are topping formations forming? Is Corn forming a potential bottom?
METALS: 09/30/09 Higher closes Tuesday for gold and copper while lower for silver and platinum. All of the metals are still in up-trends but with potential topping formations. Copper already giving me a sell signal last week and now has quite a bit of resistance overhead. The rest of the metals look toppy but no sell signals at this time. Platinum has good support under 12500 basis the January contract.
GRAINS: 09/30/09 . Higher closes yesterday for Minneapolis, Kansas City and Chicago wheat along with oats and corn while lower for soybeans, soymeal and soyoil along with rough rice. All of the wheat continue to hold their key reversals in bear markets with Minneapolis needing to close over 513, KC over 495 and Chicago over 482 basis the December contract. Corn settled higher helped buy colder weather forecasts. Technically corn is forming a potential bottom. There is still a DOUBLE TOP on the 15th and 16 and needs to close over 350(Dec.) looking legitimate. On the other side of the coin there could easily be an attempt to take out the 300 level and run the stops. Rice settled higher but with little support down to the 130 area basis the January contract. Oats settled higher for the 5th trading session in a row this time giving me a BUY SIGNAL. Now oats need to settle over 220 basis the December contract. The beans and oil closed lower while the meal closed higher. The beans and meal continue to hold important support areas while oil had its lowest close since the middle of July. The trends for these grains remain down also