The Traders Network
For Thursday October 2, 2008 – posted Wednesday October 1, 2008 - One Day Delay
For Thursday October 2, 2008 – posted Wednesday October 1, 2008
Because these comments are general in nature, I hope you will use them only as a starting point in deciding the direction of the markets discussed as well as support- resistance levels, targets and risk parameters. Be sure to call for specifics because these comments are not detailed enough to be trading recommendations.
Remember that target prices are simply price levels that I expect a market to reach if it continues in the same direction. They are not meant to represent turning points.
Metals:
Silver –December silver recovered almost 50 cents today but the aftermarket is looking weak. The bail out news is still keeping most of the markets off balance.
Gold – The Dec closed up $6.50 today but has given it all back in the aftermarket. Momentum turned up today but it is pretty flat.
Platinum – January closed up $15 today but it needs a lot more than that to turn around. There should be a rally here somewhere. Targets above here are 1104, 1135 and 1168.
Palladium – Dec broke below 200 yesterday after being well over $600 earlier this year. Targets above here are 221, 228 and 236.
Grains:
Wheat – Dec closed up 12 cents yesterday but momentum stayed down and today it closed down 10 cents. There’s still no sign of a turn.
Corn – Dec corn continued down to 482 ¾ today. I have a target below at 473. A close above 520 this week will turn the weekly momentum back up but that doesn’t seem too likely.
Soybeans – The Nov beans closed up 8 cents with an inside day. Sometime a relatively small inside day like this following a waterfall drop can result in a sharp rally.
Dec Bean Meal – Dec copied the beans with the same potential.
Energies:
Crude – November crude slipped back down a couple of dollars today and the momentum went with it.
Natural Gas – November Nat Gas closed up another 29 cents today but I’m still not impressed. The momentum is flat to down.
Currencies:
Dollar – The Dec dollar continued today to the upside for another 35 points. This one seems to go in one direction for a long time without taking a breath.
Canadian $ - Dec closed slightly higher but the momentum turned down today. I’ll be waiting for a rally to sell.
Aussie $ - Aussie closed slightly lower with an inside day. That could be a sign of nearby support.
Euro$ - The Dec got hit for another 100 points today. There should be some support between 138 and 139.
If you are interested in other currencies let me know.
Interest Rates:
30 Year Bond – December bonds closed up 1 basis point today and short term momentum turned up as well. I’m guessing we will be range bound between 116 and 123 for a while unless some other disaster of major proportions appears.
Stock Indexes
The Dow & the S&P are returned again to the middle of yesterday’s ranges which is to be expected but this time they came back up and closed basically unchanged.
Disclaimer
There is a risk of loss in trading futures and options. Past performance is not indicative of future results. Stops become market orders once the price is touched or violated; therefore, stops do not guarantee a fill at the price on the ticket. The information and data on this site was obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed on this site will be the full responsibility of the person authorizing such transaction.
Because these comments are general in nature, I hope you will use them only as a starting point in deciding the direction of the markets discussed as well as support- resistance levels, targets and risk parameters. Be sure to call for specifics because these comments are not detailed enough to be trading recommendations.
Remember that target prices are simply price levels that I expect a market to reach if it continues in the same direction. They are not meant to represent turning points.
Metals:
Silver –December silver recovered almost 50 cents today but the aftermarket is looking weak. The bail out news is still keeping most of the markets off balance.
Gold – The Dec closed up $6.50 today but has given it all back in the aftermarket. Momentum turned up today but it is pretty flat.
Platinum – January closed up $15 today but it needs a lot more than that to turn around. There should be a rally here somewhere. Targets above here are 1104, 1135 and 1168.
Palladium – Dec broke below 200 yesterday after being well over $600 earlier this year. Targets above here are 221, 228 and 236.
Grains:
Wheat – Dec closed up 12 cents yesterday but momentum stayed down and today it closed down 10 cents. There’s still no sign of a turn.
Corn – Dec corn continued down to 482 ¾ today. I have a target below at 473. A close above 520 this week will turn the weekly momentum back up but that doesn’t seem too likely.
Soybeans – The Nov beans closed up 8 cents with an inside day. Sometime a relatively small inside day like this following a waterfall drop can result in a sharp rally.
Dec Bean Meal – Dec copied the beans with the same potential.
Energies:
Crude – November crude slipped back down a couple of dollars today and the momentum went with it.
Natural Gas – November Nat Gas closed up another 29 cents today but I’m still not impressed. The momentum is flat to down.
Currencies:
Dollar – The Dec dollar continued today to the upside for another 35 points. This one seems to go in one direction for a long time without taking a breath.
Canadian $ - Dec closed slightly higher but the momentum turned down today. I’ll be waiting for a rally to sell.
Aussie $ - Aussie closed slightly lower with an inside day. That could be a sign of nearby support.
Euro$ - The Dec got hit for another 100 points today. There should be some support between 138 and 139.
If you are interested in other currencies let me know.
Interest Rates:
30 Year Bond – December bonds closed up 1 basis point today and short term momentum turned up as well. I’m guessing we will be range bound between 116 and 123 for a while unless some other disaster of major proportions appears.
Stock Indexes
The Dow & the S&P are returned again to the middle of yesterday’s ranges which is to be expected but this time they came back up and closed basically unchanged.
Disclaimer
There is a risk of loss in trading futures and options. Past performance is not indicative of future results. Stops become market orders once the price is touched or violated; therefore, stops do not guarantee a fill at the price on the ticket. The information and data on this site was obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. Any decision to purchase or sell as a result of the opinions expressed on this site will be the full responsibility of the person authorizing such transaction.
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© 2008 Created by Michael Yorba
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