Full Of Beans
The monthly U.S. Department of Agriculture report on
the supply and demand situation in grains showed higher output in the US
crop and higher estimates for South American soybeans. The total picture is
bearish for grains — especially soybeans, since estimates predict Brazil,
the world’s second largest producer of beans, will harvest a record
crop.
Beans are down sharply. Price usually precedes news:
November soybeans
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Implosion-5 List and have made new 10-day lows in several sessions over the
past few weeks.
In fact, every major grain component gave an
indication of potential downside. December soybean oil
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signaled weakness in the bean complex by registering on the Implosion-5 List.
Corn
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From Lows setup. And wheat
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by registering a
Turtle Soup Plus One
Sell setup.
Besides giving a strong collective indication of
direction, grains indicated they could make a larger-than-normal move:
November beans registered on the Multiple Days Low
Volatility List and Dec. bean oil scored on the 6/100 Low Volatility
List.
Three signals from the Market
Bias Indicators Page suggested stock index futures were overbought and could trade lower.
December Nasdaq 100 futures
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S&P futures
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have just broken down our of intraday triangles. After breaking down, the
contracts are holding at the 38.2% and 61.8% retracement levels,
respectively, of their most recent swings.
Currency traders bought an early V-dip, finding a
place to fade the recent 20-day low, helping a
Turtle Soup Plus One Buy signal to work out in
euro FX futures
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