Full Metal Jacket
Metals are weighing heavy as America continues
military strikes in Afghanistan and stocks rally. Both
December gold
(
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PowerRating) and
silver
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PowerRating) registered on the
New 10-Day Low List, tipping their hand that momentum in these contracts has
shifted to the downside. The reading also makes them
eligible for Off The Blocks
short entries. After lapping lower, the contracts came back to test their
opening laps and then triggered OTB shorts after trading below the lows of
their opening five-minute bars.
December wheat
(
WZ1 |
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PowerRating), now on the Momentum-5
List, is setting up for a test of the 9/14 lap-down in the 280 area.Â
Watch for cotton to descend. The
December contract
(
CTZ1 |
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PowerRating)Â has
plenty of momentum after having registered on both the
Implosion-5 List and the
New 10-Day Low List.