Gearing For Follow Through

In the softs, it was better late than never when a rally took hold toward the
end of Friday’s session. After a somewhat narrow trading range throughout the
day the Dow, Nasdaq and S&P 500 took off to have their first positive
session of the week. The March Nasdaq 100 futures
(
NDH2 |
Quote |
Chart |
News |
PowerRating)
pulled back to the lows of 1407, just above the 1400 support level. Then things
began to move and the Nasdaq 100 rallied up 39.00 to close at 1454.00. The March
Dow futures
(
DJH2 |
Quote |
Chart |
News |
PowerRating) put in a triple-digit gain of 152.00 to close
at 9745.00. And the March S&P 500 futures
(
SPH2 |
Quote |
Chart |
News |
PowerRating) pulled
up off of support to close at 1096.50, up 19.50.

March lumber
(
LBH2 |
Quote |
Chart |
News |
PowerRating) futures, traded on the Chicago Mercantile
Exchange, closed sharply higher to limit-up. When futures close limit-up, this
means trading is ceased because the contract reached its maximum move for the
session. March and May both locked up the $10 per 1,000 board-feet daily limit.
The move higher was due mostly to short covering. The higher day left futures
right at their resistance line of 277.50. Trading volume was estimated at 611
contracts vs. 394 on Thursday. 

March cocoa
(
CCH2 |
Quote |
Chart |
News |
PowerRating) leapt 15.00 to $1.545 a ton, a three-year
high. Prices have been soaring amid worries about quality in top producers from
West Africa and Brazil.

March coffee
(
KCH2 |
Quote |
Chart |
News |
PowerRating) faded to a new contract low today, closing at
44.55, down .25. From the looks of the chart, coffee looks very bearish.

March pork bellies
(
PBH2 |
Quote |
Chart |
News |
PowerRating) traded in a tight range today between
75.30 to 76.70. Bellies rallied to close up by .17 to 76.225.

April live cattle
(
LCJ2 |
Quote |
Chart |
News |
PowerRating) stayed above its 75.00 resistance
level, adding on .28 to close at 76.375.