Bean Oil Posts Green Flags
Soybean oil
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PowerRating) got going early, spouting
up in the first 10 minutes of trading to a new three-month high. Bean oil has
been diverging from the grains and is now the second leading contract on the Momentum-5
List. This contract made good on an Off The Blocks
trade, rallying strongly from the get go. Similar to its daily bar chart,
the intraday chart is currently in a bullish flag pattern.Â
Coffee
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PowerRating) registered a Turtle Soup Plus
One Sell signal two days ago and yesterday, on the day of the signal, the
contract rallied to a new one-month high, but then sold off and closed near its
lows. This morning, the contract made good on the signal (in a Turtle Soup Plus
Two!), falling back to a low of 65.25. The contract is now rallying off the
consolidation band in the 65 area and maintains the early signs of a bull given
the last two days of one-month highs that filled the Jan. 30 gap.Â
With little in the way of economic news to cause
movement, the debt market is keying off the good reception of a large debt
offering by France Telecom, following the path of least resistance to test
recent highs. The 10-year note
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PowerRating), from the Momentum-5
List, gapped open and has advanced a handful of ticks. T-bonds
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PowerRating)
are 16/32 higher at 106 even. Both contracts are currently in a doji star
candlestick formation, which generally implies a change of direction. The market
is awaiting the U.S. unemployment report tomorrow and expects the jobless rate
to remain unchanged at 4.2%.
From the
Implosion-5 List,
Nasdaq 100 futures
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PowerRating) are lower on Yahoo!’s missed earnings
expectations and stated change in the CEO post.