Eight For Eight!
July sugar
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consecutive session, closing on its high of the session and at the top of the
May consolidation zone. Sugar was on the
New 10-Day Highs List today and Momentum-5 List yesterday. Despite an
eight-for-eight run, sugar continues to look strong, having etched an outside
bar today at a one-month high. Basis July closed up .07 at 9.12.Â
In the battered department, coffee
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off a seven-year low and made good on its
Turtle Soup Plus One Buy
setup to close up 2.30 at 57.50.
Cocoa
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Buy signal, exploding to close on its highs of the session and leave a
reversal tail. This implies follow through to the upside tomorrow. Cocoa closed
32 higher at 927.
Cotton
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trading at a 15-year low and its price is below the cost of production. This is
an unsustainable situation. Cotton rallied today in its biggest up bar of the
year, closing 1.87 higher at 39.55.
Debt futures breathed a sigh of relief and rallied after Fed Chief
Greenspan told the Senate Banking Committee that inflation has been
“relatively stable.” Lower energy prices also reduced the
perceived threat of inflation and worked to boost September T-bonds
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and 10-year notes
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PowerRating). 10-years matched a two-month high before
giving back gains as stocks rallied, closing up 1/32 at 104 15/32. The TYU1 contract is on the Momentum-5
List. T-bonds added 10/32 to 101 26/32.
The biggest decline in wholesale gasoline prices this
year occurred yesterday as the July
unleaded gasoline
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returning to its lowest level since January. Unleaded’s big decline put it in
the leading position on the Implosion-5 List.
The contract continued tumbling this morning to nearly tag the December 2000
lows. This contract
has shed one-quarter of its value in one month and closed down .0194 today at
.7709.
Heating oil
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back slightly after three strong down days but failed to follow through on its Turtle Soup Plus One Buy
trigger. Crude oil is also a TS+1 buy setup trading below its trigger that
finished up slightly. Look for a possible follow-through tomorrow in a TS+2
setup.Â
In the currencies,
Canadian dollars
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PowerRating)Pullback From Highs
reading to close solidly higher, up .0048 at .6553. The Japanese yen
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PowerRating), expressing downside momentum by hitting a New 10-Day Low,
is down and made good on an Off The Blocks
entry. This contract finished at nearly a contract low, down .0049 at
.8707.