Iced Coffee Turns To Soup
Coffee tumbled precipitously from one-month highs on the
open, erasing a 10% gain on Thursday after a cold front steered clear of major
growing regions in Brazil, the world’s largest grower. Coffee has rallied from
opening levels Friday but is trading lower after failing to move into the gap
area above 94.70. This area has provided a good entry opportunity for traders
wishing to exploit a Turtle Soup Plus One
Sell setup.Â
T-bonds are also making good on a Turtle Soup Plus One
Sell setup, tumbling nearly 1 point as traders place more emphasis on the
stronger-than-expected retail sales numbers than the benign PPI data.Â
Grains continue making good on their negative Futures
Trend Matrix and Implosion-5
List readings. Favorable growing conditions continue
to provide a positive outlook for excellent crop yields, pressuring corn,
soybeans and wheat.Â
Lean hogs, also from the Implosion-5 List, are turning around
from one-month lows but should encounter strong resistance at current levels
where a gap area will be difficult to penetrate.