Juice Spurts
Orange juice is rallying with the July contract moving to its highest level in
nearly six months. Juice has moved within a narrow range throughout 2000 and
Monday’s action marks the first breakout from this range. A narrowing, and
potentially explosive pattern was picked up by the
6/100 Low Volatility and
Multiple Days Low
Volatility lists last week. Juice also showed a pattern of higher lows out
of this tight consolidation, and a new 10-Day High, a situation described in
this space. Notice that juice also registered on Monday’s Momentum-5
List.
Gold is down over 1% after the Commitment of Traders Report
showed many traders with long positions had covered. The rise in gold has
recently been coinciding with a fall in the dollar and gold is falling as the
dollar recovers against the euro.
Natural gas is in a tail spin, tumbling as cash prices fall
along with temperatures on both coasts. If today’s close holds, it will erase
all of last week’s gains. A weekly close below the prior week’s low is often a
harbinger of a trend change. Nat gas triggered a Turtle Soup Plus One
Sell signal after spiking to a new 20-day high Friday and trading below the previous, May 31 high of 4.555.