Silver Bores Back To Low
Jumping the gun by one day on a (1-2-3) pullback-from-lows setup, silver
is down sharply and trading near its contract lows. This morning’s Pre-Opening
Metals Outlook pointed out that “because silver doesn’t have the
short-covering threat (from an imbalance of short positions), it could be
limited by the weakness in the equity market and by overhead resistance of 473.“
Nasdaq 100 futures
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PowerRating), from the Implosion-5 List,
touched down to new lows. The Nasdaq 100 cash index traded down to 2556, the October
1999 pivot that preceded a five-month, 82% rally. This is a key support
level.Â
Soymeal
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PowerRating), the leading contract on the Momentum-5
List, gapped higher and poked out a new contract record. The potential of a
Europe-wide ban on bone and bone meal as an animal protein source–and the
potential for soymeal to be a substitute feed–continues to underpin this
market.Â
Orange
juice
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PowerRating) is now a Momentum-5
List member and is making good on its signal, up .65 at 77.70.