Sugar Caning Continues
October sugar
(
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PowerRating) is continuing its week-long
descent that began after dropping out of a consolidation on highs pattern and is
also making good on an Off The Blocks
setup (which works with contracts on the
New 10-Day Low list as well as contracts on the Implosion-5 List).
After hitting a
New 10-Day Low Thursday, December wheat
(
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PowerRating) is continuing to breakdown
and has struck new contract lows.
Recent strength off lows in lean hogs
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PowerRating) has
placed the October contract on the Momentum-5
List. Hogs are following through on their expansion bar-to-a-one-month-high,
moving to a one-month high.
January pork bellies
(
PBF0 |
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PowerRating) are following through on
a Turtle Soup Plus One Buy signal off lows and are up .550 at 62.700. However,
the market gapped open on this follow through move and is now trading at the
bottom of its range and could fill the gap. The rally in pork contacts is
occurring despite reports of the highest frozen storage levels of in the past 50
years.
