Sugar Pops Off Lows
In a knee-jerk reaction, March sugar
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is rallying after closing at its lowest level since July. This is probably a
temporary, reaction-rally and a good place to look to get short. Although sugar
is up 4%, it is pressured and on both the Implosion-5
and Pullback From Lows
lists
Coffee
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PowerRating) remains under pressure and has dipped slightly,
conforming to its Implosion-5 List
reading in a move to a new multi-year low (down .20 at 71.20). This contract remains
explosive as suggested by its Multiple Days Low
Volatility reading. Although the pressure is down, look to play both sides.
Orange
juice
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PowerRating) lapped above its (Jeff Cooper) 1-2-3-4
Pullback From Highs
trigger (the high of the low-bar’s high) and is up .90 at 75.50. A hold above the 74.60 lap area is constructive for continuation in this pattern.
January pork bellies
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following through on a two-day rally as traders focus on CME storage data which
came in much stronger (higher) than expected.
December lean hogs
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PowerRating) sold off early in the session but have
recovered early losses and are trading near opening levels in a tail, inside
day bar. Monday’s big surge to a 10-day high broke a short-term downtrend line, and
violated the right shoulder of a head and shoulders top (with the head in Oct.).