This Is The Only Thing That Can Stop A Rally
We had multiple oversold signals on our Market Bias Page coming into this
morning and the further early morning weakness led to a healthy rally off the
lows. The December S&Ps closed at 913.80, up 5.30. The bias remains up for
early next week. The one thing hanging over the market is what happens this
weekend with Iraq. No news will likely be greeted with good news on Monday
morning.
In other markets, the dollar dropped again today to 105.38. It remains on our
Implosion
Five list.
Corn and wheat bucked the overall trend by drifting higher. March Corn closed
at 237 1/4, and March Wheat closed at 357 3/4.
The December Euro leads our Momentum Five list, which signifies the strongest
commodities. ECZ2 rose to 1.0088. Other uptrending commodities has less success,
as March Coffee, February Cattle, March Sugar, February Pork Bellies and
February Hogs all moved against their upward trend and traded lower.
As I stated in the opening paragraph, much of next week’s financial market
futures will be dictated by the events in Iraq this weekend. Let’s hope the news
is good.
Have a great weekend.
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