Comments for Tuesday, November 9, 2010
Looking Ahead to Today by Reflecting Back at Monday’s Price Action
Futures and options trading is speculative in nature and involves substantial risk of loss. Futures and options trading is not suitable for all investors.
CROP PRODUCTION. USDA SUPPLY/DEMAND. Higher closes yesterday for Minneapolis and Chicago wheat along with rough rice and oats while lower for soybeans, soymeal, soyoil, corn and Kansas City wheat. Corn settled lower but is in a small BULL PENNANT and should continue higher overall unless the crop production report disagrees. Oats settled higher continuing to look strong overall. Rice followed through higher once settling on its high of the move causing a most likely temporary DOUBLE TOP. The bean complex closed lower this time with the oil making its highest high since September 9th in reversal type action but looking very bullish overall. DON’T FORGET THE GRAINS TEND TO FILL A MAJORITY OF THEIR GAPS and there are gaps in KC wheat, corn, beans and meal so be sure to take this into consideration when taking POSITIONS. BUY SIGNALS FOR MINNEAPOLIS WHEAT, OATS, ROUGH RICE, SOYBEANS, SOYMEAL AND SOYOIL. CALL FOR DETAILS!
Special Note for Cotton Traders: The daily price limit for Tuesday, November 9, expands to 5 cents.
Rick Alexander has been a broker and analyst in the futures business for over thirty years. He is a Vice-President for Sales and Trading at the Zaner Group (www.zaner.com) a Chicago-based futures brokerage firm. Email Rick at firstname.lastname@example.org.
The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.