What’s Up, What’s Down: Crude Turning Up, Gold Down

Comments for Monday, September 14, 2009

Looking Ahead to Today by Reflecting Back at Friday’s Price Action


Higher closes on the 11th for corn, Minneapolis, Kansas City and Chicago wheat along with oats while lower for soybeans, soymeal, soyoil and rough rice. Minneapolis KC and Chicago wheat made new contract lows again but all of the wheat then rallied to close higher making KEY REVERSALS. Corn (Dec.) settled higher again taking out Thursday’s highs acting like their retracement rally should continue up to at least their resistance from 325 to at least 335 which will be tough to penetrate. I still expect corn to test 300 where many stops should reside below. Rice settled sharply lower actually ending down the 50 cents daily limit now settling up for a possible sell signal. Oats closed higher again still holding its DOUBLE BOTTOM while in retracement type action and holding the lower end of a support area. The bean complex also settled lower looking very weak overall especially the meal after today’s closes. I hold technical Sell Signals for the Soybean complex and Oats.

Rice Chart

Wheat Chart

Soymeal Chart


Friday’s close was higher, platinum, silver and gold while lower for copper.. All of the metals continue to be in uptrends but copper is showing some potential topping signs. Gold and silver made new recent highs breaking out of small bull flags but the latter did close near it lows of the session. Platinum rallied sharply making a new contract high and close.


Higher settlements for crude and natural gas while lower for heating oil and the rbob. The trend for crude is starting to turn back higher but is still lower for the heat and the rbob. Gas closed sharply higher ($5000 per contract) still in a down-trend overall but may be starting to turn around.

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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.

See the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at www.markethead.com.

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. If you would like a free booklet explaining the charts mentioned above, email Rick at ralexander@zaner.com.