What’s Up, What’s Down: Meats and Metals in the Spotlight
Comments for Thursday, March 4, 2010
Looking Ahead to Today by Reflecting Back at Wednesday’s Price Action
MEATS:
Higher closes yesterday for live and feeder cattle along with the hogs but lower for pork bellies this time. The cattle and feeders continue moving higher with the feeders making another new CONTRACT HIGH and close. The beef market continues to be very strong overall with the feeders leading the way it seems no matter which way corn goes. Hogs made a new recent high and close continuing to join the rest of the meats in strong uptrends. Bellies settled lower but still are in a good uptrend overall. BUY SIGNALS FOR LIVE AND FEEDER CATTLE, HOGS AND PORK BELLIES. CALL FOR DETAILS!
METALS:
Higher for copper, gold, silver and platinum. All of the metals are now back in uptrends making their highest highs and closes in over a month while also in resistance areas at this time. Gold, technically, along with platinum are the best buys at this time. A close over 1150 for April gold and 1750 for May silver will help to confirm their uptrends. Also, copper is very close to breaking out of its present resistance area.
Read 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.
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.