What’s Up, What’s Down: Metals and Meats: Both Appear to be in Uptrends

Comments for Friday, March 12, 2010

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


Higher closes Thursday for copper, gold, silver and platinum this time with few changes technically. All of the metals continue to be in uptrends overall with platinum still leading the way. Copper continues to look higher still in a BULL TRIANGLE, which has now changed its shape a little, but still trying to get through a resistance area. Gold, although giving me a buy signal last week has really been going nowhere since the middle of last December along with making lower highs and lows since then. It needs to settle over 1150 (April) to help confirm my buy signal. Otherwise, a close below 11000 would 10885 would end it. Likewise, silver also gave me a buy signal last week while working lower overall since December needing a close over 1750 for May contract. It has penetrated 1750 three times lately but sold off each time at least confirming my analysis. Platinum continues to look the strongest of the metal complex with a strong close today. BUY SIGNALS FOR COPPER GOLD ,SILVER AND PLATINUM. CALL FOR DETAILS!

Gold Chart

Silver Chart


Higher for feeder cattle but lower closes for lean hogs and pork bellies along with live cattle. The cattle continues to look higher overall even after closing down following through from reversal type action. The feeders settled slightly higher still very bullish but with the first good support area approximately five dollars away making this a dangerous area to add on or go long. Still, there’s no denying the feeders are in a strong uptrend overall. Hogs made its lowest low and close in a week with good support in the 7000-7100 area basis the April contract while still in a uptrend. Bellies settled continuing to hold its support area also closing lower. BUY SIGNALS FOR LIVE AND FEEDER CATTLE, HOGS AND PORK BELLIES. CALL FOR DETAILS!

Lean Hogs Chart

REMINDER: March/June Stock Index Futures Rollover began Monday, March 8!!

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.

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