Comments for Wednesday, September 22, 2010
Looking Ahead to Today by Reflecting Back at Tuesday’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.
GRAINS:
Higher closes for oats, rough rice, soybeans, soymeal and soyoil while lower for Minneapolis, Kansas City and Chicago wheat along with corn. All of the wheat continue to look higher but especially Minneapolis and KC technically while Chicago has been consolidating while in a trading range since early August as seen below. Oats settled lower but still is has been in a strong uptrend lately while rice is in a small BULL PENNANT after also settling lower but in a strong up-trend since the beginning of July. Corn also closed down but is in a small BULL FLAG also in an up-trend since the beginning of July. However, corn was unable to hold on to several rallies settling down at the end. The bean complex closed lower this time but continue to be in uptrends also. We saw spread trading against the wheat mostly yesterday. BUY SIGNALS FOR MINNEAPOLIS, KANSAS CITY AND CHICAGO WHEAT ALONG WITH OATS, ROUGH RICE, SOYBEANS, SOYMEAL AND SOYOIL.
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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 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.