What’s Up, What’s Down: Treasury Up Slightly

Comments for Monday, August 10, 2009

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


Higher closes for rough rice, soybeans and soymeal while lower for Minneapolis, Kansas City and Chicago wheat along with soyoil, corn and oats. All of the wheat continue to look weak overall unable to hold their support areas making new recent lows and closes again with Chicago making its lowest low and close since June ’07 once again! Corn settled sharply lower again at the low end of its last decent support area ending my buy signal. I thought the bean complex would hold up the corn but apparently I’m wrong. Oats closed lower again still is in a downtrend unable to penetrate a strong resistance area (220-235 Dec.). Rice settled higher this time looking very strong overall while now in a Bull Pennant.. The beans and meal settled higher with the latter in a Bull Pennant. Oil closed lower but is in a Bull Flag looking as strong as the beans and meal. Buy Signals for Rice, Corn, Soybeans, Meal and Soyoil; Sell Signals for Oats and Minneapolis Wheat.

Rice Chart

Soybean Chart

Soybean Chart 2


Lower closes for the eurodollar, bonds and notes while slightly lower for the eurodollar but no changes technically. The eurodollar is still in a strong uptrend overall but now losing some steam while the bonds have finally given me a sell signal and the notes continued their downward bias. I hold Sell Signals for the Notes and Bonds.

10-Year T-Note Chart

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.