The strong rally in the equity market is helping to drive up September Crude Oil at the midsession. News that refineries are cutting gasoline production is also helping to support prices.
September Unleaded Gasoline has hit an upside objective at 1.8817. This price is a .618 retracement of the 2.0585 to 1.5967 range. September Heating Oil is up on production issues. Traders feel that based on cuts in production, inventories may be too low to meet demand later in the year.
August Gold continues to move higher. The weaker Dollar has traders buying this metal as a hedge against inflation despite comments from Fed Chairman Bernanke that the Fed has the tools to keep inflation at bay.
September Treasury Bonds are down sharply as traders are shifting money out of fixed income instruments and into equities. The weakness in the market today has all but erased the strong rally earlier in the week following positive comments from Fed Chairman Bernanke regarding the future of interest rates.
November Soybeans continue to build a support base despite negative news regarding China dumping supply on their domestic market and improved crop conditions.
December Corn is in the midst of its biggest rally in weeks. The strong recovery may only be short-covering but it looks strong enough to test the last swing top at 3.49 ¼. A breakout over this price will turn the main trend to up.
Yesterday’s bad news regarding the excessive speculation in the Chicago Wheat pits seems to have been forgotten today as traders have driven this market higher. Although it looks as if a double-bottom at 5.38 could be forming, it is going to take a trade through 5.80 to confirm it.
September Unleaded Gasoline has hit an upside objective at 1.8817. This price is a .618 retracement of the 2.0585 to 1.5967 range. September Heating Oil is up on production issues. Traders feel that based on cuts in production, inventories may be too low to meet demand later in the year.
August Gold continues to move higher. The weaker Dollar has traders buying this metal as a hedge against inflation despite comments from Fed Chairman Bernanke that the Fed has the tools to keep inflation at bay.
September Treasury Bonds are down sharply as traders are shifting money out of fixed income instruments and into equities. The weakness in the market today has all but erased the strong rally earlier in the week following positive comments from Fed Chairman Bernanke regarding the future of interest rates.
November Soybeans continue to build a support base despite negative news regarding China dumping supply on their domestic market and improved crop conditions.
December Corn is in the midst of its biggest rally in weeks. The strong recovery may only be short-covering but it looks strong enough to test the last swing top at 3.49 ¼. A breakout over this price will turn the main trend to up.
Yesterday’s bad news regarding the excessive speculation in the Chicago Wheat pits seems to have been forgotten today as traders have driven this market higher. Although it looks as if a double-bottom at 5.38 could be forming, it is going to take a trade through 5.80 to confirm it.
