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For charts, quotes and technical opinions, please visit the following:
(For previous trading comments see below)
Recent trading opinions on commodities are as follows:
| Nov 2, 2004
Ok...still watching those Soybeans. Drifting down to the $512-518 range we thought was
likely. Still think there may be that quick dip below $500 to scare everyone. We'll take
the plunge for sure then with some multi-month calls. |
Oct 25, 2004
The stability we've been looking for in Soybeans price not yet evident, but a sharp rise
late week from new lows near $506 to resistance near $540. That's a big enough move to
make shorts nervous, but that was also only a gap-fill. We expect some more near term
weakness, say back to $512-$518, or possibly even a lightning-quick stop run a tad below
$500 but then we're game to take some multi-month calls or possibly bull call spread if we
choose to be cautious. The other one that appears at a near term inflection point is Lean
Hogs. A move above 67.6 (Dec)very short term should see some stop runs to the upside
taking it anywhere from 68.6-69.3, but we think that would make a good short. A stop just
above recent highs of 71.80. On the downside, a break could come anytime, so if the above
stop-runs don't happen in the next few days, we expect to see 60 soon. |
| Oct 14, 2004
Anyone watching Soybeans lately? Wow, what a ride it's been the past 3 months. After
peaking at over $10.60 it's now down near $5.10. That's more than a $25,000 move on a
single contract! Traders looking to buy near or just below $5. Still too much
supply-supporting news around. But we're watching, patiently for signs of stability. Then
we'll look long. |
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