Crude, the Metals and the grains are all higher. Those traders who went home short on Friday’s abbreviated Holiday session were all rewarded with losses across the board, so far on this night session.
A quick re-cap follows:
Gold is up 24 at 1176.60, with a high at 1183.70 and a low at 1165.00. Last Thursday nights low at 1130.90 is a stinging reminder of what a lack of liquidity will do in a computerized model when all the black boxes try to sell at the same time.
Silver is higher currently at 18485, up 183. It has had a high at 1851 and low at 1823.
Crude Oil has bounced 5.30 higher at 7658. Its high so far has been 7683 and its low tick so far is 7579.
The stock indexes are positive, with SPZ up 6.25 at 1095.75. The Dow is up 52 at 10344. SPZ posted a low so far at 1091.25, while DJZ opened on its low at 10308.
SPZ has a high so far at 1098.00 and a DJZ has a high tick at 10367.
The Grains are higher, with SF at 1062, up 9 cents. CZ up 2 cents at 399 1/2 and WZ up 8 1/2 at 557 1/4.
I honestly don’t know what the market will be looking at over the next week. Perhaps if we have some more weakness in the Dollar, there will be a push back into stock indexes, and if the funds put their buying shoes on, we could easily see the SF trade back up towards the 1075-1083 level. We had looked like we were heading there, prior to the Thanksgiving day Massacre. But, that day we had healthy 38 to 50 percent retracments in the beans and wheat. Perhaps that’s all the market wanted to do; punish the week longs sufficiently to get them to puke, before heading back higher.
Good Trading
