I split up the entries so its easier to digest. The first entry was about the action we had in the stock indexes on this Unemployment Friday.
In the crude oil, we remain unable to challenge the 80 dollar resistance level.
Crude oil opened at 7583, posted a high at 7790 fell to a low at 7485 and settled at 7547 down a dollar on the day An outside day down, and on the charts, it looks like the intermediate term has shifted to cautiously bearish. Since the middle of October, we have been posting lower major highs and lower major lows, with a severe spike down to the 7250 on Thanksgiving eve due to the Bank of Dubai mini-panic. There appears to be good support at the 73.00 level. Failure at that level opens up the door for lower prices in crude.
In the grains, there was plenty of volatility in sympathy with the fluctuations in gold, the stock indexes as well as the crude oil.
Jan beans opened at 1050, spiked to a session high early at 1053 3/4 then flushed lower through the morning for a 24 cent melt down to the 1031 level. At that point it pulled a half-way back move, crushing the stubborn bears for a 12 cent rally, or 1/2 of the 24 point trading range and settled down 4 cents on the day at 1043. Enough movement for the bulls and the bears to profit, but to slaughter the pigs.
On the daily charts, SF looks like its consolidating a bit here at these levels. The short term trend remains cautiously bullish for the time being. If the contract has a settlement below the 1020 level, that would shift the short-term to neutral/cautiously bearish.
December corn futures opened at 384 3/4, had an early high of 386 1/2, snapped lower for 13 cents to a low of 373 1/4 and settled down 11 1/2 cents on the day at 373 3/4.
The short-term trend is neutral, with cz appearing to be trying to build a base here at the 375 level. A failure here could shift us rapidly down the the 330 area.
December wheat opened at 536 spiked to a high at 554 1/4, posted a low at 534 1/4 and then settled down 13 cents on the day at 536 3/4. The short-term trend has shifted to neutral from cautiously bullish. The failure to extend the rally, combined with bearish fundamentals leave the WZ vulnerable to a move lower, perhaps down to the 490-500 price level.
