Yield reports from August USDA’s reports dropped the fresh crop corn yield by 2.4 bushels/acre to 175.1. Since there were no new acreages it also set the potential output to 15.111 B bushels.
Worldwide the old crop puts the Brazilian output at 135 MMT increase of +2 MMT. Brazil's CONAB raised their corn production forecast by 2.2 to 130 MMT on better 2nd crop...
This chart of the Nasdaq Composite , has similar pattern to the S&P which tells the story of the overlapping composition in the indices especially within the Info Tech sector. Measured using anchors from late June to the highs made recently we appear to be trading just above the halfback and clearly above Fib 61.8 and 78.6 lines.
This chart measures from the low of June 26, 2023 to the current high for the year at 4607.07. There is initial Fib support at 4434.75 and below there at 4387.75. The Fib halfback , sits just above 4467.50. Do we respect these support levels trading into the week ahead or are we falling below into the 4300-handle? The selling from Apple's earnings and being...
Yesterday, the EIA reported broad inventory levels from last week for Crude Oil, distillates and gasoline. Inputs to refineries averaged 16.5 M bbl/day during the week ending July 28, 2023, which was 40K bbl/day more than the previous week’s average while refineries operated at a reasonably high level capacity of approximately 92.7% last week. Gasoline production...
My earlier post on the Russell futures was myopic in the sense I neglected to zoom out into the appropriate timeframe in order to draw the Fib extension. While the concept remains simple, markets intraday tend to shake out short-term participants and keep the liquidity from the shakeout as that is what the markets usually seek. This retracement had a dip past the...
The RBA in Australia left rates alone with inflation at 6% making for the only major central bank in the news in the overnight session for today in the US. There is a lot of manufacturing numbers across Europe and most of this activity is not moving the currency much of support. The Fib measure from last Thursday's push higher into 1.1150 to the low on Friday,...
We clocked an overnight high of 2017.8 with the Russell futures as Asian participation pushed us higher and as is customary in recent months, European premarket into their session sold US futures. A simple RTH based Fib measure is indicative of Fib support sitting between 2002.8~1999.4. Catching this mid-stream in this setup would be best if taken between...
CHD exceeded its outlook with stronger than expected sales growth and gross margin expansion. Earnings reported last week showed second quarter net sales grew 9.7% to $1.454.2 Bill and gross margin expanded by 270 basis points. CHD continues to experience strong consumer demand across its portfolio. In addition organic sales grew 5.4% driven by positive product...
The Emini S&P, among other index futures instruments renders itself as a decent reliable trading instrument to intraday participants. The key is moderate your lot sizes intraday so that one is not leveraged awkwardly where scaling-in becomes impossible within the constraints of your account size. Most times having the support and resistance lines drawn on your...
Grains have been on a pullback since the last WASDE and we have another one coming up in a couple of weeks when stocks and demand will all be forefront in how much more prices could hold and go higher. The weekly CoT report from the CFTC showed net new buying and short covering from the soybean spec traders during the past week. That throws the the net longs for...
Platinum futures alongside other metals have clearly been bearish and the Platinum Metals Group consisting primarily of Palladium and Platinum have been selling off in recent sessions and Platinum recently dipped below 900 to 984.2 making back-to-back bottoms at 894.2 once off the extended session and once again off the following RTH session now exactly 5...
Reactionary trades of BoJ YCC forcing a risk-off knee jerk move lower appears to have held support well and now past healthy sentiment numbers and lower inflation expectations from UoM survey could head right back over 16K in defiance of the previous liquidation which participants were quick to attribute to sector rotation out of tech.
