E X T R E M E M A R K E T C O M M E N T A R Y
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STOCK INDEXES & MARKETS http://quotes.ino.com/exchanges/?c=indexes+
GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed
lower again today but did close up from their early-session
lows. It was another “risk off” trading day following fresh
worries regarding the European Union. While the stock index
bulls maintain the slight overall near-term technical
advantage, they have faded and need to show fresh power
soon. The “sell in May and go away” trading adage has come
back into vogue.
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June U.S. T-Bonds closed down 1/32 at 144 14/32 today.
Prices closed nearer the session low today and did hit a
fresh contract high of 145 8/32 early on, and then saw some
mild profit-taking pressure. Bulls still have the solid
overall near-term technical advantage. Prices are in a
seven-week-old uptrend on the daily bar chart.
ENERGY MARKETS
ENERGIES: June crude oil closed down $0.42 a barrel at
$96.60 today. Prices closed nearer the session high again
today but did hit another fresh 4.5-month low of $95.17
today. The bears have the overall near-term technical
advantage. It was another “risk off” trading day today and
as the U.S. dollar index was higher—both bearish for crude.
June heating oil closed up 33 points at $2.9934 today.
Prices closed nearer the session high today and saw short
covering in a bear market. Prices Tuesday hit a 3.5-month
low. Bears still have the near-term technical advantage as
prices are in a two-month-old downtrend on the daily bar
chart.
June (RBOB) unleaded gasoline closed up 207 points at
$3.0151 today. Prices closed nearer the session high on
more short covering. Prices Monday hit a 3.5-month low.
Bears still have the near-term technical advantage. A six-
week-old downtrend is still in place on the daily bar
chart.
June natural gas closed up 6.9 cents at $2.462 today.
Prices closed near mid-range today and hit another fresh
six-week high. The bulls have gained fresh upside near-term
technical momentum this week. The bears do still have the
overall near-term technical advantage, however.
CURRENCIES
CURRENCIES: The June Euro currency
closed down 83 points at 1.2947 today. Prices closed near
mid-range again today and hit a fresh 3.5-month low. Bears
have the solid near-term technical advantage. Prices are in
a 10-week-old downtrend on the daily bar chart.
The June Japanese yen closed up 20 points at 1.2555 today.
Prices closed near mid-range today and hit a fresh 2.5-
month high. Bulls have the near-term technical advantage.
Prices are in a seven-week-old uptrend on the daily bar
chart.
The June Swiss franc closed down 68 points at 1.0783 today.
Prices closed near mid-range today and hit a fresh seven-
week low. The bears have the near-term technical advantage
in the Swissy. Prices are in a 2.5-month-old downtrend.
The June Canadian dollar closed down 30 points at .9976
today. Prices closed near mid-range today and hit a fresh
3.5-month low. Bulls are fading and are now back on a level
near-term technical playing field with the bears.
The June British pound closed down 24 points at 1.6137
today. Prices closed nearer the session high today after
hitting a fresh three-week low early on. Bulls still have
the overall near-term technical advantage.
The June U.S. dollar index closed up 38 points at 80.23
today. Prices closed near mid-range today and hit a fresh
seven-week high. Bulls have gained fresh upside near-term
technical momentum recently and now have the slight overall
near-term technical advantage.
PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals
METALS: June gold futures closed down $10.90 an ounce at
$1,593.60 today. Prices closed near mid-range and hit a
fresh 17-week low today. Serious near-term chart damage has
been inflicted this week. It was another “risk off” trading
day today and the key “outside markets” were in a bearish
posture for gold as the U.S. dollar index was higher and
crude oil prices were lower. Gold bears have the solid
near-term technical advantage. A nine-week-old downtrend is
in place on the daily bar chart.
July silver futures closed down $0.159 an ounce at $29.30
today. Prices closed nearer the session high today and hit
a fresh 17-week low. It was another “risk off” trading day
today and the key “outside markets” were in a bearish
posture for silver as the U.S. dollar index was firmer and
crude oil prices were lower. Silver prices are in a nine-
week-old downtrend on the daily bar chart.
July N.Y. copper closed down 75 points 367.00 cents today.
Prices closed nearer the session high today and hit a fresh
three-week low as bulls have faded. It was a “risk off”
trading day again today and the key “outside markets” were
in a bearish posture for copper as the U.S. dollar index
was firmer and crude oil prices were lower. Copper bulls
and bears are on a level near-term technical playing field.
FOOD & FIBER http://quotes.ino.com/exchanges/?c=food
SOFTS: July sugar closed up 5 points at 20.42 cents
today. Prices closed nearer the session high today and hit
a fresh 12-month low early on. Tepid short covering in a
bear market was featured today. It was another “risk off”
trading day today and the key “outside markets” were in a
bearish posture for sugar as the U.S. dollar index was
higher and crude oil prices were lower. Sugar bears still
have the solid overall near-term technical advantage.
July coffee closed up 20 points at 175.15 cents. Prices
closed nearer the session high today and saw more tepid
short covering in a bear market. Prices did hit a 1.5-year
low early on today. It was another “risk off” trading day
today and the key “outside markets” were in a bearish
posture for coffee as the U.S. dollar index was higher and
crude oil prices were lower. Coffee prices are still in an
eight-month-old downtrend on the daily bar chart.
July cocoa closed up $9 at $2,335 a ton. Prices closed
nearer the session high today. It was another “risk off”
trading day today and the key “outside markets” were in a
bearish posture for cocoa as the U.S. dollar index was
higher and crude oil prices were lower. That did limit the
upside in cocoa today. Trading has been very choppy and
cocoa bulls have the slight near-term technical advantage.
July cotton closed down 49 points at 85.69 cents today.
Prices closed nearer the session low and hit another fresh
4.5-month low today. It was another “risk off” trading day
today and the key “outside markets” were in a bearish
posture for cotton as the U.S. dollar index was higher and
crude oil prices were lower. Cotton bears have the solid
near-term technical advantage.
July orange juice closed up 25 points at $1.1695 today.
Prices closed nearer the session low today on tepid short
covering in a bear market. Prices Tuesday hit a contract
low. It was another “risk off” trading day today and the
key “outside markets” were in a bearish posture for FCOJ as
the U.S. dollar index was higher and crude oil prices were
lower. FCOJ bears have the solid overall near-term
technical advantage.
July lumber futures closed down $1.70 at $278.00 today.
Bulls have faded and are now back on a level near-term
technical playing field with the bears. The next downside
technical breakout objective for the lumber bears is
pushing and closing prices below solid technical support at
$275.00.
GRAINS http://quotes.ino.com/exchanges/?c=grains
GRAINS: July corn futures closed down 16 3/4 cents at
$6.06 1/4 today. Prices closed near the session low again
today. It was another “risk off” trading day today as the
key “outside markets” were also in a bearish posture for
corn as the U.S. dollar index was firmer and crude oil
prices were lower. Traders are awaiting Thursday morning’s
USDA monthly supply and demand report. Selling today was
also tied to ideas Thursday report will be bearish for
corn.
July soybeans closed down 10 cents at $14.28 1/4 a bushel
today. Prices closed near mid-range today and hit a fresh
three-week low today and saw more profit taking. It was
another “risk off” trading day today as the key “outside
markets” were also in a bearish posture for soybeans as the
U.S. dollar index was firmer and crude oil prices were
lower. Traders are awaiting Thursday morning’s USDA monthly
supply and demand report. The bean bulls have faded a bit
recently.
July soybean meal closed down $2.50 at $414.80 today.
Prices closed near mid-range today and hit another fresh
two-week low. Meal bulls still have the overall near-term
technical advantage but have faded. Prices are still in a
four-month-old uptrend on the daily bar chart but the bulls
need to show fresh power soon to keep it in place.
July bean oil closed down 42 points at 52.85 cents today.
Prices closed near the session low today and hit another
fresh three-month low. It was another “risk off” trading
day today and the key “outside markets” were in a bearish
posture for bean oil as the U.S. dollar index was higher
and crude oil prices were lower. Bean oil bears have the
near-term technical advantage. Bean oil prices have been
trending lower for four weeks.
July Chicago SRW wheat closed down 16 1/2 cents at $5.98
1/2 today. Prices closed near the session low today and hit
a fresh contract low. It was another “risk off” trading day
today and the key “outside markets” were in a bearish
posture for wheat as the U.S. dollar index was higher and
crude oil prices were lower. Traders are awaiting Thursday
morning’s USDA monthly supply and demand report. Wheat
bears have the solid overall near-term technical advantage.
July K.C. HRW wheat closed down 16 1/2 cents at $6.19 1/2
today. Prices closed near the session low today and hit a
fresh 23-month low. The bears have the solid overall near-
term technical advantage.
LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock
LIVESTOCK: June live cattle closed up $0.82 at $116.60
today. Prices closed nearer the session high today and hit
a fresh three-week high. There were bearish outside markets
and a “risk off” trading day today that did limit the
upside in cattle, but short covering and bargain hunting
prevailed. Cattle bears still have the overall near-term
technical advantage.
August feeder cattle closed up $0.12 at $158.90 today.
Prices closed nearer the session high today. The bulls have
the overall near-term technical advantage. A bullish
pennant pattern has formed on the daily bar chart.
June lean hogs closed up $0.60 at $84.90 today. Prices
closed nearer the session high today. There were bearish
outside markets and a “risk off” trading day today that did
limit the upside in hogs, but short covering in a bear
market was the feature today. Hog bears still have the
solid overall near-term technical advantage. Prices are in
a steep 10-week-old downtrend on the daily bar chart.
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E X T R E M E F U T U R E S
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Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/
WINNERS
BCX.V12 SOYBEANS CRUSH INDEX Oct 2012 80.00 4.50 +5.25
CSI.N12 SOYBEAN-CORN PRICE RATIO Jul 2012 2.355 0.046 +1.99
LB.K12 LUMBER (RANDOM LENGTH) May 2012 293.8 4.2 +1.45
LH.G13 LEAN HOGS Feb 2013 79.175 0.725 +0.92
LC.M12 LIVE CATTLE Jun 2012 116.600 0.825 +0.71
RR.N12 ROUGH RICE Jul 2012 15.395 0.100 +0.65
SM.Z12 SOYBEAN MEAL Dec 2012 372.9 0.6 +0.16
FC.Q12 FEEDER CATTLE Aug 2012 158.900 0.125 +0.08
LOSERS
C.K12 CORN May 2012 641.25 -24.75 -3.71
BCX.Q12 SOYBEANS CRUSH INDEX Aug 2012 61.25 -1.25 -3.18
KW.N12 HARD RED WINTER WHEAT Jul 2012 619.0 -17.0 -2.68
YC.N12 CORN (MINI) Jul 2012 607.25 -15.75 -2.52
W.N12 WHEAT Jul 2012 600.0 -15.0 -2.44
BO.K13 SOYBEAN OIL May 2013 54.25 -0.49 -0.89
YK.X13 SOYBEAN (MINI) Nov 2013 1197.00 -10.00 -0.83
RV RUSSELL 1000 VALUE INDEX MINI 663.49 -4.83 -0.72
GC.M12 GOLD Jun 2012 1594.2 -10.3 -0.64
S.Q12 SOYBEANS Aug 2012 1416.25 -9.00 -0.63
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E X T R E M E S T O C K S
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LOSERS
MELI MERCADOLIBRE 77.04 -10.95 -12.44
PRIM PRIMORIS SERVICES 12.03 -1.62 -11.87
CLIR CLEARSIGN COMBUSTION 7.43 -1.00 -11.86
KRO KRONOS WORLDWIDE 20.16 -2.70 -11.81
TRNX TORNIER BV 21.62 -2.81 -11.50
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T H A N K Y O U
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