Wednesday USD +0.004 CRB +1.97 NAS -10.38 DOW -10.75 Gold +8.90 S&P +0.22

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+

The December NASDAQ 100 closed lower on Wednesday and below the 50%
retracement level of the June-September rally crossing at 2657.37. The
low-range close sets the stage for a steady to lower opening when Thursday’s
night session begins trading. Stochastics and the RSI are neutral to bullish
hinting that a low might be in or is near. Closes above the 20-day moving
average crossing at 2710.47 would confirm that a short-term low has been
posted. If December extends the decline off September’s high, the 75%
retracement level of the June-September rally crossing at 2549.93 is the next
downside target. First resistance is the 10-day moving average crossing at
2665.87. Second resistance is the 20-day moving average crossing at 2710.47.
First support is last Friday’s low crossing at 2604.50. Second support is the
75% retracement level of the June-September rally crossing at 2549.93.

The December S&P 500 closed lower on Wednesday. The low-range close sets the
stage for a steady to lower opening when Thursday’s night session begins
trading. Stochastics and the RSI are oversold but are turning neutral to
bullish hinting that a short-term low might be in or is near. Closes above the
20-day moving average crossing at 1428.37 would temper the near-term bearish
outlook. If December extends the decline off September’s high, the 38%
retracement level of the June-September rally crossing at 1385.79 is the next
downside target. First resistance is the 20-day moving average crossing at
1428.37. Second resistance is the reaction high crossing at 1459.50. First
support is Tuesday’s low crossing at 1393.20. Second support is the 38%
retracement level of the June-September rally crossing at 1385.79.

The Dow closed lower on Wednesday but remains above the 38% retracement
level of the June-October rally crossing at 13,042. The low-range close sets
the stage for a steady to lower opening on Thursday. Stochastics and the RSI
are oversold but remain neutral to bearish signaling that sideways to lower
prices are possible near-term. If the Dow extends the decline off October’s
high, the 50% retracement level of the June-October rally crossing at 12,850 is
the next downside target. Closes above the 20-day moving average crossing at
13,373 would confirm that a short-term low has been posted. First resistance is
the 10-day moving average crossing at 13,281. Second resistance is the 20-day
moving average crossing at 13,373 First support is the 38% retracement level of
the June-October rally crossing at 13,044. Second support is the 50%
retracement level of the June-October rally crossing at 12,850.

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INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

December T-bonds closed up 15/32’s at 149-03.

December T-bonds closed higher on Wednesday as it extends the rally off
Thursday’s low. The high-range close sets the stage for a steady to higher
opening on Thursday. Stochastics and the RSI are bullish signaling that
sideways to higher prices are possible near-term. If December extends the rally
off last Thursday’s low, the reaction high crossing at 150-07 is the next
upside target. Closes below last Thursday’s low would renew the decline off
this month’s high. First resistance is the reaction high crossing at 150-07.
Second resistance is the reaction high crossing at 150-09. First support is
last Thursday’s low crossing at 146-02. Second support is September’s low
crossing at 144-15.

ENERGY MARKETS http://quotes.ino.com/exchanges/category.html?c=energy

December crude oil closed higher due to short covering on Wednesday as it
extends the trading range of the past six-days. The low-range close sets the
stage for a steady to lower opening when Thursday’s night session begins.
Stochastics and the RSI are oversold but remain neutral to bearish signaling
that sideways to lower prices are possible near-term. If December extends the
decline off September’s high, the 87% retracement level of the June-September
rally crossing at 81.89 is the next downside target. Closes above the 20-day
moving average crossing at 89.62 would confirm that a short-term low has been
posted. First resistance is the 10-day moving average crossing at 87.36. Second
resistance is the 20-day moving average crossing at 89.62. First support is the
75% retracement level of the June-September rally crossing at 84.64. Second
support is the 87% retracement level of the June-September rally crossing at
81.89.

December heating oil closed lower due to profit taking on Wednesday as it
consolidated some of the rebound off last week’s low. The low-range close sets
the stage for a steady to lower opening when Thursday’s night session begins
trading. Stochastics and the RSI are neutral to bullish hinting that a low
might be in or is near. Closes above the 20-day moving average crossing at
312.62 would confirm that a short-term low has been posted. If December renews
this month’s decline, the 38% retracement level of the June-October rally
crossing at 298.80 is the next downside target. First resistance is the 20-day
moving average crossing at 312.62. Second resistance is the reaction high
crossing at 322.69. First support is last Wednesday’s low crossing at 300.36.
Second support is the 38% retracement level of the June-October rally crossing
at 298.80.

December unleaded gas closed higher on Wednesday. The low-range close sets
the stage for a steady to lower opening when Thursday’s night session begins
trading. Stochastics and the RSI are neutral to bullish hinting that a low
might be in or is near. Closes above the 20-day moving average crossing at
272.20 would confirm that a short-term low has been posted. If December renews
this month’s decline, the 50% retracement level of the June-October rally
crossing at 253.49 is the next downside target. First resistance is the 20-day
moving average crossing at 272.20. Second resistance is this month’s high
crossing at 286.20. First support is last Wednesday’s low crossing at 255.98.
Second support is the 50% retracement level of the June-October rally crossing
at 253.49.

December Henry natural gas closed slightly higher on Wednesday as it
consolidated some of this month’s decline. The low-range close sets the stage
for a steady to lower opening on Thursday. Stochastics and the RSI remain
bearish signaling that sideways to lower prices are possible near-term. If
December extends the decline off this month’s high, the 38% retracement level
of the August-October rally crossing at 3.620 is the next downside target. If
December renews the rally off August’s low, the 50% retracement level of the
2011-2012-decline crossing at 4.242 is the next upside target. First resistance
is this month’s high crossing at 3.970. Second resistance is the 50%
retracement level of the 2011-2012-decline crossing at 4.242. First support is
Tuesday’s low crossing at 3.650. Second support is the 38% retracement level of
the August-October rally crossing at 3.620.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The December Dollar closed lower on Wednesday as it consolidated some of
this month’s rally. The high-range close sets the stage for a steady to higher
opening on Thursday. Stochastics and the RSI are overbought but remain neutral
to bullish signaling that sideways to higher prices are possible near-term. If
December extends this month’s rally, the 38% retracement level of the
July-September decline crossing at 80.97 is the next upside target. Closes
below the 20-day moving average crossing at 79.80 would temper the near-term
friendly outlook. First resistance is Monday’s high crossing at 80.42. Second
resistance is the 38% retracement level of the July-September decline crossing
at 80.97. First support is the 20-day moving average crossing at 79.80. Second
support is this month’s low crossing at 78.97.

The December Euro closed slightly higher on Wednesday and above broken
support marked by the July-August uptrend line crossing near 129.41. The
low-range close sets the stage for a steady to lower opening on Thursday.
Stochastics and the RSI remain neutral to bearish signaling that sideways to
lower prices are possible near-term. Multiple closes below the reaction low
crossing at 128.87 would confirm a trend change has taken place. If December
renews the rally off July’s low, September’s high crossing at 131.83 is the
next upside target. First resistance is September’s high crossing at 131.83.
Second resistance is the 50% retracement level of this year’s decline crossing
at 132.52. First support is the July-August uptrend line crossing near 129.49.
Second support is the reaction low crossing at 128.33.

The December British Pound closed higher on Wednesday renewing the rally off
October’s low. The high-range close sets the stage for a steady to higher
opening when Thursday’s night session begins trading. Stochastics and the RSI
remain neutral to bullish signaling that sideways to higher prices are possible
near-term. If December extends today’s rally, the reaction high crossing at
1.6175 is the next upside target. If December renews the decline off
September’s high, the 50% retracement level of the June-September rally
crossing at 1.5821 is the next downside target. First resistance is the
reaction high crossing at 1.6175. Second resistance is the reaction high
crossing at 1.6213. First support is last Tuesday’s low crossing at 1.5909.
Second support is the 50% retracement level of the June-September rally
crossing at 1.5821.

The December Swiss Franc closed higher due to short covering on Wednesday as
it consolidates some of this month’s decline. The mid-range close sets the
stage for a steady opening when Thursday’s night session begins trading.
Stochastics and the RSI remain neutral to bearish signaling that sideways to
lower prices are possible near-term. Closes below the reaction low crossing at
.10609 would confirm that a double top has been posted. If December renews this
month’s rally, the 25% retracement level of the 2011-2012-decline crossing at
.11090 is the next upside target. First resistance is this month’s high
crossing at .10861. Second resistance is the 25% retracement level of the
2011-2012-decline crossing at .11090. First support is last Friday’s low
crossing at .10660. Second support is the reaction low crossing at .10609.

The December Canadian Dollar closed steady to higher due to short covering
on Wednesday as it consolidates some of the decline off September’s high. The
mid-range close sets the stage for a steady opening when Thursday’s night
session begins trading. Stochastics and the RSI are oversold but remain neutral
to bearish signaling that sideways to lower prices are possible near-term. If
December extends the aforementioned decline, the 50% retracement level of the
June-September rally crossing at 99.51 is the next downside target. Closes
above the 20-day moving average crossing at 101.14 would confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at 101.14. Second resistance is the reaction high crossing at 102.56.
First support is Tuesday’s low crossing at 99.70. Second support is the 50%
retracement level of the June-September rally crossing at 99.51.

The December Japanese Yen closed lower on Wednesday. The low-range close
sets the stage for a steady to lower opening when Thursday’s night session
begins trading. Stochastics and the RSI are turning bullish hinting that a low
might be in or is near. Closes above the 20-day moving average .12645 would
confirm that a short-term low has been posted. If December renews this month’s
decline, the 62% retracement level of the March-September rally crossing at
.12360 is the next downside target. First resistance is Tuesday’s high crossing
at .12640. Second resistance is the 20-day moving average crossing at .12645.
First support is last Friday’s low crossing at .12444. Second support is the
62% retracement level of the March-September rally crossing at .12360.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

December gold closed higher on Wednesday and above the 10-day moving average
crossing at 1717.30. The high-range close sets the stage for a steady to higher
opening when Thursday’s night session begins trading. Stochastics and the RSI
are oversold and are turning neutral to bullish hinting that a low might be in
or is near. Closes above the 20-day moving average crossing at 1741.10 are
needed to confirm that a short-term low has been posted. If December renews
this month’s decline, the 50% retracement level of the May-October rally
crossing at 1667.00 is the next downside target. First resistance is today’s
high crossing at 1726.60. Second resistance is the 20-day moving average
crossing at 1741.10. First support is last Wednesday’s low crossing at 1698.70.
Second support is the 50% retracement level of the May-October rally crossing
at 1667.00.

December silver closed higher on Wednesday as it extends the trading range
of the past seven days. The high-range close set the stage for a steady to
higher opening when Thursday’s night session begins trading. Stochastics and
the RSI are oversold but remain neutral to bearish signaling that sideways to
lower prices are possible near-term. If December extends this month’s decline,
the 50% retracement level of the June-October rally crossing at 30.850 is the
next downside target. Closes above the 20-day moving average crossing at 32.952
would signal that a short-term low has been posted. First resistance is today’s
high crossing at 32.435. Second resistance is the 20-day moving average
crossing at 32.952. First support is last Wednesday’s low crossing at 31.535.
Second support is the 50% retracement level of the June-October rally crossing
at 30.850.

December copper closed higher due to short covering on Wednesday as it
bounced off the 62% retracement level of the June-September rally crossing at
348.30. The low-range close sets the stage for a steady to lower opening when
Thursday’s night session begins trading. Stochastics and the RSI are oversold
but remain neutral to bearish signaling that sideways to lower prices are
possible near-term. If December extends this month’s decline, the 75%
retracement level of the June-September rally crossing at 340.65 is the next
downside target. Closes above the 20-day moving average crossing at 365.40
would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 357.62. Second resistance is the 20-day
moving average crossing at 365.42. First support is the 62% retracement level
of the June-September rally crossing at 348.30. Second support is the 75%
retracement level of the June-September rally crossing at 340.65.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

December coffee close lower on Wednesday as it extends the decline off
October’s high. The low-range close sets the stage for a steady to lower
opening on Thursday. Stochastics and the RSI are diverging and are neutral to
bullish hinting that a low might be in or is near. Closes above the 20-day
moving average crossing at 16.23 are needed to confirm that a short-term low
has been posted. If December extends the decline off October’s high, June’s low
crossing at 15.37 is the next downside target.

December cocoa closed lower on Wednesday and the mid-range close sets the
stage for a steady opening on Thursday. Stochastics and the RSI are neutral to
bearish signaling that sideways to lower prices are possible near-term. If
December extends last week’s decline, the reaction low crossing at 23.38 is the
next downside target. Closes above the 10-day moving average crossing at 24.25
would temper the near-term bearish outlook.

March sugar closed lower on Wednesday as it extended the decline off
October’s high. The mid-range close set the stage for a steady opening on
Thursday. Stochastics and the RSI are neutral to bearish signaling that
sideways to lower prices are possible near-term. If March extends this month’s
decline, the 62% retracement level of the 2010-2011 rally crossing at 18.79 is
the next downside target. Closes above the 20-day moving average crossing at
20.23 are needed to confirm that a low has been posted.

December cotton closed lower on Wednesday as it extends the decline off
October’s high. The low-range close sets the stage for a steady to lower
opening on Thursday. Stochastics and the RSI remain bearish signaling that
sideways to lower prices are possible near-term. If December extends the
aforementioned decline, the reaction low crossing at 69.40 is the next downside
target. Closes above the 10-day moving average crossing at 73.72 would temper
the near-term bearish outlook.

GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

December Corn closed up 14-cents at 7.55 3/4.

December corn closed higher due to short covering on Wednesday as it
consolidated some of last week’s decline. The high-range close sets the stage
for a steady to higher opening when Thursday’s night session begins trading.
Stochastics and the RSI are turning neutral signaling that sideways to higher
prices are possible near-term. If December extends today’s rally, October’s
high crossing at 7.76 is the next upside target. Closes below the reaction low
crossing at 7.32 1/4 would confirm that a short-term top has been posted. First
resistance is this month’s high crossing at 7.76. Second resistance is the
reaction high crossing at crossing at 7.89 1/2. First support is the reaction
low crossing at 7.32 1/4. Second support is the late-September low crossing at
7.05.

December wheat closed up 7 3/4-cents at 8.64 1/2.

December wheat closed higher on Wednesday and the mid-range close sets the
stage for a steady opening when Thursday’s night session begins trading.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. If December extends the decline off last week’s high,
October’s low crossing at 8.40 1/4 is the next downside target. Closes above
the reaction high crossing at 8.94 are needed to confirm that a short-term low
has been posted. From a broad perspective, December wheat needs to close above
9.53 1/4 or below 8.40 1/4 to confirm a breakout of this summer’s trading range
and point the direction of the next trending move. First resistance is the
reaction high crossing at 9.07. Second resistance is September’s high crossing
at 9.31. First support is this month’s low crossing at 8.40 1/4. Second support
is the 38% retracement level of this summer’s rally crossing at 8.29 3/4.

December Kansas City Wheat closed up 1 3/4-cents at 9.04.

December Kansas City wheat closed higher on Wednesday as it consolidated
some of the decline off last Wednesday’s high. The low-range close sets the
stage for a steady to lower opening on Thursday. Stochastics and the RSI are
bearish signaling that sideways to lower prices are possible near-term. Closes
below the 20-day moving average crossing at 8.99 1/2 would temper the near-term
friendly outlook. If December renews this month’s rally, September’s high
crossing at 9.49 1/4 is the next upside target. First resistance is last
Wednesday’s high crossing at 9.31 3/4. Second resistance is September’s high
crossing at 9.49 1/4. First support is the 20-day moving average crossing at
8.99 1/2. Second support is August’s low crossing at 8.74 1/2.

December Minneapolis wheat closed up 7 1/4-cents at 9.42.

December Minneapolis wheat closed higher due to short covering on Wednesday
as it consolidated some of the decline off last week’s high. The mid-range
close sets the stage for a steady opening when Thursday’s night session begins
to trade. Stochastics and the RSI are bearish hinting that a short-term top
might be in or is near. Multiple closes below the 20-day moving average
crossing at 9.36 would signal that a short-term top has been posted. Closes
above the reaction high crossing at 9.64 are needed to confirm that a
short-term low has been posted. First resistance is the reaction high crossing
at 9.64. Second resistance is September’s high crossing at 9.83 1/2. First
support is the 20-day moving average crossing at 9.36. Second support is
August’s low crossing at 9.12 1/4.

SOYBEAN COMPLEX

January soybeans closed up 12 1/4-cents at 15.48 3/4.

January soybeans closed higher due to short covering on Wednesday. The
high-range close sets the stage for a steady to higher opening when Thursday’s
night session begins trading. Stochastics and the RSI are bearish signaling
that sideways to lower prices are possible near-term. If January extends
Monday’s decline, October’s low crossing at 14.84 is the next downside target.
If January renews the rally off October’s low, the 38% retracement level of the
September-October decline crossing at 16.02 3/4 is the next upside target.
First resistance is last Thursday’s high crossing at 15.76. Second resistance
is the 38% retracement level of the September-October decline crossing at 16.02
3/4. First support is Monday’s low crossing at 15.26 1/4. Second support is
this month’s low crossing at 14.84.

December soybean meal closed up $6.20 at $487.50.

December soybean meal closed higher on Wednesday extending the rally off
October’s low. The high-range close sets the stage for a steady to higher
opening when Thursday’s night session begins trading. Stochastics and the RSI
are overbought and are turning neutral to bearish hinting that a short-term top
might be in or is near. Closes below the 20-day moving average crossing at
469.90 would temper the near-term friendly outlook. If December extends the
rally off October’s low, the 38% retracement level of the September-October
decline crossing at 486.00 is the next upside target. First resistance is the
38% retracement level of the September-October decline crossing at 486.00.
Second resistance is the 50% retracement level of the September-October decline
crossing at 496.80. First support is the 20-day moving average crossing at
469.90. Second support is October’s low crossing at 450.20.

December soybean oil closed up 7-pts. at 50.16.

December soybean closed higher due to short covering on Wednesday and the
mid-range close sets the stage for a steady opening when Thursday’s night
session begins trading. Stochastics and the RSI are bearish signaling that
sideways to lower prices are possible near-term. If December extends this
week’s decline, October’s low crossing at 49.41 then June’s low crossing at
48.64 are the next downside targets. Closes above the 10-day moving average
crossing at 51.15 would signal that a short-term low has been posted. If
December renews the rally off last week’s low, the 38% retracement level of the
September-October decline crossing at 52.92 is the next upside target. First
resistance is the 38% retracement level of the September-October decline
crossing at 52.92. Second resistance is 50% retracement level of the
September-October decline crossing at 54.01. First support is October’s low
crossing at 49.41. Second support is June’s low crossing at 48.64.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

December hogs closed up $0.18 at $78.27.

December hogs closed higher due to short covering on Wednesday. The
low-range close sets the stage for a steady to lower opening when Thursday’s
night session begins trading. Stochastics and the RSI remain neutral to bearish
signaling that a short-term top might be in or is near. Multiple closes below
the 20-day moving average crossing at 78.06 are needed to confirm that a
short-term top has been posted. If December renews the rally off September’s
low, the 87% retracement level of the July-September decline crossing at 80.73
is the next upside target. First resistance is this month’s high crossing at
79.77. Second resistance is the 87% retracement level of this year’s decline
crossing at 80.73. First support is the 20-day moving average crossing at
78.06. Second support is the reaction low crossing at 76.55.

December cattle closed down $0.27 at 125.92.

December cattle closed lower on Wednesday and the mid-range close sets the
stage for a steady opening when Thursday’s night session begins trading.
Stochastics and the RSI are turning neutral to bullish hinting that a low might
be in or is near. Closes above the 10-day moving average crossing at 126.48
would temper the near-term bearish outlook. If December renews last week’s
decline, September’s low crossing at 123.95 is the next downside target. First
resistance is the 10-day moving average crossing at 126.48. Second resistance
is the reaction high crossing at 127.40. First support is Monday’s low crossing
at 126.60. Second support is September’s low crossing at 123.95.

November feeder cattle closed down $0.70 at $146.30.

November Feeder cattle closed lower on Wednesday as it consolidated some of
this week’s rally. The high-range close sets the stage for a steady to higher
opening when Thursday’s night session begins trading. Stochastics and the RSI
are turning neutral to bullish signaling that a low might be in or is near.
Closes above last Tuesday’s gap crossing at 147.72 would temper the near-term
bearish outlook. If November renews last week’s decline, the reaction low
crossing at 143.80 is the next downside target. First resistance is last
Tuesday’s gap crossing at 147.72. Second resistance is October’s high crossing
at 149.60. First support is Monday’s low crossing at 144.55. Second support is
the reaction low crossing at 143.80.

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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.
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WINNERS

BCX.K13 SOYBEANS CRUSH INDEX May 2013               55.75      2.25  +4.21
LB.X12  LUMBER (RANDOM LENGTH) Nov 2012             318.8      10.0  +3.24
C.Z12   CORN Dec 2012                              755.75     14.00  +1.89
YC.K13  CORN (MINI) May 2013                       752.50     11.00  +1.49
SM.Z12  SOYBEAN MEAL Dec 2012                       482.2       6.2  +1.30
RB.X12  RBOB GASOLINE Nov 2012                     2.7618    0.0330  +1.21
CSI.Q13 SOYBEAN-CORN PRICE RATIO Aug 2013           2.112     0.023  +1.10
W.Z12   WHEAT Dec 2012                             864.50      7.75  +0.90
S.F13   SOYBEANS Jan 2013                          1550.0      13.5  +0.88
YK.X12  SOYBEAN (MINI) Nov 2012                   1547.00     13.25  +0.86

LOSERS

RB.Y$$  CHEESE-BARRELS Cash                          2000       -25  -1.23
BCX.V13 SOYBEANS CRUSH INDEX Oct 2013               67.50     -0.75  -1.10
CSI.F13 SOYBEAN-CORN PRICE RATIO Jan 2013           2.013    -0.016  -0.79
ND.Z12  NASDAQ 100 INDEX Dec 2012                  2640.5     -18.5  -0.70
FC.H13  FEEDER CATTLE Mar 2013                    150.675    -0.950  -0.63
HO.X12  HEATING OIL Nov 2012                       3.0682 -0.0184  -0.60
LC.Z13  LIVE CATTLE Dec 2013                       135.25     -0.55  -0.41
LH.N13  LEAN HOGS Jul 2013                          99.90     -0.40  -0.40
NG.V13  NATURAL GAS Oct 2013                        3.940    -0.008  -0.20
DJ.Z12  DJ INDUSTRIAL AVG Dec 2012                  13030       -24  -0.18

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WINNERS

SHF     SCHIFF NUTRITION                            33.84     10.65  +45.92
WRC     WARNACO GROUP                               70.73     19.85  +39.01
OPNT    OPNET TECHNOLOGIES                         42.010     9.910  +30.87
GPRE    GREEN PLAINS RENEWABLE                       7.74      1.71  +28.36
MPAC    MOD-PA                                       6.75      1.26  +22.95
RRGB    RED ROBIN GOURMET BURGER                   33.400     5.920  +21.54
PVH     PVH                                       110.650    19.150  +20.93
GNRC    GENERAC HOLDINGS                          34.0409    5.7109  +20.16
JBSS    JOHN B SANFILIPPO                           16.78      2.73  +19.43
ACCO    ACCO BRANDS                                  7.25      1.12  +18.27

LOSERS

WU      WESTERN UNION                             12.7378   -5.1922  -28.96
OXF     OXFORD RESOURCE PARTNERS                     8.49     -2.76  -24.53
CETV    CENTRAL EUROPEAN MEDIA                       5.35     -1.27  -19.18
RVBD    RIVERBED TECH                               18.45     -4.17  -18.44
BIRT    ACTUATE                                     5.340    -1.050  -16.43
VVUS    VIVUS                                      14.890    -2.660  -15.16
MSTR    MICROSTRATEGY                               94.49    -15.32  -13.95
WCG     WELLCARE HEALTH PLANS                       47.65     -7.58  -13.72
IRG     IGNITE RESTAURANT GROUP                     11.53     -1.73  -13.05
IPXL    IMPAX LABORATORIES                          21.23     -3.11  -12.78
_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Benzinga’s Daily Ratings Summary – October 31, 2012

Greetings from Benzinga’s Ratings Desk

Happy Halloween!

Here is a summary of today’s top rating changes from Sell-side analysts on the Street, courtesy of our Ratings Desk at Benzinga.

Rating Upgrades:

  • American Capital Agency (NASDAQ: AGNC) was upgraded by Wunderlich Securities from Hold to Buy; its price target was raised from $30 to $34.
  • Artio Global Investors (NYSE: ART) was upgraded by Citigroup from Sell to Neutral.
  • Copart (NASDAQ: CPRT) was upgraded by RW Baird from Neutral to Outperform.
  • Ctrip.com International (NASDAQ: CTRP) was upgraded by Goldman Sachs from Neutral to Buy; its price target was raised from $15.50 to $25.
  • DineEquity (NYSE: DIN) was upgraded by Raymond James from Outperform to Strong Buy.
  • Extra Space Storage (NYSE: EXR) was upgraded by ISI Group from Hold to Buy.
  • Ford Motor Co (NYSE: F) was upgraded by Craig-Hallum from Hold to Buy.
  • Generac Holdings (NYSE: GNRC) was upgraded by KeyBanc Capital Markets from Hold to Buy with a $38 price target.
  • Glacier Bancorp Inc (NASDAQ: GBCI) was upgraded by FIG Partners from Market Perform to Outperform.
  • Intuitive Surgical (NASDAQ: ISRG) was upgraded by Barrington Research from Market Perform to Outperform.
  • MB Financial (NASDAQ: MBFI) was upgraded by FIG Partners from Market Perform to Outperform; its price target was raised to $23.50.
  • Nanometrics (NASDAQ: NANO) was upgraded by JP Morgan from Neutral to Overweight; its price target was raised from $14.50 to $16.
  • News Corporation (NASDAQ: NWSA) was upgraded by Macquarie from Neutral to Outperform.
  • Red Robin Gourmet Burgers (NASDAQ: RRGB) was upgraded by Miller Tabak from Hold to Buy; its price target was raised from $31 to #36.
  • Ruth’s Hospitality Group (NASDAQ: RUTH) was upgraded by Raymond James from Market Perform to Outperform.
  • Shaw Communications (NYSE: SJR) was upgraded by Bank of America from Neutral to Buy; its price target was increased to $23.25.
  • Stewart Information Services (NYSE: STC) was upgraded by FBR Capital Markets from Market Perform to Outperform.
  • Team Health Holdings (NYSE: TMH) was upgraded by Piper Jaffray from Neutral to Overweight; its price target was raised from $27 to $30.
  • Yandex NV (NASDAQ: YNDX) was upgraded by Infina Investment Company from Hold to Buy.

Rating Downgrades:

  • ACE Limited (NYSE: ACE) was downgraded by Miller Tabak from Buy to Hold.
  • Advent Software (NASDAQ: ADVS) was downgraded by JMP Securities from Market Outperform to Market Perform.
  • Clean Energy Fuels (NASDAQ: CLNE) was downgraded by Piper Jaffray from Neutral to Underweight; its price target was lowered from $11.25 to $9.
  • EQT (NYSE: EQT) was downgraded by Wells Fargo from Outperform to Market Perform.
  • Integrated Device Technology (NASDAQ: IDTI) was downgraded by Wedbush Securities from Outperform to Neutral; its price target was lowered from $7.50 to $6.
  • Johnson Controls (NYSE: JC) was downgraded by Macquarie from Outperform to Neutral.
  • Kaiser Federal Financial Group (NASDAQ: KFFG) was downgraded by Keefe Bruyette & Woods from Outperform to Market Perform.
  • MIPS Technologies (NASDAQ: MIPS) was downgraded by Feltl and Company from Buy to Hold.
  • Old National Bancorp (NYSE: ONB) was downgraded by SunTrust from Buy to Neutral.
  • Overstock.com (NASDAQ: OSTK) was downgraded by Standpoint from Buy to Hold.
  • PNET Technologies (NASDAQ: OPNT) was downgraded by Evercore Partners from Overweight to Equal-weight.
  • QEP Resources (NYSE: QEP) was downgraded by Raymond James from Outperform to Market Perform.
  • QuinStreet (NASDAQ: QNST) was downgraded by Raymond James from Outperform to Market Perform.
  • Riverbed Technology (NASDAQ: RVBD) was downgraded by Robert W. Baird from Outperform to Neutral.
  • Riverbed Technology (NASDAQ: RVBD) was downgraded by Jefferies from Hold to Underperform; its price target was reduced from $20 to $16.25.
  • Spectranetics (NASDAQ: SPNC) was downgraded by Barrington Research from Outperform to Market Perform.
  • Western Union (NYSE: WU) was downgraded by D.A. Davidson from Neutral to Underperform.
  • Western Union (NYSE: WU) was downgraded by William Blair from Outperform to Market Perform.
  • Western Union (NYSE: WU) was downgraded by SunTrust from Buy to Neutral.
  • Western Union (NYSE: WU) was downgraded by Raymond James from Outperform to Market Perform.
  • Western Union (NYSE: WU) was downgraded by Sterne Agee from Buy to Neutral.
  • Weyerhaeuser (NYSE: WY) was downgraded by McAdams Wright Ragen from Hold to Sell.

Coverage Initiations:

  • AmeriGas Partners LP (NYSE: APU) was initiated by JP Morgan with a Neutral rating and a $45 price target.
  • Fleetmatics Group plc (NYSE: FLTX) was initiated by Bank of America with a Buy rating and a $26 price objective.
  • Halcon Resources (NYSE: HK) was initiated by Goldman Sachs with a Neutral rating and a $9 price target.
  • Halcon Resources (NYSE: HK) was initiated by JP Morgan with a Neutral rating and an $8 price target.
  • Landstar (NASDAQ: LSTR) was initiated by Goldman Sachs with a Neutral rating and a $50 price target.
  • LifeLock (NYSE: LOCK) was initiated by Canaccord Genuity with a Buy rating and an $11 price target.
  • LifeLock (NYSE: LOCK) was initiated by Bank of America with a Buy rating and a $12 price objective.
  • Luxfer Holdings (NYSE: LXFR) was initiated by Oppenheimer with an Outperform rating and a $15 price target.
  • Old Dominion Freight Line (NASDAQ: ODFL) was initiated by Goldman Sachs with a Buy rating and a $40 price target.
  • Ryder System (NYSE: R) was initiated by Goldman Sachs with a Neutral rating and a $47 price target.
  • Salesforce.com (NASDAQ: CRM) was initiated by Barrington Research with an Outperform rating and a $180 price target.
  • Susser Petroleum Partners LP (NYSE: SUSP) was initiated by Raymond James with an Outperform rating.
  • Susser Petroleum Partners (NYSE: SUSP) was initiated by Bank of America with a Buy rating and a $28 price objective.
  • Susser Petroleum Partners (NYSE: SUSP) was initiated by RBC Capital with an Outperform rating and a $30 price target.
  • Suburban Propane Partners (NYSE: SPH) was initiated by JP Morgan with a Neutral rating and a $43 price target.

We would not want you to get into these stocks before knowing how trading desks across Wall Street are approaching the same trades.

Sincerely,

Benzinga

Key Market Reports and Commentary for Wednesday

KEY EVENTS TO WATCH FOR:
Wednesday, October 31, 2012
7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 848.3)

Market Composite Index Cur Chg (previous -12%)

Purchase Index (S.A.) (previous 184.2)

Purchase Index (S.A.) Cur Chg (previous -8.3%)

Refinance Index (previous 4752.1)

Refinance Index Cur Chg (previous -12.9%)

8:30 AM ET. 3 Quarter Employment Cost Index

ECI Qtlry (expected +0.5%; previous 0.5%)

ECI Yearly (previous 1.7%)

9:45 AM ET. Oct ISM-Chicago Business Survey – Chicago PMI

Employment Index (previous 52)

New Orders Index (previous 47.4)

Prices Paid Index (previous 63.2)

Purchasing Managers Index (Adjusted) (expected 51; previous 49.7)

Supplier Deliveries Index (previous 52.1)

10:00 AM ET. Oct Online Help Wanted Index

10:30 AM ET. EIA Weekly Petroleum Status Report

Crude Oil Stocks (previous 375.13M)

Crude Oil Stocks (Net Change) (previous +5.9M)

Gasoline Stocks (previous 198.57M)

Gasoline Stocks (Net Change) (previous +1.44M)

Distillate Stocks (previous 118.02M)

Distillate Stocks (Net Change) (previous -0.65M)

Refinery Usage (previous 87.2%)

Total Products Supplied (previous 19.14M)

Total Products Supplied (Net Change) (previous -0.38M)

1:00 PM ET. Oct Dow Jones Economic Sentiment Indicator

DJ Economic Sentiment Indicator (previous 44.9)

3:00 PM ET. Oct Agricultural Prices

Farm Prices, MoM (previous +3.6%)

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

STOCK INDEXES & MARKETS http://quotes.ino.com/exchanges/?c=indexes+

The December NASDAQ 100 was higher in overnight trading and above the 50%
retracement level of the June-September rally crossing at 2657.37 as it
rebounds off last Friday’s low. Stochastics and the RSI are bullish signaling
that sideways to higher prices are possible near-term. Closes above the 20-day
moving average crossing at 2711.93 are needed to confirm that a short-term low
has been posted. If December extends the decline off September’s high, the 75%
retracement level of the June-September rally crossing at 2549.93 is the next
downside target. First resistance is the 10-day moving average crossing at
2668.90. Second resistance is the 20-day moving average crossing at 2711.93.
First support is the 62% retracement level of the June-September rally crossing
at 2606.66. Second support is the 75% retracement level of the June-September
rally crossing at 2549.93.

The December S&P 500 index was higher in overnight trading as it rebounds
off Tuesday’s low. Stochastics and the RSI are oversold and are turning bullish
hinting that a low might be in or is near. Closes above the 20-day moving
average crossing at 1428.96 would temper the near-term bearish outlook. If
December extends this month’s decline, the 38% retracement level of the
June-July rally crossing at 1385.79 is the next downside target. First
resistance is the 20-day moving average crossing at 1428.96. Second resistance
is the reaction high crossing at 1459.50. First support is Tuesday’s low
crossing at 1393.20. Second support is the 38% retracement level of the
June-September rally crossing at 1385.79.

______________________________

_______________________________________
INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

December T-bonds were lower due to light profit taking overnight but remains
above the 20-day moving average crossing at 148-02. Stochastics and the RSI are
bullish signaling that sideways to higher prices are possible near-term. If
December extends the rally off last Thursday’s low, this month’s high crossing
at 150-07 is the next upside target, Closes below the 10-day moving average
crossing at 147-21 would temper the near-term friendly outlook. First
resistance is Tuesday’s high crossing at 149-04. Second resistance is the
reaction high crossing at 150-09. First support is last Thursday’s low crossing
at 146-02. Second support is August’s low crossing at 145-23.

ENERGY MARKETS http://quotes.ino.com/exchanges/category.html?c=energy

December crude oil was higher overnight as it extends the five-day trading
range above the 75% retracement level of the June-September rally crossing at
84.64. Stochastics and the RSI are oversold but remain neutral to bearish
signaling that sideways to lower prices are possible near-term. If December
extends the decline off September’s high, the 87% retracement level of the
June-September rally crossing at 81.89 is the next downside target. Closes
above the 20-day moving average crossing at 89.63 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 87.40. Second resistance is the 20-day moving average crossing at
89.63. First support is Monday’s low crossing at 84.66. Second support is the
87% retracement level of the June-September rally crossing at 81.89.

December heating oil was slightly higher overnight. Stochastics and the RSI
are turning neutral to bullish hinting that a low might be in or is near.
Closes above the 20-day moving average crossing at 312.71 would confirm that a
short-term low has been posted. If December renews this month’s decline, the
38% retracement level of the June-September rally crossing at 298.80 is the
next downside target. First resistance is the 20-day moving average crossing at
312.71. Second resistance is the reaction high crossing at 320.35. First
support is last Wednesday’s low crossing at 300.36. Second support is the 38%
retracement level of the June-September rally crossing at 298.80.

December unleaded gas was higher overnight as it extended the short covering
rally off last week’s low. Stochastics and the RSI are neutral to bullish
signaling that sideways to higher prices are possible near-term. Closes above
the 20-day moving average crossing at 272.28 are needed to confirm that a
short-term low has been posted. If December renews this month’s decline, the
50% retracement level of the June-October rally crossing at 253.49 is the next
downside target. First resistance is Monday’s high crossing at 270.00. Second
resistance is the 20-day moving average crossing at 272.28. First support is
last Wednesday’s low crossing at 255.98. Second support is the 50% retracement
level of the June-October rally crossing at 253.49.

December Henry natural gas was higher due to short covering overnight as it
consolidates some of Tuesday’s decline. Stochastics and the RSI remain bearish
signaling that sideways to lower prices are possible near-term. If December
extends the decline off October’s high, the 38% retracement level of the
August-October rally crossing at 3.620 is the next downside target. Closes
above the 10-day moving average crossing at 3.798 would temper the near-term
bearish outlook. First resistance is the 10-day moving average crossing at
3.798. Second resistance is October’s high crossing at 3.970. First support is
the 38% retracement level of the August-October rally crossing at 3.620. Second
support is the 50% retracement level of the August-October rally crossing at
3.512.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The December Dollar was lower overnight as it consolidates some of this
month’s rally. Stochastics and the RSI are overbought and are turning neutral
to bearish hinting that a short-term top might be in or is near. Closes below
the 20-day moving average crossing at 79.79 would temper the near-term friendly
outlook. A breakout above the upper boundary of October’s trading range
crossing at 80.42 would open the door for a possible test of the 38%
retracement level of the July-September decline crossing at 80.97 later this
fall. First resistance is Monday’s high crossing at 80.42. Second resistance is
the 38% retracement level of the July-September decline crossing at 80.97.
First support is the 20-day moving average crossing at 79.79. Second support is
the reaction low crossing at 78.97.

The December Euro was higher overnight and trading above the 10-day moving
average crossing at 129.89 as it consolidates some of its recent losses.
Stochastics and the RSI are turning neutral hinting that a low might be in or
is near. Closes above the 10-day moving average crossing at 129.89 would temper
the near-term bearish outlook. If December renews the rally off July’s low,
September’s high crossing at 131.83 is the next upside target. Multiple closes
below last Friday’s low crossing at 128.87 would confirm a breakout below the
July-August uptrend line thereby confirming a top and trend change has taken
place. First resistance is the 10-day moving average crossing at 129.89. Second
resistance is October’s high crossing at 131.47. First support is the
July-August uptrend line crossing near 129.56. Second support is last Friday’s
low crossing near 128.87.

The December British Pound was higher overnight and poised to renew the
rally off October’s low. Stochastics and the RSI are neutral to bullish
signaling that sideways to higher prices are possible near-term. If December
renews the aforementioned rally, the reaction high crossing at 1.6175 is the
next upside target. If December renews the decline off September’s high, the
50% retracement level of the June-September rally crossing at 1.5821 is the
next downside target. First resistance is the reaction high crossing at 1.6175.
Second resistance is the reaction high crossing at 1.6213. First support is the
38% retracement level of the June-September rally crossing at 1.5959. Second
support is the 50% retracement level of the June-September rally crossing at
1.5821.

The December Swiss Franc was higher and trading above the broken
July-October uptrend line crossing near .10757. Stochastics and the RSI are
turning neutral to bullish hinting that a low might be in or is near. Closes
above the 10-day moving average crossing at .10745 would temper the near-term
bearish outlook. If December extends the aforementioned decline, the reaction
low crossing at .10614 is the next downside target. First resistance is the
10-day moving average crossing at .10745. Second resistance is this month’s
high crossing at .10861. First support is last Friday’s low crossing at .10660.
Second support is the reaction low crossing at .10614.

The December Canadian Dollar was higher due to short covering overnight as
it consolidates some of the decline off September’s high. Stochastics and the
RSI are oversold but remain neutral to bearish signaling that sideways to lower
prices are possible near-term. If December extends the decline off September’s
high, the 50% retracement level of the June-October rally crossing at 99.51 is
the next downside target. Closes above the 20-day moving average crossing at
101.16 are needed to confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 100.39. Second resistance
is the 20-day moving average crossing at 101.16. First support is the 50%
retracement level of the June-October rally crossing at 99.51. Second support
is the 62% retracement level of the June-October rally crossing at 98.55.

The December Japanese Yen was lower overnight as it consolidates some of
Tuesday’s rally. Stochastics and the RSI are turning bullish hinting that a low
might be in or is near. Closes above the 20-day moving average crossing at
.12645 are needed to confirm that a short-term low has been posted. If December
renews the decline off the 62% retracement level of the March-September rally
crossing at .12360 is the next downside target. First resistance is the 20-day
moving average crossing at .12645. Second resistance is the reaction high
crossing at .12727. First support is last Friday’s low crossing at .12444.
Second support is the 62% retracement level of the March-September rally
crossing at .12360.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

December gold was higher due to short covering overnight and trading above
the 10-day moving average crossing at 1717.30 as it consolidates some of the
decline off October’s high. Stochastics and the RSI are oversold but are
turning neutral to bullish hinting that a low might be in or is near. Closes
above the 20-day moving average crossing at 1741.10 would confirm that a
short-term low has been posted. If December extends this month’s decline, the
50% retracement level of the May-October rally crossing at 1667.00 is the next
downside target. First resistance is the 20-day moving average crossing at
1741.10. Second resistance is the reaction high crossing at 1755.00. First
support is the 38% retracement level of the May-October rally crossing at
1697.70. Second support is the 50% retracement level of the May-October rally
crossing at 1667.00.

December silver was higher overnight as it extends the trading range of the
past seven days. Stochastics and the RSI are oversold but remain neutral to
bearish signaling that sideways to lower prices are possible near-term. If
December extends this month’s decline, the 50% retracement level of the
June-October rally crossing at 30.850 is the next downside target. Closes above
the 20-day moving average crossing at 32.953 would confirm that a short-term
low has been posted. First resistance is the 20-day moving average crossing at
32.953. Second resistance is the reaction high crossing at 33.325. First
support is last Wednesday’s low crossing at 31.535. Second support is the 50%
retracement level of the June-October rally crossing at 30.850.

December copper was higher due to short covering overnight as it rebounds
off the 62% retracement level of the June-September rally crossing at 348.30.
Stochastics and the RSI are oversold but remain neutral to bearish signaling
that sideways to lower prices are possible near-term. If December extends this
month’s decline, the 75% retracement level of the June-September rally crossing
at 340.65 is the next downside target. Closes above the 20-day moving average
crossing at 365.54 would confirm that a low has been posted. First resistance
is the 10-day moving average crossing at 357.86. Second resistance is the
20-day moving average crossing at 365.54. First support is the 62% retracement
level of the June-September rally crossing at 348.30. Second support is the 75%
retracement level of the June-September rally crossing at 340.65.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

December coffee close sharply lower on Tuesday and the low-range close sets
the stage for a steady to lower opening on Wednesday. Stochastics and the RSI
are neutral to bullish hinting that a low might be in or is near. Closes above
the 20-day moving average crossing at 16.36 are needed to confirm that a
short-term low has been posted. If December renews this month’s decline, June’s
low crossing at 15.37 is the next downside target.

December cocoa closed higher due to short covering on Tuesday as it
consolidated some of the decline off last week’s high. The mid-range close sets
the stage for a steady to lower opening on Wednesday. Stochastics and the RSI
are bearish signaling that sideways to lower prices are possible near-term. If
December extends last week’s decline, the reaction low crossing at 23.38 is the
next downside target. Closes above the 10-day moving average crossing at 24.25
would temper the near-term bearish outlook.

March sugar closed higher due to short covering on Tuesday as it
consolidated some of this month’s decline. The mid-range close set the stage
for a steady opening on Wednesday. Stochastics and the RSI are neutral to
bearish signaling that sideways to lower prices are possible near-term. If
March extends this month’s decline, the 62% retracement level of the 2010-2011
rally crossing at 18.79 is the next downside target. Closes above the 20-day
moving average crossing at 20.33 are needed to confirm that a low has been
posted.

December cotton closed sharply lower on Tuesday renewing the decline off
this month’s high. The low-range close sets the stage for a steady to lower
opening on Wednesday. Stochastics and the RSI remain bearish signaling that
sideways to lower prices are possible near-term. If December extends the
aforementioned decline, the reaction low crossing at 70.41 is the next downside
target. Closes above the 10-day moving average crossing at 74.50 would temper
the near-term bearish outlook.
——————————

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Free Video Seminar – “Spotting breakouts that lead to trend reversals”

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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

December corn was higher overnight as it extends this week’s short covering
rebound. Stochastics and the RSI are neutral to bearish signaling that sideways
to lower prices are possible near-term. Closes below the reaction low crossing
at 7.32 1/4 would confirm a downside breakout of this month’s trading range
while opening the door for a test of the late-September low crossing at 7.05.
If December extends the rally off Monday’s low, this month’s high crossing at
7.76 is the next upside target. First resistance is this month’s high crossing
at 7.76. Second resistance is the reaction high crossing at 7.89 1/2. First
support is the reaction low crossing at 7.32 1/4. Second support is the
late-September low crossing at 7.05.

December wheat was higher due to short covering overnight. The high-range
close sets the stage for a steady to higher opening when the day session begins
trading. If December extends the decline off October’s high, October’s low
crossing at 8.40 1/4 is the next downside target. Closes above October’s high
crossing at 8.95 are needed to confirm that a short-term low has been posted.
From a broad perspective, December wheat needs to close above 9.53 1/4 or below
8.36 1/2 to confirm a breakout of the summer’s trading range and point the
direction of the next trending move. First resistance is the reaction high
crossing at 8.95. Second resistance is the reaction high crossing at 9.07.
First support is October’s low crossing at 8.40 1/4. Second support is the 38%
retracement level of this summer’s rally crossing at 8.29 1/2.

December Kansas City Wheat closed down 1-cents at 9.02 1/4.

December Kansas City wheat closed lower on Tuesday as it extended the
decline off last Wednesday’s high. The low-range close sets the stage for a
steady to lower opening on Wednesday. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. Closes below
the 20-day moving average crossing at 8.98 3/4 would temper the near-term
friendly outlook. If December renews this month’s rally, September’s high
crossing at 9.49 1/4 is the next upside target. First resistance is last
Wednesday’s high crossing at 9.31 3/4. Second resistance is September’s high
crossing at 9.49 1/4. First support is the 20-day moving average crossing at
8.98 3/4. Second support is August’s low crossing at 8.74 1/2.

December Minneapolis wheat was higher due to short covering overnight while
extending the trading range of the past three months. The high-range close sets
the stage for a steady to higher opening when the day session begins trading.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. December needs to close above 9.84 1/2 or below 9.12 are
needed to confirm a breakout of the August-September trading range and point
the direction of the next trending move. First resistance is August’s high
crossing at 9.84 1/2. Second resistance is July’s high crossing at 10.34. First
support is the reaction low crossing at 9.15. Second support is September’s low
crossing at 9.12.

SOYBEAN COMPLEX

January soybeans were higher due to short covering overnight as it
consolidates some of Monday’s decline. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. If January
extends Monday’s decline, October’s low crossing at 148.40 is the next downside
target. If January renews the rally off this month’s low, the 38% retracement
level of the September-October decline crossing at 15.97 3/4 is the next upside
target. First resistance is the 38% retracement level of the September-October
decline crossing at 15.97 3/4. Second resistance is the 50% retracement level
of the September-October decline crossing at 16.33. First support is Monday’s
low crossing at 15.26 1/4. Second support is October’s low crossing at 14.84.

December soybean meal was higher due to short covering overnight as it
consolidates some of Monday’s decline. Stochastics and the RSI are overbought
and are turning bearish signaling that sideways to lower prices are possible
near-term. Closes below the 20-day moving average crossing at 469.80 would
temper the near-term friendly outlook. If December extends this month’s rally,
the 38% retracement level of the September-October decline crossing at 486.00
is the next upside target. First resistance is the 38% retracement level of the
September-October decline crossing at 486.00. Second resistance is the 50%
retracement level of the September-October decline crossing at 496.80. First
support is the 20-day moving average crossing at 469.80. Second support is
October’s low crossing at 450.20.

December soybean oil was higher due to short covering overnight as it
consolidates some of the decline off this month’s high. Stochastics and the RSI
are bearish signaling that sideways to lower prices are possible near-term. If
December extends this decline, October’s low crossing at 49.41 then June’s low
crossing at 48.64 are the next downside targets. Closes above the 10-day moving
average crossing at 51.18 would temper the near-term bearish outlook. If
December renews the rally off this month’s low, the 38% retracement level of
the September-October decline crossing at 52.92 is the next upside target.
First resistance is the 38% retracement level of the September-October decline
crossing at 52.92. Second resistance is the 50% retracement level of the
September-October decline crossing at 54.01. First support is October’s low
crossing at 49.41. Second support is June’s low crossing at 48.64.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

December hogs closed up $0.30 at $78.10.

December hogs closed higher due to short covering on Tuesday. The high-range
close sets the stage for a steady to higher opening when Wednesday’s night
session begins trading. Stochastics and the RSI remain neutral to bearish
signaling that a short-term top might be in or is near. Multiple closes below
the 20-day moving average crossing at 77.94 are needed to confirm that a
short-term top has been posted. If December renews the rally off September’s
low, the 87% retracement level of the July-September decline crossing at 80.73
is the next upside target. First resistance is this month’s high crossing at
79.77. Second resistance is the 87% retracement level of this year’s decline
crossing at 80.73. First support is the 20-day moving average crossing at
77.94. Second support is the reaction low crossing at 76.55.

December cattle closed up $0.92 at 126.20.

December cattle closed higher due to short covering on Tuesday as it
consolidates some of last week’s decline. The high-range close sets the stage
for a steady to higher opening when Wednesday’s night session begins trading.
Stochastics and the RSI remain neutral to bearish signaling that sideways to
lower prices are possible near-term. If December renews last week’s decline,
September’s low crossing at 123.95 is the next downside target. Closes above
the 10-day moving average crossing at 126.65 would temper the near-term bearish
outlook. First resistance is the 10-day moving average crossing at 126.65.
Second resistance is the reaction high crossing at 127.40. First support is
Monday’s low crossing at 126.60. Second support is September’s low crossing at
123.95.

November feeder cattle closed up $1.12 at $147.05.

November Feeder cattle closed higher due to short covering on Tuesday as it
consolidated some of last week’s decline. The high-range close sets the stage
for a steady to higher opening when Wednesday’s night session begins trading.
Stochastics and the RSI remain neutral to bearish signaling that sideways to
lower prices are possible near-term. If November renews last week’s decline,
the reaction low crossing at 143.80 is the next downside target. Closes above
last Tuesday’s gap crossing at 147.72 would temper the near-term bearish
outlook. First resistance is last Tuesday’s gap crossing at 147.72. Second
resistance is this month’s high crossing at 149.60. First support is Monday’s
low crossing at 144.55. Second support is the reaction low crossing at 143.80.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Trick or Treat for Re-Opening Markets?

Financial markets were closed once again on Tuesday as the damages pile up from Superstorm Sandy. If there is any silver lining here, it’s that there is usually strong economic activity spurred by the rebuilding efforts after such devastation.

So will the stock market be a trick or a treat for Halloween?

Well the market is at the lowest level since early September when it cracked above 1400. So we could see a supportive bounce soon. On the other hand, investors may still be paralyzed by the incredibly close Presidential race. I think that argument holds greater sway.

So I will look for a shot to load up with more longs before the election. Because I anticipate a post-election/Santa Claus stock rally given the recently improving economic data combined with lack of other viable investing alternatives.

Best,

Steve Reitmeister (aka Reity… pronounced “Righty”)
Executive VP, Zacks Investment Research

Cabot Wealth Advisory 10/30/12 – 20 Tips to Become a Better Investor

With Hurricane Sandy bearing down on the East Coast this week, it’s back to basics for many families–people are stocking up on things like water and batteries while focusing first on safety. If you’re in the path of Sandy, batten down the hatches and be safe! We got hit last night and this morning, but being north of Boston, the rain and storm surges have been reasonable, and the wind gusts (of up to 50 mph or so) not too damaging.

With basics in mind and with the market shut down for a couple of days because of the storm, now is as good a time as any to review the investing basics … though with 20 rules below, many of these probably aren’t basics to most investors. Nevertheless, I have a list similar to this saved on my computer; whenever I have some free time or am in a bit of a rut, it helps to go back, read through them and make sure I’m not violating some core principles.

I view this as blocking-and-tackling sort of stuff–it doesn’t show up in the box score necessarily, but lots of investors go awry because they, for one reason or another, get off track and don’t adhere to the basics.

Make sure that doesn’t happen to you!

Here are 20 of Cabot’s top tips and tools that you can use to become a better investor.

1. Cut losses short (definitely rule #1 for growth stock investing).

2. Search for strong sales and earnings growth (especially triple-digit sales growth).

3. Search for revolutionary products with major benefits. First Solar, Crocs and Green Mountain Coffee Roasters filled the bill and were some of our biggest winners.

4. Heed the message of the overall market–never fight the main trend!

5. Never average down in growth stocks.

6. Be prepared for all contingencies (always have an exit plan ahead of time).

7. Never try to buy at the bottom or sell at the top (if you try, you’ll just lose more money).

8. To avoid gut-wrenching volatility, stick with stocks that are liquid (at least 500,000 shares traded per day or more).

9. Only put more money to work after your past purchases are showing you a profit.

10. Be humble–making money in stocks is tough, so don’t kill yourself over one or two bad trades. Be thankful when you hit a big winner.

11. Find an investing system that works for you, then follow it. The best way to deal with stress from the market is to have a game plan ahead of time. If you wait until things are blowing up in your face, it’s too late–by then, your emotions are out of control and you’re likely to do the exact opposite of what’s constructive.

12. “Markets are never wrong; opinions are,” is a quote from Jesse L. Livermore, one of the most colorful, flamboyant, and respected market speculators of all time. At Cabot, we agree wholeheartedly with his comment and truly embrace this thinking. And you should, too, if you want to become a successful growth investor.

13. When looking for potential purchase candidates, examine both the company’s fundamentals and its stock’s technical performance. When analyzing the technicals, focus on the stock’s momentum and price chart, along with its volume pattern and 50-day moving average.

14. Find a company that has a big idea … one that leaves few if any limits on its future growth potential. It’s these big ideas that create an atmosphere that can push a growth stock to dizzying heights!

15. Warren Buffett once said there were only two rules to follow with your investments: Rule #1: Don’t lose money. Rule #2: Don’t forget rule #1.

16. Our goal is to get you heavily invested while the market is trending higher. During those times, when investor perceptions are improving, investors are willing to pay more and more for stocks. This is when you can make big money! But, of course, no market moves in one direction forever. So, when the intermediate-term trend of stocks is down, your best move is to play defense. Easing up on new purchases, while building up cash by selling your weakest stocks, is a good idea.

17. Be an optimist. In our more than three decades of publishing investment advisories, we’ve seen many ups and downs for both the market and our country. But after every tough event our dynamic country and economy have eventually rebounded. So no matter how bleak the situation, always stay optimistic because our country and stock market will give you some dazzling opportunities!

18. Diversify your portfolio. For our Model Portfolio in Cabot Market Letter, 12 stocks provide plenty of diversification for your growth portfolio. Smaller investors can do well with as few as five stocks, but you should never have all your eggs in one basket.

19. Once you’ve invested in a stock, be patient. Recognize that time is your friend. Frequently stocks don’t go up as fast as you might want them to. But if you can develop a persistent and tolerant attitude coupled with plenty of patience, you’ll have a great advantage.

20. Buy growth stocks with strong Relative Performance (RP) lines. RP studies are a superb way to identify successful companies and to avoid problem companies. You should buy stocks that are consistently outperforming the market. This is a good indication that they are under accumulation, week after week, month after month, and that the companies are succeeding. The best investing tips come from the performance of the stocks themselves. So ignore hot tips!

Send me your tried and true investing rules and tools by replying to this email.

For my stock pick today, I am going to an area where, admittedly, I rarely go … precious metals. Why do I shy away from the group? Mainly because the stocks don’t act like growth stocks, or, said another way, the rules and tools we have in place to manage our holdings tend to get us in (or kick us out) at the wrong time in these stocks.

Nevertheless, I am a trend-following investor, and it doesn’t take a genius to see that gold and silver stocks are looking good. But, beyond just the chart, many names in the group also have solid expansion stories; combining rapid production growth with potential elevated and rising precious metals prices should cause earnings to spike and, just as important, attract big, institutional investors.

One of my old favorites, Silver Wheaton (SLW), has come back to life in recent months, and looks poised to head higher. In fact, the stock is in the midst of a beautiful month-long pause … but more on that in a second. First, I want to get into the fundamentals.

The company is, as my fellow editor Paul Goodwin says, a miner with no dirt under its fingernails. Why? Because instead of operating any mines, the company simply enters into long-term purchase agreements with mine operators to take the silver off their hands. And why would these miners agree to such a deal? Because, for the most part, these miners are focusing on gold production … but get some silver as residual output. So they’re happy to book some profit on the silver and focus on their core gold operations.

Silver Wheaton was spun off from Goldcorp in 2008, but already had five contracts that would allow it to sell 15 million ounces of silver. Today the company has ballooned its business to 15 long-term agreements that are expected to sell 28 million ounces per year. And management is aiming to boost that figure to 48 million (71%) by 2016! Moreover, because this is basically just a licensing-type firm, its profit margins are ridiculous–a whopping 70% in the second quarter, and that was a slow quarter for the firm!

Of course, much of this comes down to the price of silver; as it’s slid during the past year, Silver Wheaton’s earnings and stock have slowed down. But silver has picked up ever since the Fed’s QE3 announcement in mid-September, and analysts are expecting the company’s bottom line to increase 34% next year to $2.30 … a figure we think is conservative if silver prices rise from here.

Back to the stock’s action, it hit multi-year lows this summer, but rose 10 weeks in a row from there and, impressively has traded very tightly during the past six weeks (actually two sets of tightness, one for four weeks and one for three, in case you’re charting from home). I think it’s a decent buy around here with a tight stop around 36. Or, if you want to be safe, you can wait for a decisive, big-volume breakout above 41 before buying, and use a stop around 37.

All the best,

Mike signature

Michael Cintolo
Editor of Cabot Market Letter

Key Market Reports and Commentary for Tuesday

KEY EVENTS TO WATCH FOR:
Tuesday, October 30, 2012
7:45 AM ET. ICSC-Goldman Sachs Chain Store Sales Index

Chain Store Sales Index – WoW (previous -0.7%)

Chain Store Sales Index – YoY (previous +2.9%)

8:55 AM ET. Johnson Redbook Retail Sales Index

MoM % Change (previous -1.7%)

12MonChgPct (previous +1.6%)

52WkChgPct (previous +1.3%)

9:00 AM ET. Aug S&P / Case-Shiller Home Price Index

SP Composite-10 MoM (previous +1.5%)

SP Composite-10 YoY (previous +0.6%)

SP Composite-20 MoM (previous +1.6%)

SP Composite-20 YoY (expected +2.1%; previous +1.2%)

10:00 AM ET. Oct Consumer Confidence Index

Consumer Confidence Index (expected 74; previous 70.3)

Expectation Index (previous 83.7)

Present Situation Index (previous 50.2)

10:00 AM ET. Sept Metropolitan Area Employment & Unemployment

10:00 AM ET. 3 Quarter U.S. Housing Vacancies

4:30 PM ET. API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous +0.31M)

Gasoline Stocks (Net Change) (previous +0.18M)

Distillate Stocks (Net Change) (previous -0.89M)

Refinery Runs (previous 86.5%)

Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

STOCK INDEXES & MARKETS http://quotes.ino.com/exchanges/?c=indexes+

The December NASDAQ 100 was lower overnight in electronic trading and below
the 50% retracement level of the June-September rally crossing at 2657.37.
However, it has been announced that day session trading has been suspended for
a second straight day due to hurricane Sandy. Stochastics and the RSI are
turning bullish signaling that sideways to higher prices are possible
near-term. Closes above the 20-day moving average crossing at 2718.61 are
needed to confirm that a short-term low has been posted. If December extends
the decline off September’s high, the 75% retracement level of the
June-September rally crossing at 2549.93 is the next downside target. First
resistance is the 10-day moving average crossing at 2678.45. Second resistance
is the 20-day moving average crossing at 2718.61. First support is the 62%
retracement level of the June-September rally crossing at 2606.66. Second
support is the 75% retracement level of the June-September rally crossing at
2549.93.

The December S&P 500 index was higher in overnight trading as it
consolidates some of the decline off September’s high. Stochastics and the RSI
are oversold and are turning neutral to bullish hinting that a low might be in
or is near. Closes above the 20-day moving average crossing at 1430.45 would
temper the near-term bearish outlook. If December extends this month’s decline,
the 38% retracement level of the June-July rally crossing at 1385.79 is the
next downside target. First resistance is the 20-day moving average crossing at
1430.45. Second resistance is the reaction high crossing at 1459.50. First
support is the overnight low crossing at 1393.20. Second support is the 38%
retracement level of the June-September rally crossing at 1385.79.

______________________________

_______________________________________
INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

December T-bonds were lower due to light profit taking overnight but remains
above the 20-day moving average crossing at 148-04. Stochastics and the RSI are
bullish signaling that sideways to higher prices are possible near-term. If
December the rally off last Thursday’s low, this month’s high crossing at
150-07 is the next upside target, Closes below the 10-day moving average
crossing at 147-16 would temper the near-term friendly outlook. First
resistance is the overnight high crossing at 148-25. Second resistance is the
reaction high crossing at 150-09. First support is last Thursday’s low crossing
at 146-02. Second support is August’s low crossing at 145-23.

ENERGY MARKETS http://quotes.ino.com/exchanges/category.html?c=energy

December crude oil was higher overnight as it extends last week’s trading
range above the 75% retracement level of the June-September rally crossing at
84.64. Stochastics and the RSI are oversold but remain neutral to bearish
signaling that sideways to lower prices are possible near-term. If December
extends the decline off September’s high, the 87% retracement level of the
June-September rally crossing at 81.89 is the next downside target. Closes
above the 20-day moving average crossing at 89.75 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 88.05. Second resistance is the 20-day moving average crossing at
89.75. First support is Monday’s low crossing at 84.66. Second support is the
87% retracement level of the June-September rally crossing at 81.89.

December heating oil was slightly higher overnight as it extends the short
covering bounce off last week’s low. Stochastics and the RSI are turning
bullish hinting that a low might be in or is near. Closes above the 20-day
moving average crossing at 312.68 would confirm that a short-term low has been
posted. If December renews this month’s decline, the 38% retracement level of
the June-September rally crossing at 298.80 is the next downside target. First
resistance is the 20-day moving average crossing at 312.68. Second resistance
is the reaction high crossing at 320.35. First support is last Wednesday’s low
crossing at 300.36. Second support is the 38% retracement level of the
June-September rally crossing at 298.80.

December unleaded gas was higher overnight as it extended the short covering
rally off last week’s low. Stochastics and the RSI are turning bullish
signaling that sideways to higher prices are possible near-term. Closes above
the 20-day moving average crossing at 272.62 are needed to confirm that a
short-term low has been posted. If December renews this month’s decline, the
50% retracement level of the June-October rally crossing at 253.49 is the next
downside target. First resistance is the 10-day moving average crossing at
265.47. Second resistance is the 20-day moving average crossing at 272.62.
First support is last Wednesday’s low crossing at 255.98. Second support is the
50% retracement level of the June-October rally crossing at 253.49.

December Henry natural gas was lower overnight as it consolidates some of
Monday’s rally. Stochastics and the RSI remain bearish signaling that sideways
to lower prices are possible near-term. If December extends last week’s
decline, the 38% retracement level of the August-October rally crossing at
3.620 is the next downside target. Closes above the 10-day moving average
crossing at 3.816 would temper the near-term bearish outlook. First resistance
is the 10-day moving average crossing at 3.816. Second resistance is this
month’s high crossing at 3.970. First support is the 38% retracement level of
the August-October rally crossing at 3.620. Second support is the 50%
retracement level of the August-October rally crossing at 3.512.

CURRENCIES http://quotes.ino.com/exchanges/category.html?c=currencies

The December Dollar was lower overnight and trading below the upper boundary
of the trading range of the past six weeks crossing at 80.31. Stochastics and
the RSI are overbought but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. A breakout above the aforementioned
trading range would open the door for a possible test of the 38% retracement
level of the July-September decline crossing at 80.97 later this fall. Closes
below the 20-day moving average crossing at 79.80 would temper the near-term
friendly outlook. First resistance is Monday’s high crossing at 80.42. Second
resistance is the 38% retracement level of the July-September decline crossing
at 80.97. First support is the 20-day moving average crossing at 79.80. Second
support is the reaction low crossing at 78.97.

The December Euro was higher overnight and trading above the July-August
uptrend line crossing near 129.44 as it consolidates some of its recent losses.
Stochastics and the RSI remain bearish signaling that sideways to lower prices
are possible near-term. Multiple closes below the July-August uptrend line
crossing near 129.44 would confirm a top and trend change has taken place.
Closes above the 10-day moving average crossing at 130.00 would temper the
near-term bearish outlook. If December renews the rally off July’s low,
September’s high crossing at 131.83 is the next upside target. First resistance
is the 10-day moving average crossing at 130.00. Second resistance is this
month’s high crossing at 131.47. First support is the July-August uptrend line
crossing near 129.44. Second support is the reaction low crossing near 128.33.

The December British Pound was higher due to short covering overnight as it
consolidates some of Monday’s decline. Stochastics and the RSI are neutral to
bullish signaling that sideways to higher prices are possible near-term. If
December renews last week’s rally, the reaction high crossing at 1.6175 is the
next upside target. If December renews the decline off September’s high, the
50% retracement level of the June-September rally crossing at 1.5821 is the
next downside target. First resistance is the reaction high crossing at 1.6175.
Second resistance is the reaction high crossing at 1.6213. First support is the
38% retracement level of the June-September rally crossing at 1.5959. Second
support is the 50% retracement level of the June-September rally crossing at
1.5821.

The December Swiss Franc was higher due to short covering overnight as it
consolidates some of last week’s decline but remains below the broken
July-October uptrend line. Stochastics and the RSI remain bearish signaling
that sideways to lower prices are possible near-term. If December extends the
aforementioned decline, the reaction low crossing at .10614 is the next
downside target. Closes above the 10-day moving average crossing at .10751
would temper the near-term bearish outlook. First resistance is the 10-day
moving average crossing at .10751. Second resistance is this month’s high
crossing at .10861. First support is last Friday’s low crossing at .10660.
Second support is the reaction low crossing at .10614.

The December Canadian Dollar was higher due to light short covering
overnight as it consolidates some of the decline off September’s high.
Stochastics and the RSI are oversold but remain neutral to bearish signaling
that sideways to lower prices are possible near-term. If December extends the
decline off September’s high, the 50% retracement level of the June-October
rally crossing at 99.51 is the next downside target. Closes above the 20-day
moving average crossing at 101.19 are needed to confirm that a short-term low
has been posted. First resistance is the 10-day moving average crossing at
100.57. Second resistance is the 20-day moving average crossing at 101.19.
First support is the 50% retracement level of the June-October rally crossing
at 99.51. Second support is the 62% retracement level of the June-October rally
crossing at 98.55.

The December Japanese Yen was higher overnight and trading above the 10-day
moving average crossing at .12562 as it extends the short covering bounce off
last Friday’s low. Stochastics and the RSI are turning bullish hinting that a
low might be in or is near. Closes above the 20-day moving average crossing at
.12657 are needed to confirm that a short-term low has been posted. If December
renews the decline off the 62% retracement level of the March-September rally
crossing at .12360 is the next downside target. First resistance is the 20-day
moving average crossing at .12657. Second resistance is the reaction high
crossing at .12727. First support is last Friday’s low crossing at .12444.
Second support is the 62% retracement level of the March-September rally
crossing at .12360.

PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals

December gold was slightly higher due to short covering overnight as it
consolidates above the 38% retracement level of the May-October rally crossing
at 1697.70. Stochastics and the RSI are oversold but remain neutral to bearish
signaling that sideways to lower prices are possible near-term. If December
extends this month’s decline, the 50% retracement level of the May-October
rally crossing at 1667.00 is the next downside target. Closes above the 20-day
moving average crossing at 1744.20 would confirm that a short-term low has been
posted. First resistance is the 10-day moving average crossing at 1720.70.
Second resistance is the 20-day moving average crossing at 1744.20. First
support is the 38% retracement level of the May-October rally crossing at
1697.70. Second support is the 50% retracement level of the May-October rally
crossing at 1667.00.

December silver was higher overnight as it extends the trading range of the
past six days. Stochastics and the RSI are oversold but remain neutral to
bearish signaling that sideways to lower prices are possible near-term. If
December extends this month’s decline, the 50% retracement level of the
June-October rally crossing at 30.850 is the next downside target. Closes above
the 20-day moving average crossing at 33.088 would confirm that a short-term
low has been posted. First resistance is the 10-day moving average crossing at
32.184. Second resistance is the 20-day moving average crossing at 33.088.
First support is last Wednesday’s low crossing at 31.535. Second support is the
50% retracement level of the June-October rally crossing at 30.850.

December copper was higher due to short covering overnight as it rebounds
off the 62% retracement level of the June-September rally crossing at 348.30.
Stochastics and the RSI are oversold but remain neutral to bearish signaling
that sideways to lower prices are possible near-term. If December extends this
month’s decline, the 75% retracement level of the June-September rally crossing
at 340.65 is the next downside target. Closes above the 20-day moving average
crossing at 366.84 would confirm that a low has been posted. First resistance
is the 10-day moving average crossing at 360.11. Second resistance is the
20-day moving average crossing at 366.84. First support is the 62% retracement
level of the June-September rally crossing at 348.30. Second support is the 75%
retracement level of the June-September rally crossing at 340.65.

FOOD & FIBER http://quotes.ino.com/exchanges/category.html?c=food

December coffee close sharply higher due to short covering on Monday and the
high-range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI are bullish hinting that a low might be in or is near.
Closes above the 20-day moving average crossing at 16.49 are needed to confirm
that a short-term low has been posted. If December renews this month’s decline,
June’s low crossing at 15.37 is the next downside target.

December cocoa closed lower on Monday as it extends last week’s decline. The
low-range close sets the stage for a steady to lower opening on Tuesday.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. If December extends last week’s decline, the reaction low
crossing at 23.38 is the next downside target. Closes above the 10-day moving
average crossing at 24.27 would temper the near-term bearish outlook.

March sugar closed higher due to short covering on Monday as it consolidated
some of this month’s decline. The high-range close set the stage for a steady
to higher opening on Tuesday. Stochastics and the RSI are neutral to bearish
signaling that sideways to lower prices are possible near-term. If March
extends this month’s decline, the 62% retracement level of the 2010-2011 rally
crossing at 18.79 is the next downside target. Closes above the 20-day moving
average crossing at 20.43 are needed to confirm that a low has been posted.

December cotton closed higher on Monday but remains below the 20-day moving
average crossing at 73.33. The mid-range close sets the stage for a steady
opening on Tuesday. Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible near-term. If December extends last week’s
decline, the reaction low crossing at 70.41 is the next downside target. Closes
above the 10-day moving average crossing at 74.89 would temper the near-term
bearish outlook.
——————————

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GRAINS http://quotes.ino.com/exchanges/category.html?c=grains

December corn was higher due to short covering overnight as it extends this
month’s trading range. Stochastics and the RSI are bearish signaling that
sideways to lower prices are possible near-term. Closes below the reaction low
crossing at 7.32 1/4 would confirm a downside breakout of this month’s trading
range while opening the door for additional weakness near-term. If December
renews the rally off Monday’s low, this month’s high crossing at 7.76 is the
next upside target. First resistance is this month’s high crossing at 7.76.
Second resistance is the reaction high crossing at 7.89 1/2. First support is
the reaction low crossing at 7.32 1/4. Second support is the late-September low
crossing at 7.05.

December wheat was higher due to short covering overnight. The high-range
close sets the stage for a steady to higher opening when the day session begins
trading. If December renews the rally off this month’s low, minor resistance
crossing at 8.94 then 9.07 are the next upside targets. From a broad
perspective, December wheat needs to close above 9.53 1/4 or below 8.36 1/2 to
confirm a breakout of the summer’s trading range and point the direction of the
next trending move. First resistance is the reaction high crossing at 8.94.
Second resistance is the reaction high crossing at 9.07. First support is the
reaction low crossing at 8.40 1/4. Second support is the 38% retracement level
of this summer’s rally crossing at 8.29 1/2.

December Kansas City Wheat closed down 6-cents at 9.03 1/4.

December Kansas City wheat closed lower on Monday as it extended the decline
off last Wednesday’s high. The low-range close sets the stage for a steady to
lower opening on Tuesday. Stochastics and the RSI are turning bearish signaling
that sideways to lower prices are possible near-term. Closes below the 20-day
moving average crossing at 8.98 1/4 would temper the near-term friendly
outlook. If December renews this month’s rally, September’s high crossing at
9.49 1/4 is the next upside target. First resistance is last Wednesday’s high
crossing at 9.31 3/4. Second resistance is September’s high crossing at 9.49
1/4. First support is the 20-day moving average crossing at 8.98 1/4. Second
support is August’s low crossing at 8.74 1/2.

December Minneapolis wheat was higher due to short covering overnight while
extending the trading range of the past three months. The high-range close sets
the stage for a steady to higher opening when the day session begins trading.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. December needs to close above 9.84 1/2 or below 9.12 are
needed to confirm a breakout of the August-September trading range and point
the direction of the next trending move. First resistance is August’s high
crossing at 9.84 1/2. Second resistance is July’s high crossing at 10.34. First
support is the reaction low crossing at 9.15. Second support is September’s low
crossing at 9.12.

SOYBEAN COMPLEX

January soybeans were higher due to short covering overnight as it
consolidates some of Monday’s decline. Stochastics and the RSI are overbought
and are turning bearish signaling that sideways to lower prices are possible
near-term. If January extends Monday’s decline, this month’s low crossing at
148.40 is the next downside target. If January renews the rally off this
month’s low, the 38% retracement level of the September-October decline
crossing at 15.97 3/4 is the next upside target. First resistance is the 38%
retracement level of the September-October decline crossing at 15.97 3/4.
Second resistance is the 50% retracement level of the September-October decline
crossing at 16.33. First support is Monday’s low crossing at 15.26 1/4. Second
support is this month’s low crossing at 14.84.

December soybean meal was higher due to short covering overnight as it
consolidates some of Monday’s decline. Stochastics and the RSI are overbought
and are turning bearish signaling that sideways to lower prices are possible
near-term. Closes below the 20-day moving average crossing at 469.00 would
temper the near-term friendly outlook. If December extends this month’s rally,
the 38% retracement level of the September-October decline crossing at 486.00
is the next upside target. First resistance is the 38% retracement level of the
September-October decline crossing at 486.00. Second resistance is the 50%
retracement level of the September-October decline crossing at 496.80. First
support is the 20-day moving average crossing at 469.00. Second support is this
month’s low crossing at 450.20.

December soybean oil was higher due to short covering overnight as it
consolidates some of the decline off this month’s high. Stochastics and the RSI
are bearish signaling that sideways to lower prices are possible near-term. If
December extends this decline, October’s low crossing at 49.41 then June’s low
crossing at 48.64 are the next downside targets. If December renews the rally
off this month’s low, the 38% retracement level of the September-October
decline crossing at 52.92 is the next upside target. First resistance is the
38% retracement level of the September-October decline crossing at 52.92.
Second resistance is the 50% retracement level of the September-October decline
crossing at 54.01. First support is this month’s low crossing at 49.41. Second
support is June’s low crossing at 48.64.

LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

December hogs closed down $1.10 at $77.80.

December hogs gapped down and closed lower on Monday. The mid-range close
sets the stage for a steady to lower opening when Tuesday’s night session
begins trading. Stochastics and the RSI remain neutral to bearish signaling
that a short-term top might be in or is near. Multiple closes below the 20-day
moving average crossing at 77.88 would confirm that a short-term top has been
posted. If December renews the rally off September’s low, the 87% retracement
level of the July-September decline crossing at 80.73 is the next upside
target. First resistance is this month’s high crossing at 79.77. Second
resistance is the 87% retracement level of this year’s decline crossing at
80.73. First support is the 20-day moving average crossing at 77.88. Second
support is the reaction low crossing at 76.55.

December cattle closed up $0.03 at 125.28.

December cattle closed higher due to short covering on Monday as it
consolidates some of last week’s decline. The mid-range close sets the stage
for a steady opening when Tuesday’s night session begins trading. Stochastics
and the RSI remain bearish signaling that sideways to lower prices are possible
near-term. If December extends last week’s decline, September’s low crossing at
123.95 is the next downside target. Closes above the 10-day moving average
crossing at 126.69 would temper the near-term bearish outlook. First resistance
is the 10-day moving average crossing at 126.69. Second resistance is last
Wednesday’s high crossing at 127.40. First support is today’s low crossing at
126.60. Second support is September’s low crossing at 123.95.

November feeder cattle closed up $0.60 at $145.92.

November Feeder cattle closed higher due to short covering on Monday as it
consolidated some of last week’s decline. The high-range close sets the stage
for a steady to higher opening when Tuesday’s night session begins trading.
Stochastics and the RSI remain bearish signaling that sideways to lower prices
are possible near-term. If November extends last week’s decline, the reaction
low crossing at 143.80 is the next downside target. Closes above last Tuesday’s
gap crossing at 147.72 would temper the near-term bearish outlook. First
resistance is last Tuesday’s gap crossing at 147.72. Second resistance is this
month’s high crossing at 149.60. First support is today’s low crossing at
144.55. Second support is the reaction low crossing at 143.80.

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T H A N K   Y O U
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