Monday Gold -6.520 USD -0.202 NAS +19.61 DOW +95.38 CRB +1.97 S&P +11.54

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 higher due to short covering on Monday as it
consolidated some of the decline off September’s high. The high-range close
sets the stage for a steady to higher opening when Tuesday’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 decline off September’s high, the 50% retracement level of
the June-September rally crossing at 2657.00 is the next downside target.
Closes above the 20-day moving average crossing at 2791.42 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 2760.95. Second resistance is the 20-day moving average crossing at
2791.42. First support is today’s low crossing at 2705.00. Second support is
the 50% retracement level of the June-September rally crossing at 2657.00.

The December S&P 500 closed higher due to short covering on Monday as it
consolidated some of this month’s decline but remains below the broken
June-July uptrend line. The high-range close sets the stage for a steady to
higher opening when Tuesday’s night session begins trading. Stochastics and the
RSI are oversold but remain neutral to bearish signaling that sideway to lower
prices is possible near-term. If December extends this month’s decline, the 25%
retracement level of the June-September rally crossing at 1414.52 is the next
downside target. Closes above the 20-day moving average crossing at 1441.44
would confirm that a short-term low has been posted. First resistance is the
20-day moving average crossing at 1441.44. Second resistance is September’s
high crossing at 1467.50. First support is today’s low crossing at 1416.30.
Second support is the 25% retracement level of the June-September rally
crossing at 1414.52.

The Dow closed higher due to short covering on Monday as it consolidated
some of this month’s decline. The high-range close sets the stage for a steady
to higher opening on Tuesday. Stochastics and the RSI are oversold but remain
neutral to bearish signaling that sideways to lower prices are possible
near-term. Closes below the June-July uptrend line crossing near 13,323 would
confirm a trend change has taken place. Closes above the 20-day moving average
crossing at 13,490 are needed to confirm that a short-term low has been posted.
First resistance is the 20-day moving average crossing at 13,490. Second
resistance is this month’s high crossing at 13,661. First support is last
Friday’s low crossing at 13,296. Second support is September’s low crossing
near 12,977.
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INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

December T-bonds closed down 8/32’s at 149-10.

December T-bonds posted an inside day with a lower close on Monday but
remains above the broken July-September uptrend line. The mid-range close sets
the stage for a steady opening on Tuesday. Stochastics and the RSI are bullish
signaling that sideways to higher prices are possible near-term. Closes above
the reaction high crossing at 150-09 would renew the rally off September’s low.
Closes below the 20-day moving average crossing at 148-15 would temper the
near-term friendly outlook. First resistance is the reaction high crossing at
150-09. Second resistance is September’s high crossing at 151-29. First support
is the 20-day moving average crossing at 148-15. Second support is last
Monday’s low crossing at 147-10.

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

November crude oil closed lower on Monday however, the high-range close sets
the stage for a steady to higher opening when Tuesday’s night session begins.
Stochastics and the RSI are neutral to bullish signaling that sideways to
higher prices are possible near-term. Multiple closes above last Wednesday’s
high crossing at 93.66 would confirm that a low has been posted. If November
renews the decline off September’s high, the 62% retracement level of the
June-September rally crossing at 87.19 is the next downside target. First
resistance is last Wednesday’s high crossing at 93.66. Second resistance is
September’s high crossing at 100.73. First support is the 62% retracement level
of the June-September rally crossing at 87.19. Second support is the 75%
retracement level of the June-September rally crossing at 84.29.

November heating oil closed lower due to profit taking on Monday as it
consolidated some of the rally off September’s low. The mid-range close sets
the stage for a steady opening when Tuesday’s night session begins trading.
Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If November extends this
week’s rally, March’s high crossing at 333.89 is the next upside target. Closes
below the 20-day moving average crossing at 314.59 would confirm that a
short-term top has been posted. First resistance is last Thursday’s high
crossing at 326.68. Second resistance is March’s high crossing at 333.89. First
support is the 20-day moving average crossing at 314.59. Second support is the
reaction low crossing at 305.89.

November unleaded gas closed lower on Monday and below the 20-day moving
average crossing at 287.18 confirming that a short-term top has been posted.
The low-range close sets the stage for a steady to lower opening when Tuesday’s
night session begins trading. Stochastics and the RSI are overbought and are
turning bearish signaling that sideways to lower prices are possible near-term.
If November extends today’s decline, the reaction low crossing at 275.38 is the
next downside target. If November renews this summer’s rally, weekly resistance
crossing at 326.33 is the next upside target. First resistance is last
Wednesday’s high crossing at 299.29. Second resistance is weekly resistance
crossing at 326.33. First support is the reaction low crossing at 275.35.
Second support is September’s low crossing at 270.29.

November Henry natural gas closed lower due to profit taking on Monday as it
consolidates some of the rally off August’s low. The low-range close sets the
stage for a steady to lower opening on Tuesday. Stochastics and the RSI are
diverging but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If November extends the rally off August’s low,
the 50% retracement level of the 2011-2012-decline crossing at 3.965 is the
next upside target. Closes below the 20-day moving average crossing at 3.308
would confirm that a short-term top has been posted. First resistance is last
Friday’s high crossing at 3.638. Second resistance is the 50% retracement level
of the 2011-2012-decline crossing at 3.965. First support is the 10-day moving
average crossing at 3.477. Second support is the 20-day moving average crossing
at 3.308.

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

The December Dollar closed higher on Monday as it extends this month’s
trading range. The mid-range close sets the stage for a steady opening on
Tuesday. Stochastics and the RSI are turning bearish signaling that sideways to
lower prices are possible near-term. Closes above the reaction high crossing at
80.25 are needed to confirm that a short-term low has been posted. If December
renews the decline off July’s high, weekly support crossing at 78.55 is the
next downside target. First resistance is the reaction high crossing at 80.25.
Second resistance is the 38% retracement level of the July-September decline
crossing at 80.97. First support is last Friday’s low crossing at 79.18. Second
support is September’s low crossing at 78.72.

The December Euro closed lower on Monday as it consolidates some of last
Friday’s rally. The high-range close sets the stage for a steady to higher
opening on Tuesday. Stochastics and the RSI are neutral to bullish signaling
that sideways to higher prices are possible near-term. If December renews the
rally off July’s low, the 50% retracement level of this year’s decline crossing
at 132.52 is the next upside target. If December renews the decline off
September’s high, the reaction low crossing at 125.20 is the next downside
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 reaction low crossing at 128.13. Second support is
the reaction low crossing at 125.20.

The December British Pound closed lower on Monday as it consolidated some of
the short covering rebound off last week’s low. The high-range close sets the
stage for a steady to higher opening when Tuesday’s night session begins
trading. Stochastics and the RSI are turning neutral to bullish hinting that a
low might be in or is near. If December renews the aforementioned decline off
September’s high, the 38% retracement level of the June-September rally
crossing at 1.5933 is the next downside target. Closes above the 20-day moving
average crossing at 1.6136 would confirm that a short-term low has been posted.
First resistance is the 10-day moving average crossing at 1.6073. Second
resistance is the 20-day moving average crossing at 1.6136. First support is
last Wednesday’s low crossing at 1.5972. Second support is the 38% retracement
level of the June-September rally crossing at 1.5933.

The December Swiss Franc closed lower on Monday. The high-range close sets
the stage for a steady to higher opening when Tuesday’s night session begins
trading. Stochastics and the RSI are turning bullish signaling that sideways to
higher prices are possible near-term. Closes above the reaction high crossing
at .10793 would confirm that a short-term low has been posted. If December
renews the decline off September’s high, the 38% retracement level of the
July-September rally crossing at .10550 is the next downside target. First
resistance is the reaction high crossing at .10793. Second resistance is
September’s high crossing at .10838. First support is the reaction low crossing
at .10609. Second support is the 38% retracement level of the July-September
rally crossing at .10550.

The December Canadian Dollar closed higher on Monday and the mid-range close
sets the stage for a steady opening when Tuesday’s night session begins
trading. Stochastics and the RSI are neutral to bullish signaling that sideways
to higher prices are possible near-term. If December renews the rally off
June’s low, last July’s high crossing at 104.53 is the next upside target.
Closes below the reaction low crossing at 100.99 would confirm that a
short-term top has been posted. First resistance is the reaction high crossing
at 102.56. Second resistance is September’s high crossing at 103.59. First
support is the 10-day moving average crossing at 101.83. Second support is the
reaction low crossing at 100.99.

The December Japanese Yen closed lower on Monday but the low-range close
sets the stage for a steady to lower opening when Tuesday’s night session
begins trading. Stochastics and the RSI are bearish signaling that sideways to
lower prices are possible. Closes below the reaction low .12631 would confirm
that a short-term top has been posted. If December renews the rally off
August’s low, the reaction high crossing at .12922 is the next upside target.
First resistance is the reaction high crossing at .12922. Second resistance is
September’s high crossing at .12977. First support is the reaction low crossing
at .12631. Second support is August’s low crossing at .12565.

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

December gold closed sharply lower on Monday and spiked below the lower
boundary of this fall’s trading range crossing at 1738.30. The low-range close
sets the stage for a steady to lower opening when Tuesday’s night session
begins trading. Stochastics and the RSI are bearish signaling that sideways to
lower prices are possible near-term. Closes below the reaction low crossing at
1738.30 are needed to confirm that a short-term top has been posted. If October
renews the rally off August’s low, this year’s high crossing at 1799.50 is the
next upside target. First resistance is this month’s high crossing at 1798.10.
Second resistance is this year’s high crossing at 1799.50. First support is the
reaction low crossing at 1738.30. Second support is today’s low crossing at
1729.70.

December silver closed lower on Monday and below trading range support
crossing at 33.360. The low-range close set the stage for a steady to lower
opening when Tuesday’s night session begins trading. Stochastics and the RSI
remain bearish signaling that sideways to lower prices are possible near-term.
Today’s close below the reaction low crossing at 33.360 confirm that a
short-term top has been posted and opens the door for a possible test of the
38% retracement level of the June-October rally crossing at 31.919 later this
month. Closes above the 20-day moving average crossing at 34.317 would signal
that a short-term low has been posted. First resistance is the 20-day moving
average crossing at 34.317. Second resistance is this month’s high crossing at
35.445. First support is today’s low crossing at 32.570. Second support is the
38% retracement level of the June-October rally crossing at 31.919.

December copper closed lower on Monday and spiked below the lower boundary
of the trading range of the past four months crossing at 368.05. The high-range
close sets the stage for a steady to higher opening when Tuesday’s night
session begins trading. 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 368.05 would confirm that a short-term top has
been posted. If December renewed the rally off August’s low, the 87%
retracement level of this year’s decline crossing at 392.60 is the next upside
target. First resistance is the reaction high crossing at 383.95. Second
resistance is the 87% retracement level of this year’s decline crossing at
392.60. First support is the reaction low crossing at 368.05. Second support is
today’s low crossing at 364.60.

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

December coffee close lower on Monday as it extended the decline off this
month’s high. The mid-range close sets the stage for a steady opening on
Tuesday. 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, September’s low crossing at 15.65 is the next
downside target. Closes above the 20-day moving average crossing at 17.12 are
needed to confirm that a short-term low has been posted.

December cocoa closed lower on Monday and is poised to extend the decline
off September’s high. The mid-range close sets the stage for a steady to lower
opening on Tuesday. 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, July’s low crossing at 21.78 is the next
downside target. Closes above the 20-day moving average crossing at 24.43 would
confirm that a short-term low has been posted.

March sugar closed lower on Monday as it extends this month’s decline. The
low-range close set 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 March extends this month’s decline, the reaction low
crossing at 19.65 is the next downside target. Closes above the 10-day moving
average crossing at 21.08 would confirm that a low has been posted.

December cotton closed higher due to short covering on Monday. The
high-range close sets the stage for a steady to higher opening on Tuesday.
Stochastics and the RSI are neutral to bullish signaling that sideways prices
are possible near-term. Closes above 72.65 the reaction high would confirm that
a short-term low has been posted. If December extends the decline off August’s
high, the reaction low crossing at 69.40 is the next downside target.

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

December Corn closed down 15 1/2-cents at 7.37 1/4.

December corn closed sharply lower due to profit taking on Monday. A weak
export sales report on Friday showed only 600,000 bushels of net new business.
Friday’s report suggests that prices are high enough to ration export demand.
Farmer selling pressure has slowed as harvest is winding down and rain is
forecasted for the eastern two-thirds of the Corn Belt this week. The low-range
close sets the stage for a steady to lower opening when Tuesday’s night session
begins trading. Stochastics and the RSI are neutral to bullish signaling that
sideways to higher prices are possible near-term. If December renews the rally
off September’s low, the reaction high crossing at 7.89 1/2 is the next upside
target. If December renews the decline off August’s high, the 38% retracement
level of this summer’s rally crossing at 7.15 1/4 is the next downside target.
First resistance is last Thursday’s high crossing at 7.76. Second resistance is
the reaction high crossing at crossing at 7.89 1/2. First support is
September’s low crossing at 7.05. Second support is the 50% retracement level
of this summer’s rally crossing at 6.73 3/4.

December wheat closed down 8 1/2-cents at 8.48 1/4.

December wheat closed lower on Monday and the mid-range close sets the stage
for a steady opening when Tuesday’s night session begins trading. Stochastics
and the RSI are neutral to bullish hinting that a low might be in or is near.
From a broad perspective, December wheat needs to close above 9.53 1/4 or below
8.35 3/4 to confirm a breakout of this summer’s trading range and point the
direction of the next trending move. First resistance is August’s high crossing
at 9.45 1/2. Second resistance is July’s high crossing at 9.53 1/4. First
support is September’s low crossing at 8.48 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 down 9-cents at 8.81 1/4.

December Kansas City wheat gapped down and closed lower on Monday. The
mid-range close sets the stage for a steady to lower opening on Tuesday.
Stochastics and the RSI are turning neutral signaling that sideways to lower
prices are possible near-term. If December extends the decline off September’s
high, August’s low crossing at 8.47 1/2 is the next downside target. Closes
above the 20-day moving average crossing at 8.98 1/2 would confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at 8.98 1/2. Second resistance is the reaction high crossing at 9.29.
First support is August’s low crossing at 8.74 1/2. Second support is the 38%
retracement level of this summer’s rally crossing at 8.38 1/4.

December Minneapolis wheat closed down 3 1/4-cents at 9.21.

December Minneapolis wheat closed lower due to profit taking on Monday. The
low-range close sets the stage for a steady to lower opening when Tuesday’s
night session begins to trade. Stochastics and the RSI are turning neutral
signaling that sideways to lower prices are possible near-term. If December
renews the decline off July’s high, the 50% retracement level of this summer’s
rally crossing at 8.84 is the next downside target. 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 August’s
low crossing at 9.12 1/4. Second support is the 50% retracement level of this
summer’s rally crossing at 8.84.

SOYBEAN COMPLEX

November soybeans closed down 30-cents at 14.92 1/2.

November soybeans closed sharply lower on Monday thereby renewing the
decline off September’s high. Weekly soybean export inspections came in at
57.824 million bushels compared with pre-report estimates, which ranged from
41-45 million bushels. The low-range close sets the stage for a steady to lower
opening when Tuesday’s night session begins trading. Stochastics and the RSI
are diverging but are turning neutral to bearish signaling that sideways to
lower prices are possible. If November renews the decline off September’s high,
the 62% retracement level of this summer’s rally crossing at 14.52 3/4 is the
next downside target. Closes above the 20-day moving average crossing at 15.71
1/2 are needed to confirm that a low has been posted. First resistance is the
20-day moving average crossing at 15.71 1/2. Second resistance is the reaction
high crossing at 16.86. First support is today’s low crossing at 14.85 3/4.
Second support is the 62% retracement level of this summer’s rally crossing at
14.52 3/4.

December soybean meal closed down $9.10 at $456.10.

December soybean meal closed lower on Monday and tested the early-October
lows. September’s soybean crush was 119.732 million bushels while the August
soybean crush was 124.773 million bushels and the September 2011 soybean crush
was 110.313 million bushels. The crush produced 2.842 billion pounds of soybean
meal, in August crush produced 3.003 billion pounds and a year ago it was 2.640
billion pounds. The soybean meal yield is slightly lower than a year ago at
47.48 pounds per bushel. The low-range close sets the stage for a steady to
lower opening when Tuesday’s night session begins trading. Stochastics and the
RSI are neutral signaling that sideways to lower prices are possible near-term.
If December renews the decline off September’s high, the 50% retracement level
of this summer’s rally crossing at 446.50 is the next downside target. Closes
above the 20-day moving average crossing at 475.60 would confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at 475.60. Second resistance is the reaction high crossing at 506.70.
First support is the reaction low crossing at 455.10. Second support is the 50%
retracement level of this summer’s rally crossing at 446.50.

December soybean oil closed down 66-pts. at 50.01.

December soybean closed lower on Monday as it renewed the decline off
September’s high. The mid-range close sets the stage for a steady opening when
Tuesday’s night session begins trading. Stochastics and the RSI are neutral to
bearish signaling that sideways to lower prices are possible near-term. If
December extends the decline off September’s high, June’s low crossing at 48.64
is the next downside target. Closes above the 20-day moving average crossing at
52.32 would confirm that a short-term low has been posted. First resistance is
the 20-day moving average crossing at 52.32. Second resistance is the reaction
high crossing at 53.06. First support is today’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 $0.17 at $78.55.

December hogs closed higher on Monday as it extends the rally off
September’s low. The high-range close sets the stage for a steady to higher
opening when Tuesday’s night session begins trading. Stochastics and the RSI
are overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If December extends the rally off September’s
low, the 75% retracement level of the July-September decline crossing at 79.21
is the next upside target. Closes below the 20-day moving average crossing at
75.82 would temper the near-term friendly outlook. First resistance is today’s
high crossing at 78.82. Second resistance is the 75% retracement level of this
year’s decline crossing at 79.21. First support is the 10-day moving average
crossing at 77.15. Second support is the 20-day moving average crossing at
75.82.

December cattle closed up $0.47 at 125.97.

December cattle closed higher on Monday as it consolidated some of its
recent losses. The high-range close sets the stage for a steady to higher
opening when Tuesday’s night session begins trading. Stochastics and the RSI
are turning neutral to bearish signaling that sideways to lower prices are
possible near-term. If December renews the decline off September’s high, June’s
low crossing at 123.15 is the next downside target. Closes above last
Thursday’s high crossing at 127.32 are needed to confirm that a low has been
posted. First resistance is last Thursday’s high crossing at 127.32. Second
resistance is the reaction high crossing at 129.20. First support is
September’s low crossing at 123.95. Second support is June’s low crossing at
123.15.

November feeder cattle closed up $1.32 at $145.55.

November Feeder cattle closed higher due to short covering on Monday. The
high-range close sets the stage for a steady to higher opening when Tuesday’s
night session begins trading. Stochastics and the RSI are bearish signaling
that sideways to lower prices are possible near-term. If November extends the
decline off September’s high, July’s low crossing at 139.75 is the next
downside target. Closes above the 20-day moving average crossing at 146.61
would confirm that a short-term low has been posted. First resistance is the
20-day moving average crossing at 146.61. Second resistance is the 38%
retracement level of the June-July decline crossing at 149.03. First support is
the reaction low crossing at 143.80. Second support is the reaction low
crossing at 143.40.

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______________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
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WINNERS

BCX.Z12 SOYBEANS CRUSH INDEX Dec 2012               61.00      2.75  +4.72
SP.Z14  S&P 500 INDEX Dec 2014                     1382.6      14.0  +1.02
MD.Z12  S&P MIDCAP 400 INDEX Dec 2012               981.7       9.1  +0.94
FC.X12  FEEDER CATTLE Nov 2012                    145.550     1.325  +0.92
DJ.Z12  DJ INDUSTRIAL AVG Dec 2012                  13359       114  +0.86
RV      RUSSELL 1000 VALUE INDEX MINI              714.11      5.68  +0.80
RG      RUSSELL 1000 GROWTH INDEX MINI             666.64      5.22  +0.79
ND.H13  NASDAQ 100 INDEX Mar 2013                 2724.75     21.25  +0.78
LB.X12  LUMBER (RANDOM LENGTH) Nov 2012             286.9       2.2  +0.77
GH      RUSSELL 2000 GROWTH INDEX                  475.79      3.54  +0.75

LOSERS

SI.H13  SILVER Mar 2013                            32.820    -0.927  -2.75
BCX.U13 SOYBEANS CRUSH INDEX Sep 2013               73.25     -1.75  -2.33
SM.F13  SOYBEAN MEAL Jan 2013                       449.8      -9.7  -2.11
C.H13   CORN Mar 2013                              737.25    -15.50  -2.06
YC.N13  CORN (MINI) Jul 2013                       725.25    -15.25  -2.06
S.F13   SOYBEANS Jan 2013                         1491.75    -30.25  -1.99
YK.X12  SOYBEAN (MINI) Nov 2012                   1492.50    -30.00  -1.97
NG.V14  NATURAL GAS Oct 2014                        4.188    -0.059  -1.39
BO.Z12  SOYBEAN OIL Dec 2012                        50.01     -0.66  -1.30
LH.N13  LEAN HOGS Jul 2013                         99.500    -1.075  -1.07

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E X T R E M E   S T O C K S
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WINNERS

BCOM    B COMMUNICATIONS                             6.20      1.40  +29.17
CYCC    CYCLACEL PHARMACEUTICALS                     6.56      1.09  +19.93
YONG    YONGYE INTL                                  5.62      0.83  +17.33
AEGR    AEGERION PHARMACEUTICALS                    17.47      1.51  +9.46
SILC    SILICOM                                     16.62      1.23  +7.99
KYTH    KYTHERA BIOPHARMACEUTICAL                  20.550     1.450  +7.59
ANR     ALPHA NATURAL RESOURCES                      8.47      0.59  +7.49
SCMR    SYCAMORE NETWORKS                            5.56      0.36  +6.92
CZR     CAESARS ENTERTAINMENT                      6.5400    0.4200  +6.86
WDAY    WORKDAY                                   51.9484    3.2584  +6.69

LOSERS

SHG     SHINHAN FINANCIAL GROUP                     33.77   -100.09  -149.54
SBLK    STAR BULK CARRIERS CORP COMMON              8.300    -0.466  -79.74
BOBS    BRAZIL FAST FOOD                             6.55     -1.95  -22.94
AR.WS   ARGONAUT GOLD LTD WTS                        5.20     -0.91  -14.89
AMED    AMEDISYS                                    12.08     -1.25  -9.38
IMOS    CHIPMOS TECHNOLOGIES                      12.8201   -1.1899  -8.49
ARNGF   ARGONAUT GOLD INC                          9.8480 -0.8920  -8.31
SAH     SONIC AUTOMOTIVE                            17.89     -1.57  -8.07
GROW    US GLOBAL INVESTORS                          5.25     -0.46  -8.06
AR      ARGONAUT GOLD INC                            9.65     -0.83  -7.92
_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Key Market Reports and Commentary for Monday

KEY EVENTS TO WATCH FOR:
Monday, October 15, 2012
8:30 AM ET. Oct Empire State Manufacturing Survey

Manufacturing Index (previous -10.41)

Employment Index (previous 4.26)

New Orders Index (previous -14.03)

Prices Received Index (previous 5.32)

8:30 AM ET. Sept Advance Monthly Sales for Retail & Food Services

Overall Sales (previous +0.9%)

Sales, Ex-Auto (previous +0.8%)

10:00 AM ET. Aug Manufacturing & Trade: Inventories & Sales

Total Inventories (previous +0.8%)

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 closed higher due to short covering on Friday as it
consolidates some of the decline off September’s high. The high-range close
sets the stage for a steady to higher opening when Monday’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 decline off September’s high, the 50% retracement level of
the June-September rally crossing at 2657.00 is the next downside target.
Closes above the 20-day moving average crossing at 2798.00 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 2768.25. Second resistance is the 20-day moving average crossing at
2798.00. First support is today’s low crossing at 2707.25. Second support is
the 50% retracement level of the June-September rally crossing at 2657.00.

The December S&P 500 closed lower on Friday as it extends this week’s
breakout below the June-July uptrend line. The low-range close sets the stage
for a steady to lower opening when Monday’s night session begins trading.
Stochastics and the RSI are bearish signaling that sideway to lower prices is
possible near-term. If December extends this week’s decline, the 25%
retracement level of the June-September rally crossing at 1414.52 is the next
downside target. Closes above the 20-day moving average crossing at 1442.72
would confirm that a short-term low has been posted. First resistance is the
20-day moving average crossing at 1442.72. Second resistance is September’s
high crossing at 1467.50. First support is today’s low crossing at 1420.50.
Second support is the 25% retracement level of the June-September rally
crossing at 1414.52.

The Dow closed slightly higher on Friday as it consolidates some of this
week’s decline. The low-range close sets the stage for a steady to lower
opening on Monday. Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible near-term. Closes below the June-July uptrend line
crossing near 13,317 would confirm a trend change has taken place. Closes above
the 20-day moving average crossing at 13,497 are needed to confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at 13,497. Second resistance is last Friday’s high crossing at 13,661.
First support is today’s low crossing at 13,296. Second support is September’s
low crossing near 12,977.

______________________________

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

December T-bonds closed up 12/32’s at 149-20.

December T-bonds closed higher on Friday and above the July-September
uptrend line. The mid-range close sets the stage for a steady to higher opening
on Monday. Stochastics and the RSI are turning bullish signaling that sideways
to higher prices are possible near-term. Closes above the reaction high
crossing at 150-09 would renew the rally off September’s low. If December
renews the decline off last week’s high, the reaction low crossing at 146-10 is
the next downside target. First resistance is the reaction high crossing at
150-09. Second resistance is September’s high crossing at 151-29. First support
is Monday’s low crossing at 147-10. Second support is the reaction low crossing
at 146-10.

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

November crude oil closed lower on Friday and the mid-range close sets the
stage for a steady opening when Monday’s night session begins. Stochastics and
the RSI are bullish signaling that sideways to higher prices are possible
near-term. Multiple closes above Wednesday’s high crossing at 93.66 would
confirm that a low has been posted. If November renews the decline off
September’s high, the 62% retracement level of the June-September rally
crossing at 87.19 is the next downside target. First resistance is Wednesday’s
high crossing at 93.66. Second resistance is September’s high crossing at
100.73. First support is the 62% retracement level of the June-September rally
crossing at 87.19. Second support is the 75% retracement level of the
June-September rally crossing at 84.29.

November heating oil closed lower due to profit taking on Friday as it
consolidated some of the rally off September’s low. The low-range close sets
the stage for a steady to lower opening when Monday’s night session begins
trading. Stochastics and the RSI are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If November
extends this week’s rally, March’s high crossing at 333.89 is the next upside
target. Closes below the 20-day moving average crossing at 314.36 would confirm
that a short-term top has been posted. First resistance is Thursday’s high
crossing at 326.68. Second resistance is March’s high crossing at 333.89. First
support is the 20-day moving average crossing at 314.36. Second support is the
reaction low crossing at 305.89.

November unleaded gas closed lower on Friday as it consolidates some of its
recent gains. The low-range close sets the stage for a steady to lower opening
when Monday’s night session begins trading. Stochastics and the RSI are
overbought and are turning neutral to bearish hinting that a double top with
September’s high might have been posted with Wednesday’s high. Closes below the
20-day moving average crossing at 287.20 would confirm that a short-term top
has been posted. If November extends this summer’s rally, weekly resistance
crossing at 326.33 is the next upside target. First resistance is Wednesday’s
high crossing at 299.29. Second resistance is weekly resistance crossing at
326.33. First support is the 20-day moving average crossing at 287.20. Second
support is the reaction low crossing at 275.38.

November Henry natural gas closed higher on Friday as it extends the rally
off August’s low. The high-range close sets the stage for a steady to higher
opening on Monday. Stochastics and the RSI are diverging but are bullish
signaling that sideways to higher prices are possible near-term. If November
extends the rally off August’s low, the 50% retracement level of the
2011-2012-decline crossing at 3.965 is the next upside target. Closes below the
20-day moving average crossing at 3.283 would confirm that a short-term top has
been posted. First resistance is today’s high crossing at 3.638. Second
resistance is the 50% retracement level of the 2011-2012-decline crossing at
3.965. First support is the 10-day moving average crossing at 3.475. Second
support is the 20-day moving average crossing at 3.283.

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

The December Dollar closed lower on Friday and the low-range close sets the
stage for a steady to lower opening on Monday. Stochastics and the RSI are
turning neutral signaling that sideways trading is possible near-term. Closes
above the reaction high crossing at 80.25 are needed to confirm that a
short-term low has been posted. If December renews the decline off July’s high,
weekly support crossing at 78.55 is the next downside target. First resistance
is the reaction high crossing at 80.25. Second resistance is the 38%
retracement level of the July-September decline crossing at 80.97. First
support is last Friday’s low crossing at 79.18. Second support is September’s
low crossing at 78.72.

The December Euro closed higher on Friday as it consolidates some of this
week’s decline. The mid-range close sets the stage for a steady opening on
Monday. Stochastics and the RSI are neutral to bullish signaling that sideways
to higher prices are possible near-term. If December renews the rally off
July’s low, the 50% retracement level of this year’s decline crossing at 132.52
is the next upside target. If December renews the decline off September’s high,
the reaction low crossing at 125.20 is the next downside 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 reaction low crossing at 128.13. Second support is the reaction low
crossing at 125.20.

The December British Pound closed higher due to short covering on Friday as
it consolidated some of the decline off September’s high. The high-range close
sets the stage for a steady to higher opening when Monday’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 38% retracement level of the
June-September rally crossing at 1.5933 is the next downside target. Closes
above the 20-day moving average crossing at 1.6144 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 1.6079. Second resistance is the 20-day moving average crossing at
1.6144. First support is Wednesday’s low crossing at 1.5972. Second support is
the 38% retracement level of the June-September rally crossing at 1.5933.

The December Swiss Franc closed higher due to short covering on Friday. The
mid-range close sets the stage for a steady to higher opening when Monday’s
night session begins trading. Stochastics and the RSI are turning neutral to
bullish signaling that sideways to higher prices are possible near-term. Closes
above the reaction high crossing at .10793 would confirm that a short-term low
has been posted. If December renews this week’s decline, the 38% retracement
level of the July-September rally crossing at .10550 is the next downside
target. First resistance is last Friday’s high crossing at .10793. Second
resistance is September’s high crossing at .10838. First support is the
reaction low crossing at .10609. Second support is the 38% retracement level of
the July-September rally crossing at .10550.

The December Canadian Dollar closed lower on Friday and the mid-range close
sets the stage for a steady opening when Monday’s night session begins trading.
Stochastics and the RSI are turning neutral to bearish signaling that sideways
to lower prices are possible near-term. If December renews the rally off June’s
low, last July’s high crossing at 104.53 is the next upside target. Closes
below the reaction low crossing at 100.99 would confirm that a short-term top
has been posted. First resistance is last Friday’s high crossing at 102.56.
Second resistance is September’s high crossing at 103.59. First support is the
10-day moving average crossing at 101.80. Second support is the reaction low
crossing at 100.99.

The December Japanese Yen closed lower on Monday but the high-range close
sets the stage for a steady to higher opening when Monday’s night session
begins trading. Stochastics and the RSI are neutral signaling that sideways
trading is possible. If December renews the rally off August’s low, the
reaction high crossing at .12922 is the next upside target. Closes below the
reaction low .12631 would confirm that a short-term top has been posted. First
resistance is the reaction high crossing at .12922. Second resistance is
September’s high crossing at .12977. First support is the reaction low crossing
at .12631. Second support is August’s low crossing at .12565.

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

December gold closed lower on Friday as it renewed this week’s decline. The
low-range close sets the stage for a steady to lower opening when Monday’s
night session begins trading. Stochastics and the RSI are bearish signaling
that sideways to lower prices are possible near-term. Closes below the reaction
low crossing at 1738.30 are needed to confirm that a short-term top has been
posted. If October renews the rally off August’s low, this year’s high crossing
at 1799.50 is the next upside target. First resistance is last Friday’s high
crossing at 1798.10. Second resistance is this year’s high crossing at 1799.50.
First support is Friday’s low crossing at 1753.50. Second support is the
reaction low crossing at 1738.30.

December silver closed lower on Friday renewing this month’s decline. The
low-range close set the stage for a steady to lower opening when Monday’s night
session begins trading. Stochastics and the RSI remain bearish signaling that
sideways to lower prices are possible near-term. Closes below the reaction low
crossing at 33.360 would confirm that a short-term top has been posted. If
December renews the rally off June’s low, the 87% retracement level of this
year’s decline crossing at 36.221 is the next upside target. First resistance
is the reaction high crossing at 35.445. Second resistance is the 87%
retracement level of this year’s decline crossing at 36.221. First support is
the reaction low crossing at 33.360. Second support is the reaction low
crossing at 32.510.

December copper closed lower on Friday while extending the trading range of
the past four months. The low-range close sets the stage for a steady to lower
opening when Monday’s night session begins trading. 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 368.05 would confirm that
a short-term top has been posted. If December renewed the rally off August’s
low, the 87% retracement level of this year’s decline crossing at 392.60 is the
next upside target. First resistance is the reaction high crossing at 383.95.
Second resistance is the 87% retracement level of this year’s decline crossing
at 392.60. First support is the reaction low crossing at 368.05. Second support
is the reaction low crossing at 365.85.

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

December coffee close higher due to short covering on Friday as it
consolidated some of the decline off last week’s high. The mid-range close sets
the stage for a steady to higher opening on Monday. 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 week’s decline, September’s
low crossing at 15.65 is the next downside target. Closes above the 20-day
moving average crossing at 17.19 are needed to confirm that a short-term low
has been posted.

December cocoa closed higher due to short covering on Friday as it
consolidates some of the decline off September’s high. The high-range close
sets the stage for a steady to higher opening on Monday. 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, July’s
low crossing at 21.78 is the next downside target. Closes above the 20-day
moving average crossing at 24.54 would confirm that a short-term low has been
posted.

March sugar closed lower on Friday as it extends this week’s decline. The
low-range close set the stage for a steady to lower opening on Monday.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. If March extends this week’s decline, the reaction low
crossing at 19.65 is the next downside target. Closes above the 10-day moving
average crossing at 21.20 would confirm that a low has been posted.

December cotton closed higher due to short covering on Friday as it
consolidated some of Thursday’s loss. The high-range close sets the stage for a
steady to higher opening on Monday. Stochastics and the RSI are neutral
signaling that sideways prices are possible near-term. Closes above 77.49 or
below 69.40 are needed to confirm a breakout of August’s trading range and
point the direction of the next trending move.
——————————

—————————————

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

http://broadcast.ino.com/redirect/?linkid=1952

———————————————————————

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

December Corn closed down 20 1/2-cents at 7.52 3/4.

December corn closed sharply lower due to profit taking on Friday as it
consolidated some of Thursday’s rally. Todays export sales report was termed
disappointing with just 600,000 bushels sold. The low-range close sets the
stage for a steady to lower opening when Monday’s night session begins trading.
Stochastics and the RSI are neutral to bullish signaling that sideways to
higher prices are possible near-term. If December extends Thursday’s rally, the
reaction high crossing at 7.89 1/2 is the next upside target. If December
renews the decline off August’s high, the 38% retracement level of this
summer’s rally crossing at 7.15 1/4 is the next downside target. First
resistance is Thursday’s high crossing at 7.76. Second resistance is the
reaction high crossing at crossing at 7.89 1/2. First support is September’s
low crossing at 7.05. Second support is the 50% retracement level of this
summer’s rally crossing at 6.73 3/4.

December wheat closed down 29 1/4-cents at 8.56 3/4.

December wheat closed sharply lower on Friday. The low-range close sets the
stage for a steady to lower opening when Monday’s night session begins trading.
Stochastics and the RSI are neutral to bullish signaling that sideways to
higher prices are possible near-term. From a broad perspective, December wheat
needs to close above 9.53 1/4 or below 8.57 1/4 to confirm a breakout of this
summer’s trading range and point the direction of the next trending move. First
resistance is August’s high crossing at 9.45 1/2. Second resistance is July’s
high crossing at 9.53 1/4. First support is August’s low crossing at 8.57 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 down 26 1/2-cents at 8.91 1/2.

December Kansas City wheat gapped down and closed lower on Friday leaving a
one-day island top on the daily chart. The low-range close sets the stage for a
steady to lower opening on Monday. Stochastics and the RSI are bullish
signaling that sideways to higher prices are possible near-term. If December
extends the rally off September’s low, the reaction high crossing at 9.29 is
the next upside target. If December extends the decline off September’s high,
August’s low crossing at 8.47 1/2 is the next downside target. First resistance
is the reaction high crossing at 9.29. Second resistance is September’s high
crossing at 9.49 1/4. First support is August’s low crossing at 8.74 1/2.
Second support is the 38% retracement level of this summer’s rally crossing at
8.38 1/4.

December Minneapolis wheat closed down 22 1/2-cents at 9.24 1/4.

December Minneapolis wheat closed lower due to profit taking on Friday as it
consolidated some of this week’s rally. The low-range close sets the stage for
a steady to lower opening when Monday’s night session begins to trade.
Stochastics and the RSI remain neutral to bullish signaling that sideways to
higher prices are possible near-term. Closes above the reaction high crossing
at 9.64 are needed to confirm that a short-term low has been posted. If
December renews the decline off July’s high, the 50% retracement level of this
summer’s rally crossing at 8.84 is the next downside target. 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 August’s low crossing at 9.12 1/4.
Second support is the 50% retracement level of this summer’s rally crossing at
8.84.

SOYBEAN COMPLEX

November soybeans closed down 26-cents at 15.22 1/2.

November soybeans closed lower on Friday. Soybean sales were 19.2 million
bushels including 8.3 million bushels to China, and the total for the week
exceeded the pace forecast by USDA for the rest of the marketing year. While
the government raised its forecast of sales by 210 million bushels yesterday,
70% of that new total has been sold or shipped. Traders were looking for even
bigger sales, causing beans to lose ground after the report came out. The
low-range close sets the stage for a steady to lower opening when Monday’s
night session begins trading. Stochastics and the RSI are neutral to bullish
signaling that sideways to higher prices are possible. Closes above the 20-day
moving average crossing at 15.80 1/4 are needed to confirm that a low has been
posted. If November renews the decline off September’s high, the 62%
retracement level of this summer’s rally crossing at 14.52 3/4 is the next
downside target. First resistance is the 20-day moving average crossing at
15.80 1/4. Second resistance is the reaction high crossing at 16.86. First
support is the 50% retracement level of this summer’s rally crossing at 15.17
1/4. Second support is the 62% retracement level of this summer’s rally
crossing at 14.52 3/4.

December soybean meal closed down $7.00 at $465.20.

December soybean meal closed lower on Friday and the mid-range close sets
the stage for a steady opening when Monday’s night session begins trading.
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 478.10 would confirm that a short-term low has been posted. If
December renews the decline off September’s high, the 50% retracement level of
this summer’s rally crossing at 446.50 is the next downside target. First
resistance is the 20-day moving average crossing at 478.10. Second resistance
is the reaction high crossing at 506.70. First support is the reaction low
crossing at 455.10. Second support is the 50% retracement level of this
summer’s rally crossing at 446.50.

December soybean oil closed down 66-pts. at 50.67.

December soybean closed lower on Friday but the mid-range close sets the
stage for a steady opening when Monday’s night session begins trading.
Stochastics and the RSI are 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 this summer’s rally crossing at 49.88 is the
next downside target. Closes above the reaction high crossing at 53.06 would
confirm that a short-term low has been posted. First resistance is the 20-day
moving average crossing at 52.59. Second resistance is the reaction high
crossing at 53.06. First support is the reaction low crossing at 50.06. Second
support is the 87% retracement level of this summer’s rally crossing at 49.88.

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

December hogs closed up $0.87 at $78.37.

December hogs closed higher on Friday as it extends the rally off
September’s low. The high-range close sets the stage for a steady to higher
opening when Monday’s night session begins trading. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If December extends the rally off September’s
low, the 75% retracement level of the July-September decline crossing at 79.21
is the next upside target. Closes below the 20-day moving average crossing at
75.56 would temper the near-term friendly outlook. First resistance is today’s
high crossing at 78.40. Second resistance is the 75% retracement level of this
year’s decline crossing at 79.21. First support is the 10-day moving average
crossing at 76.81. Second support is the 20-day moving average crossing at
75.56.

December cattle closed down $0.42 at 125.50.

December cattle closed lower on Friday confirming yesterday’s key reversal
down. The low-range close sets the stage for a steady to lower opening when
Monday’s night session begins trading. Stochastics and the RSI are turning
neutral to bearish signaling that sideways to lower prices are possible
near-term. If December renews the decline off September’s high, June’s low
crossing at 123.15 is the next downside target. Closes above Thursday’s high
crossing at 127.32 are needed to confirm that a low has been posted. First
resistance is Thursday’s high crossing at 127.32. Second resistance is the
reaction high crossing at 129.20. First support is September’s low crossing at
123.95. Second support is June’s low crossing at 123.15.

November feeder cattle closed up $0.42 at $144.22.

November Feeder cattle closed higher due to short covering on Friday. The
high-range close sets the stage for a steady to higher opening when Monday’s
night session begins trading. Stochastics and the RSI have turned bearish
signaling that sideways to lower prices are possible near-term. If November
extends the decline off September’s high, July’s low crossing at 139.75 is the
next downside target. Closes above the 20-day moving average crossing at 146.77
would confirm that a short-term low has been posted. First resistance is the
20-day moving average crossing at 146.77. Second resistance is the 38%
retracement level of the June-July decline crossing at 149.03. First support is
the reaction low crossing at 143.80. Second support is the reaction low
crossing at 143.40.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Key Market Reports and Commentary for Friday

KEY EVENTS TO WATCH FOR:
Friday, October 12, 2012
8:30 AM ET. U.S. Weekly Export Sales

Corn, In Metric Tons (previous 326.9K)

Soybeans, In Metric Tons (previous 1.31M)

Wheat, In Metric Tons (previous 307K)

8:30 AM ET. Sept PPI

PPI (expected +0.8%; previous +1.7%)

PPI Core (expected +0.2%; previous +0.2%)

PPI Core Crude Goods (previous +2.2%)

PPI Core Intermediate Goods (previous -0.2%)

PPI Crude Goods (previous +5.8%)

PPI Energy Goods (previous +6.4%)

PPI Intermediate Goods (previous +1.1%)

PPI Passenger Cars (previous -0.2%)

9:55 AM ET. Oct Thomson Reuters / University of Michigan Survey of Consumers – preliminary

Sentiment Index Mid Month (expected 78; previous 79.2)

Expectations Index Mid Month (previous 73.4)

Value (Current Period) Mid Month (previous 88.3)

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 due to short covering overnight as it
consolidates some of the decline off September’s high. Stochastics and the RSI
are oversold but remain bearish signaling that sideways to lower prices are
possible near-term. If December extends the aforementioned decline, the 38%
retracement level of the June-September rally crossing at 2707.79 is the next
downside target. Closes above the 20-day moving average crossing at 2797.95 are
needed to confirm that a short-term low has been posted. First resistance is
the 10-day moving average crossing at 2768.12. Second resistance is the 20-day
moving average crossing at 2797.95. First support is the 38% retracement level
of the June-September rally crossing at 2707.79. Second support is the 50%
retracement level of the June-September rally crossing at 2657.00.

The December S&P 500 index was higher due to short covering overnight but
remains below the broken June-July uptrend line crossing near 1435.40.
Stochastics and the RSI are bearish signaling that sideways to lower prices are
possible near-term. Wednesday’s close below the aforementioned uptrend line
confirms that a trend change has been posted and opens the door for additional
weakness near-term. If December extends this week’s decline, the 25%
retracement level of the June-July rally crossing at 1414.52 is the next
downside target. Closes above the 20-day moving average crossing at 1443.16
would confirm that a short-term low has been posted. First resistance is the
broken uptrend line crossing near 1435.40. Second resistance is the 20-day
moving average crossing at 1443.16. First support is Thursday’s low crossing at
1421.50. Second support is the 25% retracement level of the June-September
rally crossing at 1414.52.

______________________________

_______________________________________
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December T-bonds were lower overnight. Stochastics and the RSI are turning
neutral to bullish hinting that sideways to higher prices are possible
near-term. Closes above the reaction high crossing at 150-09 would confirm a
breakout above the July-September downtrend line and signal that a trend change
has taken place while opening the door for a possible test of September’s high
crossing at 151-29. If December renews last week’s decline, the reaction low
crossing at 146-10 is the next downside target. First resistance is the
July-September downtrend line crossing near 149-04. Second resistance is the
reaction high crossing at 150-09. First support is Monday’s low crossing at
147-10. Second support is August’s low crossing at 145-23.

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

November crude oil was steady overnight. Stochastics and the RSI are bullish
hinting that a short-term low might be in or is near. Closes above Wednesday’s
high crossing at 93.66 are needed to confirm that a short-term low has been
posted. If November renews the decline off September’s high, the 62%
retracement level of the June-September rally crossing at 87.19 is the next
downside target. First resistance is Wednesday’s high crossing at 93.66. Second
resistance is the reaction high crossing at 98.60. First support is the 62%
retracement level of the June-September rally crossing at 87.19. Second support
is the 75% retracement level of the June-September rally crossing at 84.29.

November heating oil was lower due to profit taking overnight after testing
September’s high crossing at 326.33. Stochastics and the RSI are overbought but
remain neutral to bullish signaling that sideways to higher prices are possible
near-term. If November extends the rally off September’s low, March’s high
crossing at 329.00 is the next upside target. Closes below the 20-day moving
average crossing at 314.42 would confirm that a short-term top has been posted.
First resistance is the overnight high crossing at 326.50. Second resistance is
March’s high crossing at 329.00. First support is the 20-day moving average
crossing at 314.42. Second support is the reaction low crossing at 305.89.

November unleaded gas was lower due to profit taking overnight. Stochastics
and the RSI are overbought but remain neutral to bullish signaling that
sideways to higher prices are possible near-term. If November extends this
summer’s rally, weekly resistance crossing at 320.86 is the next upside target.
Closes below the 20-day moving average crossing at 287.31 would confirm that a
short-term top has been posted. First resistance is Wednesday’s high crossing
at 299.29. Second resistance is weekly resistance crossing at 320.86. First
support is the 20-day moving average crossing at 287.31. Second support is last
Wednesday’s low crossing at 275.38.

November Henry natural gas was lower due to profit taking overnight after
testing the 38% retracement level of the 2011-2012-decline crossing at 3.635 on
Thursday. Stochastics and the RSI are overbought, diverging but are bullish
signaling that sideways to higher prices are possible near-term. If November
renews the rally off August’s low, the 50% retracement level of the
2011-2012-decline crossing at 3.965 is the next upside target. Closes below the
20-day moving average crossing at 3.284 would confirm that a short-term top has
been posted. First resistance is Thursday’s high crossing at 3.634. Second
resistance is the 50% retracement level of the 2011-2012-decline crossing at
3.965. First support is the 10-day moving average crossing at 3.475. Second
support is the 20-day moving average crossing at 3.284.

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

The December Dollar was lower overnight as it consolidates some of the
corrective rally off September’s low. Stochastics and the RSI are turning
neutral hinting that a short-term top might be in or is near. Closes below last
Friday’s low crossing at 79.18 would confirm that the corrective rally off
September’s low has ended. If December extends the corrective rally off
September’s low, the 38% retracement level of the July-September decline
crossing at 80.97 is the next upside target. First resistance is last Monday’s
high crossing at 80.25. Second resistance is the 38% retracement level of the
July-September decline crossing at 80.97. First support is last Friday’s low
crossing at 79.18. Second support is September’s low crossing at 78.72.

The December Euro was higher due to short covering overnight as it
consolidates some of this week’s decline. Stochastics and the RSI are turning
neutral signaling that sideways trading is possible near-term. Closes below
last Monday’s low crossing at 128.13 would renew the decline off September’s
high while opening the door for a larger-degree decline during October. If
December renews the rally off July’s low, the 50% retracement level of this
year’s decline crossing at 132.52 is the next upside target. First resistance
is last Friday’s high crossing at 130.80. Second resistance is September’s high
crossing at 131.83. First support is last Monday’s low crossing at 128.13.
Second support is the reaction low crossing at 127.68.

The December British Pound 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 aforementioned decline,
the 38% retracement level of the June-September rally crossing at 1.5959 is the
next downside target. Closes above the 20-day moving average crossing at 1.6143
would confirm that a short-term low has been posted. First resistance is the
20-day moving average crossing at 1.6143. Second resistance is last Friday’s
high crossing at 1.6213. First support is Wednesday’s low crossing at 1.5972.
Second support is the 38% retracement level of the June-September rally
crossing at 1.5959.

The December Swiss Franc was higher overnight as it consolidates some of
this week’s decline. Stochastics and the RSI are turning neutral signaling that
sideways trading is possible near-term. Closes below last Monday’s low crossing
at .10609 would confirm that a top and trend change have been posted. Closes
above the 20-day moving average crossing at .10713 would signal that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at .10713. Second resistance is last Friday’s high crossing at .10793.
First support is last Monday’s low crossing at .10609. Second support is the
reaction low crossing at .10430.

The December Canadian Dollar was higher overnight while extending this
week’s trading range. Stochastics and the RSI are neutral to bullish signaling
that sideways to higher prices are possible near-term. If December resumes the
rally off last week’s low, September’s high crossing at 108.38 is the next
upside target. Closes below the reaction crossing at 106.09 would renew the
decline off September’s high. First resistance is last Friday’s high crossing
at 107.93. Second resistance is September’s high crossing at 103.59. First
support is the reaction low crossing at 106.09. Second support is the reaction
low crossing at 100.26.

The December Japanese Yen was lower overnight as it consolidates some of
Monday’s rally. Stochastics and the RSI are neutral signaling that sideways
trading is possible near-term. Closes above Thursday’s high crossing at .12836
would temper the near-term bearish outlook. If December renews last week’s
decline, September’s low crossing at .12631 is the next downside target. From a
broad perspective, December needs to close above .12977 or below .12412 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
.12922. Second resistance is September’s high crossing at .12977. First support
is September’s low crossing at .12631. Second support is August’s low crossing
at .12565.

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

December gold was lower overnight as it consolidates below August’s uptrend
line and the 20-day moving average crossing at 1773.10. Stochastics and the RSI
are neutral to bearish warning that a short-term might be in or is near. Closes
below the reaction low crossing at 1738.30 would confirm that a short-term top
has been posted. If December renews the rally off May’s low, February’s high
crossing at 1800.90 is the next upside target. First resistance is last
Friday’s high crossing at 1798.10. Second resistance is February’s high
crossing at 1800.90. First support is Wednesday’s low crossing at 1762.00.
Second support is the reaction low crossing at 1738.30.

December silver was lower overnight while extending the trading range of the
past four weeks. 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 33.360 would confirm that a short-term top has been posted and
could open the door for additional weakness during October. If December renews
this summer’s rally, the 87% retracement level of this year’s decline crossing
at 36.221 is the next upside target. First resistance is last Monday’s high
crossing at 35.445. Second resistance is the 87% retracement level of this
year’s decline crossing at 36.221. First support is the reaction low crossing
at 33.360. Second support is the reaction low crossing at 32.510.

December copper was lower overnight as it consolidated some of Thursday’s
rally while at the same time extending the trading range of the past four
weeks. 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 368.05 would confirm that a short-term top has been posted. If December
renews the rally off August’s low, the 87% retracement level of this year’s
decline crossing at 392.60 is the next upside target. First resistance is the
75% retracement level of this year’s decline crossing at 383.10. Second
resistance is the 87% retracement level of this year’s decline crossing at
392.60. First support is the reaction low crossing at 368.05. Second support is
the reaction low crossing at 365.85.

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

December coffee close lower on Thursday as it extended the decline off last
week’s high. The low-range close sets the stage for a steady to lower opening
on Friday. 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 week’s decline, September’s low crossing at 15.65 is the next
downside target. Closes above the 20-day moving average crossing at 17.29 are
needed to confirm that a short-term low has been posted.

December cocoa closed lower on Thursday as it extends the decline off
September’s high. The low-range close sets the stage for a steady to lower
opening on Friday. 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, July’s low crossing at 21.78 is the next
downside target. Closes above the 20-day moving average crossing at 24.68 would
confirm that a short-term low has been posted.

March sugar closed lower on Thursday and below the 20-day moving average
crossing at 20.77 confirming that a short-term top has been posted. The
low-range close set the stage for a steady to lower opening on Friday.
Stochastics and the RSI are turning bearish signaling that sideways to lower
prices are possible near-term. If March renews this fall’s rally, the reaction
high crossing at 22.53 is the next upside target.

December cotton closed lower on Thursday and the low-range close sets the
stage for a steady to lower opening on Friday. Stochastics and the RSI are
neutral signaling that sideways prices are possible near-term. Closes above
77.49 or below 69.40 are needed to confirm a breakout of August’s trading range
and point the direction of the next trending move.
——————————

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

December corn was lower due to light profit taking overnight as it
consolidates some of Thursday’s rally following yesterday’s bullish
supply-demand report. The trade will look at this morning’s weekly export sales
report for near-term direction. However, I would not be surprised to see a
steady to lower close today as bullish traders bank profits ahead of the
weekend. Stochastics and the RSI are turning bullish again signaling that
sideways to higher prices are possible near-term. If December extends the rally
off September’s low, the reaction high crossing at 7.89 1/2 is the next upside
target. Closes below Wednesday’s low crossing at 7.32 1/4 would confirm that a
short-term top has been posted. First resistance is the reaction high crossing
at 7.89 1/2. Second resistance is the reaction high crossing at 8.06 1/2. First
support is Wednesday’s low crossing at 7.32 1/4. Second support is the
late-September low crossing at 7.05.

December wheat was lower due to profit taking overnight while extending the
trading range of the past three months. The low-range close sets the stage for
a steady to lower opening when the day session begins trading. From a broad
perspective, December wheat needs to close above 9.53 1/4 or below 8.49 1/4 to
confirm a breakout of the late-summer trading range and point the direction of
the next trending move. First resistance is September’s high crossing at 9.31.
Second resistance is August’s high crossing at 9.45 1/2. First support is the
reaction low crossing at 8.49 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 20 1/2-cents at 9.18.

December Kansas City wheat closed higher on Thursday following the release
of a bullish supply-demand report. The high-range close sets the stage for a
steady to higher opening on Friday. Stochastics and the RSI have turned bullish
signaling that sideways to higher prices are possible near-term. If December
extends the rally off September’s low, the reaction high crossing at 9.29 is
the next upside target. If December extends the decline off September’s high,
August’s low crossing at 8.47 1/2 is the next downside target. First resistance
is the reaction high crossing at 9.29. Second resistance is September’s high
crossing at 9.49 1/4. First support is August’s low crossing at 8.74 1/2.
Second support is the 38% retracement level of this summer’s rally crossing at
8.38 1/4.

December Minneapolis wheat was lower due to light profit taking overnight
while extending the trading range of the past two and a half months. The
low-range close sets the stage for a steady to lower opening when the day
session begins trading. Stochastics and the RSI are bullish signaling that
sideways to higher 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 1/4.
Second support is September’s low crossing at 9.12.

SOYBEAN COMPLEX

November soybeans were lower overnight as it consolidates some of Thursday’s
rally. 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 15.80 3/4
are needed to confirm that a short-term low has been posted. If November renews
the decline off September’s high, the 62% retracement level of this summer’s
rally crossing at 14.52 3/4 is the next downside target. First resistance is
Tuesday’s high crossing at 15.74. Second resistance is the 20-day moving
average crossing at 15.80 3/4. First support is the 50% retracement level of
this summer’s rally crossing at 15.17 1/4. Second support is the 62%
retracement level of this summer’s rally crossing at 14.52 3/4.

December soybean meal was lower overnight as it consolidates some of
Thursday’s rally. 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
478.20 would confirm that a short-term low has been posted. If December renews
the decline off September’s high, the 50% retracement level of this summer’s
rally crossing at 446.50 is the next downside target. First resistance is the
20-day moving average crossing at 478.20. Second resistance is Thursday’s high
crossing at 479.50. First support is the 50% retracement level of this summer’s
rally crossing at 446.50. Second support is the 62% retracement level of this
summer’s rally crossing at 424.00.

December soybean oil was lower overnight as it extends this month’s trading
range. Stochastics and the RSI are oversold but remain neutral to bearish
signaling that sideways to lower prices are possible near-term. If December
renews the decline off September’s high, the 87% retracement level of the
June-September rally crossing at 49.88 is the next downside target. Closes
above the 20-day moving average crossing at 52.60 would confirm that a
short-term low has been posted. First resistance is Thursday’s high crossing at
52.29. Second resistance is the 20-day moving average crossing at 52.60. First
support is last Wednesday’s low crossing at 50.06. Second support is the 87%
retracement level of the June-September rally crossing at 49.88.

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

December hogs closed down $0.60 at $77.50.

December hogs closed lower due to profit taking on Thursday as it
consolidates some of the rally off September’s low. The high-range close sets
the stage for a steady to higher opening when Friday’s night session begins
trading. Stochastics and the RSI are diverging but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If December
extends the rally off September’s low, the 75% retracement level of the
July-September decline crossing at 79.21 is the next upside target. Closes
below the 20-day moving average crossing at 75.34 would temper the near-term
friendly outlook. First resistance is Wednesday’s high crossing at 78.25.
Second resistance is the 75% retracement level of this year’s decline crossing
at 79.21. First support is the 10-day moving average crossing at 76.34. Second
support is the 20-day moving average crossing at 75.34.

December cattle closed down $0.65 at 125.92.

December cattle posted a key reversal down on Thursday. The low-range close
sets the stage for a steady to lower opening when Friday’s night session begins
trading. Stochastics and the RSI remain neutral to bullish signaling that
sideways to higher prices are possible near-term. Closes above the 20-day
moving average crossing at 126.86 are needed to confirm that a low has been
posted. If December renews the decline off September’s high, June’s low
crossing at 123.15 is the next downside target. First resistance is the 20-day
moving average crossing at 126.86. Second resistance is the reaction high
crossing at 129.20. First support is September’s low crossing at 123.95. Second
support is June’s low crossing at 123.15.

November feeder cattle closed down $2.90 at $143.80.

November Feeder cattle closed sharply lower following today’s bullish
supply-demand report for corn on Thursday. The low-range close sets the stage
for a steady to lower opening when Friday’s night session begins trading.
Stochastics and the RSI are turning neutral to bearish signaling that sideways
to lower prices are possible near-term. If November extends the decline off
September’s high, July’s low crossing at 139.75 is the next downside target.
Closes above the 20-day moving average crossing at 146.97 would confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at 146.97. Second resistance is the 38% retracement level of the
June-July decline crossing at 149.03. First support is the reaction low
crossing at 143.80. Second support is the reaction low crossing at 143.40.

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T H A N K   Y O U
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Wednesday S&P -8.92 DOW -128.56 NAS -13.25 USD -0.035 CRB +1.97 Gold -2.139

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 as it extended the decline
off September’s high. 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 bearish signaling that sideways to lower prices are possible near-term. If
December extends the decline off September’s high, the 38% retracement level of
the June-September rally crossing at 2707.79 is the next downside target.
Closes above the 20-day moving average crossing at 2809.91 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 2785.55. Second resistance is the 20-day moving average crossing at
2809.91. First support is today’s low crossing at 2718.50. Second support is
the 38% retracement level of the June-September rally crossing at 2707.79.

The December S&P 500 closed lower on Wednesday and below the June-July
uptrend line crossing near 1432.21 confirming a trend change is taking place.
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
bearish signaling that sideway to lower prices is possible near-term. If
December extends today’s decline, the 25% retracement level of the
June-September rally crossing at 1414.52 is the next downside target. Closes
above the 20-day moving average crossing at 1445.69 would confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at 1445.69. Second resistance is September’s high crossing at 1467.50.
First support is today’s low crossing at 1425.70. Second support is the 25%
retracement level of the June-September rally crossing at 1414.52.

The Dow closed lower on Wednesday and below the lower boundary of the
trading range of the past four weeks, which crosses at 13,367. The low-range
close sets the stage for a steady to lower opening on Thursday. Stochastics and
the RSI are diverging and are turning bearish signaling that sideways to lower
prices are possible near-term. Closes below the June-July uptrend line crossing
near 13,293 would confirm a trend change has taken place. Closes above the
20-day moving average crossing at 13,522 are needed to confirm that a
short-term low has been posted. First resistance is the 20-day moving average
crossing at 13,522. Second resistance is last Friday’s high crossing at 13,661.
First support is today’s low crossing at 13,335. Second support is the
June-July uptrend line crossing near 13,293.
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INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

December T-bonds closed up 30/32’s at 148-29.

December T-bonds closed higher due to short covering on Wednesday. The
high-range close sets the stage for a steady to higher opening on Thursday.
Stochastics and the RSI remain neutral to bearish signaling that sideways to
lower prices are possible near-term. If December extends the decline off last
week’s high, the reaction low crossing at 146-10 is the next downside target.
Closes above the 10-day moving average crossing at 148-30 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 148-30. Second resistance is the reaction high crossing at 150-09.
First support is Monday’s low crossing at 147-10. Second support is the
reaction low crossing at 146-10.

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

November crude oil closed lower due to profit taking on Wednesday as it
consolidated some of Tuesday’s rally. The low-range close sets the stage for a
steady to lower opening when Thursday’s night session begins. Stochastics and
the RSI have turned bullish signaling that sideways to higher prices are
possible near-term. Closes above the 20-day moving average crossing at 92.62
would confirm that a low has been posted. If November renews the decline off
September’s high, the 62% retracement level of the June-September rally
crossing at 87.19 is the next downside target. First resistance is the 20-day
moving average crossing at 92.62. Second resistance is September’s high
crossing at 100.73. First support is the 62% retracement level of the
June-September rally crossing at 87.19. Second support is the 75% retracement
level of the June-September rally crossing at 84.29.

November heating oil closed higher on Wednesday as it extended the rally off
September’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
remain neutral to bullish signaling that sideways to higher prices are possible
near-term. If November extends this week’s rally, September’s high crossing at
326.33 is the next upside target. Closes below the reaction low crossing at
305.89 would confirm that a short-term top has been posted. First resistance is
today’s high crossing at 324.24. Second resistance is September’s high crossing
at 326.33. First support is the reaction low crossing at 305.89. Second support
is September’s low crossing at 302.27.

November unleaded gas closed higher on Wednesday as it extended the rally
off June’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 signaling that sideways to higher prices are possible
near-term. If November extends this summer’s rally, weekly resistance crossing
at 326.33 is the next upside target. Closes below the reaction low crossing at
275.38 would confirm that a short-term top has been posted. First resistance is
today’s high crossing at 299.29. Second resistance is weekly resistance
crossing at 326.33. First support is the 20-day moving average crossing at
287.08. Second support is the reaction low crossing at 275.38.

November Henry natural gas closed higher due to short covering on Wednesday
as it consolidates some of last week’s decline. The mid-range close sets the
stage for a steady opening on Thursday. Stochastics and the RSI are neutral to
bullish signaling that sideways to higher prices are possible near-term. If
November renews the rally off August’s low, the 38% retracement level of the
2011-2012-decline crossing at 3.635 is the next upside target. Closes below the
20-day moving average crossing at 3.235 would confirm that a short-term top has
been posted. First resistance is the reaction high crossing at 3.546. Second
resistance is the 38% retracement level of the 2011-2012-decline crossing at
3.635. First support is Monday’s low crossing at 3.327. Second support is the
20-day moving average crossing at 3.235.

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

The December Dollar closed lower on Wednesday and the low-range close sets
the stage for a steady to lower opening on Thursday. Stochastics and the RSI
are turning bullish signaling that sideways to higher prices are possible
near-term. Closes above the reaction high crossing at 80.25 are needed to
confirm that a short-term low has been posted. If December renews the decline
off July’s high, weekly support crossing at 78.55 is the next downside target.
First resistance is the reaction high crossing at 80.25. Second resistance is
the 38% retracement level of the July-September decline crossing at 80.97.
First support is last Friday’s low crossing at 79.18. Second support is
September’s low crossing at 78.72.

The December Euro closed higher on Wednesday as it consolidated some of
Tuesday’s decline. The high-range close sets the stage for a steady to higher
opening on Thursday. Stochastics and the RSI are turning neutral to bearish
signaling that sideways to lower prices are possible near-term. If December
renews the decline off September’s high, the reaction low crossing at 125.20 is
the next downside target. If December renews the rally off July’s low, the 50%
retracement level of this year’s decline crossing at 132.52 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 reaction low crossing at 128.13. Second support is
the reaction low crossing at 125.20.

The December British Pound closed higher due to short covering on Wednesday
as it consolidated 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 remain neutral to bearish signaling that
sideways to lower prices are possible near-term. If December extends the
aforementioned decline, the 38% retracement level of the June-September rally
crossing at 1.5933 is the next downside target. Closes above the 20-day moving
average crossing at 1.6157 would confirm that a short-term low has been posted.
First resistance is the 10-day moving average crossing at 1.6105. Second
resistance is the 20-day moving average crossing at 1.6157. First support is
today’s low crossing at 1.5972. Second support is the 38% retracement level of
the June-September rally crossing at 1.5933.

The December Swiss Franc closed higher due to short covering on Wednesday as
it retested the broken July-August uptrend line crossing near .10670. 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 bearish
signaling that sideways to lower prices are possible near-term. If December
extends this week’s decline, the 38% retracement level of the July-September
rally crossing at .10550 is the next downside target. Closes above the 20-day
moving average crossing at .10716 would confirm that a short-term low has been
posted. First resistance is last Friday’s high crossing at .10793. Second
resistance is September’s high crossing at .10838. First support is the
reaction low crossing at .10609. Second support is the 38% retracement level of
the July-September rally crossing at .10550.

The December Canadian Dollar closed lower on Wednesday and 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 bullish
signaling that sideways to higher prices are possible near-term. If December
renews the rally off June’s low, last July’s high crossing at 104.53 is the
next upside target. Closes below the reaction low crossing at 100.99 would
confirm that a short-term top has been posted. First resistance is last
Friday’s high crossing at 102.56. Second resistance is September’s high
crossing at 103.59. First support is the 10-day moving average crossing at
101.73. Second support is the reaction low crossing at 100.99.

The December Japanese Yen closed higher 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 turning bullish signaling that
additional gains are possible. If December renews the rally off August’s low,
the reaction high crossing at .12922 is the next upside target. Closes below
the reaction low .12631 would confirm that a short-term top has been posted.
First resistance is the reaction high crossing at .12922. Second resistance is
September’s high crossing at .12977. First support is the reaction low crossing
at .12631. Second support is August’s low crossing at .12565.

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

December gold closed slightly 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. Closes below the reaction low crossing at
1738.30 are needed to confirm that a short-term top has been posted. If October
renews the rally off August’s low, this year’s high crossing at 1799.50 is the
next upside target. First resistance is last Friday’s high crossing at 1798.10.
Second resistance is this year’s high crossing at 1799.50. First support is
today’s low crossing at 1758.50. Second support is the reaction low crossing at
1738.30.

December silver closed higher on Wednesday as it consolidated some of this
week’s decline. 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 bearish signaling that sideways to lower prices are possible near-term.
Closes below the reaction low crossing at 33.360 would confirm that a
short-term top has been posted. If December renews the rally off June’s low,
the 87% retracement level of this year’s decline crossing at 36.221 is the next
upside target. First resistance is the reaction high crossing at 35.445. Second
resistance is the 87% retracement level of this year’s decline crossing at
36.221. First support is the reaction low crossing at 33.360. Second support is
the reaction low crossing at 32.510.

December copper closed slightly higher on Wednesday while extending the
trading range of the past four months. 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. Closes below the reaction low crossing at 368.05 would
confirm that a short-term top has been posted. If December renewed the rally
off August’s low, the 87% retracement level of this year’s decline crossing at
392.60 is the next upside target. First resistance is the reaction high
crossing at 383.95. Second resistance is the 87% retracement level of this
year’s decline crossing at 392.60. First support is the reaction low crossing
at 368.05. Second support is the reaction low crossing at 365.85.

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

December coffee close lower on Wednesday as it extended the decline off last
week’s high. 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 December
extends this week’s decline, September’s low crossing at 15.65 is the next
downside target. Closes above the 20-day moving average crossing at 17.38 are
needed to confirm that a short-term low has been posted.

December cocoa closed lower on Wednesday and 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 December extends this month’s decline, July’s low
crossing at 21.78 is the next downside target. Closes above the 20-day moving
average crossing at 24.81 would confirm that a short-term low has been posted.

March sugar closed lower due to profit taking on Wednesday while extending
the trading range of the past six days. The mid-range close set the stage for a
steady opening on Thursday. Stochastics and the RSI are overbought and turning
neutral to bearish hinting that a top might be in or is near. If March renews
this fall’s rally, the reaction high crossing at 22.53 is the next upside
target. Closes below the 20-day moving average crossing at 20.77 would confirm
that a short-term top has been posted.

December cotton closed higher on Wednesday and the high-range close sets the
stage for a steady to higher opening on Thursday. Stochastics and the RSI are
neutral to bullish signaling that sideways to higher prices are possible
near-term. Closes above 77.49 or below 69.40 are needed to confirm a breakout
of August’s trading range and point the direction of the next trending move.

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

December Corn closed down 5 1/4-cents at 7.36 3/4.

December corn closed lower on Wednesday due to profit taking ahead of
Thursday’s monthly supply-demand report. The Dow Jones survey of analysts shows
the average estimate for Thursday’s USDA report for corn production at 10.598
billion bushels, which is 129 million less than the September report. They
pegged the corn yield at 122.7 bpa, which is down 0.1 bpa from the September
report. They estimate the 2011/12 ending corn stocks at 645 million bushels,
which is 88 million bushels less than the September report. 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 bearish signaling that
sideways to lower prices are possible near-term. If December renews the decline
off August’s high, the 38% retracement level of this summer’s rally crossing at
7.15 1/4 is the next downside target. Closes above the reaction high crossing
at 7.68 1/2 would confirm that a short-term low has been posted. First
resistance is the reaction high crossing at 7.66 1/2. Second resistance is the
reaction high crossing at crossing at 7.89 1/2. First support is last week’s
low crossing at 7.05. Second support is the 50% retracement level of this
summer’s rally crossing at 6.73 3/4.

December wheat closed up 5 1/2-cents at 8.69 3/4.

December wheat closed higher due to short covering on Wednesday. The
mid-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 sideways to higher prices are possible near-term. From a
broad perspective, December wheat needs to close above 9.53 1/4 or below 8.57
1/4 to confirm a breakout of this summer’s trading range and point the
direction of the next trending move. First resistance is August’s high crossing
at 9.45 1/2. Second resistance is July’s high crossing at 9.53 1/4. First
support is August’s low crossing at 8.57 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 8 3/4-cents at 8.97 1/2.

December Kansas City wheat closed higher on Wednesday. The high-range close
sets the stage for a steady to higher opening on Thursday. Stochastics and the
RSI are turning neutral to bullish signaling that sideways to higher prices are
possible near-term. If December renews the rally off September’s low, the
reaction high crossing at 9.29 is the next upside target. If December extends
the decline off September’s high, August’s low crossing at 8.47 1/2 is the next
downside target. First resistance is the reaction high crossing at 9.29. Second
resistance is September’s high crossing at 9.49 1/4. First support is August’s
low crossing at 8.74 1/2. Second support is the 38% retracement level of this
summer’s rally crossing at 8.38 1/4.

December Minneapolis wheat closed up 5 3/4-cents at 9.33 3/4.

December Minneapolis wheat closed higher on Wednesday as it extended this
week’s short covering rebound. The high-range close sets the stage for a steady
to higher opening when Thursday’s night session begins to trade. Stochastics
and the RSI are turning bullish signaling that sideways to higher prices are
possible near-term. Closes above the reaction high crossing at 9.64 are needed
to confirm that a short-term low has been posted. If December renews the
decline off July’s high, the 50% retracement level of this summer’s rally
crossing at 8.84 is the next downside target. 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 August’s low crossing at 9.12 1/4. Second support is the
50% retracement level of this summer’s rally crossing at 8.84.

SOYBEAN COMPLEX

November soybeans closed down 26 3/4-cents at 15.23 1/4.

November soybeans closed sharply 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 neutral to bullish signaling that
sideways to higher prices are possible. Closes above the 20-day moving average
crossing at 16.01 are needed to confirm that a low has been posted. If November
renews the decline off September’s high, the 62% retracement level of this
summer’s rally crossing at 14.52 3/4 is the next downside target. First
resistance is the 20-day moving average crossing at 16.01. Second resistance is
the reaction high crossing at 16.86. First support is the 50% retracement level
of this summer’s rally crossing at 15.17 1/4. Second support is the 62%
retracement level of this summer’s rally crossing at 14.52 3/4.

December soybean meal closed down $8.40 at $462.60.

December soybean meal closed lower on Wednesday and is poised to renew the
decline off September’s high. 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 signaling that sideways to higher prices are
possible near-term. Closes above the 20-day moving average crossing at 484.00
would confirm that a short-term low has been posted. If December renews the
decline off September’s high, the 50% retracement level of this summer’s rally
crossing at 446.50 is the next downside target. First resistance is the 20-day
moving average crossing at 484.00. Second resistance is the reaction high
crossing at 506.70. First support is the reaction low crossing at 455.10.
Second support is the 50% retracement level of this summer’s rally crossing at
446.50.

December soybean oil closed down 62-pts. at 50.63.

December soybean closed lower on Wednesday and 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 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 this summer’s rally crossing at
49.88 is the next downside target. Closes above the reaction high crossing at
53.06 would confirm that a short-term low has been posted. First resistance is
the reaction high crossing at 53.06. Second resistance is the 20-day moving
average crossing at 53.21. First support is the reaction low crossing at 50.06.
Second support is the 87% retracement level of this summer’s rally crossing at
49.88.

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

December hogs closed up $1.30 at $78.10.

December hogs closed higher on Wednesday as it extends the rally off
September’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 diverging but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If December extends the rally off September’s
low, the 75% retracement level of the July-September decline crossing at 79.21
is the next upside target. Closes below the 20-day moving average crossing at
75.08 would temper the near-term friendly outlook. First resistance is today’s
high crossing at 78.25. Second resistance is the 75% retracement level of this
year’s decline crossing at 79.21. First support is the 10-day moving average
crossing at 75.95. Second support is the 20-day moving average crossing at
75.08.

December cattle closed down $0.15 at 126.57.

December cattle 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 remain bullish signaling that sideways to
higher prices are possible near-term. Closes above the 20-day moving average
crossing at 127.08 are needed to confirm that a low has been posted. If
December renews the decline off September’s high, June’s low crossing at 123.15
is the next downside target. First resistance is the 20-day moving average
crossing at 127.08. Second resistance is the reaction high crossing at 129.20.
First support is September’s low crossing at 123.95. Second support is June’s
low crossing at 123.15.

November feeder cattle closed unchanged at $146.70.

November Feeder cattle closed unchanged on Wednesday and 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 bullish signaling that
sideways to higher prices are possible near-term. Closes above the 20-day
moving average crossing at 147.21 would confirm that a short-term low has been
posted. If November extends the decline off September’s high, July’s low
crossing at 139.75 is the next downside target. First resistance is the 20-day
moving average crossing at 147.21. Second resistance is the 38% retracement
level of the June-July decline crossing at 149.03. First support is the
reaction low crossing at 143.80. Second support is the reaction low crossing at
143.40.

______________________________

______________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

BCX.Q13 SOYBEANS CRUSH INDEX Aug 2013               60.50      2.50  +4.31
LB.K13  LUMBER (RANDOM LENGTH) May 2013               309         6  +1.98
LH.Z12  LEAN HOGS Dec 2012                          78.10      1.30  +1.69
KW.Z12  HARD RED WINTER WHEAT Dec 2012             897.50      8.75  +0.98
W.Z12   WHEAT Dec 2012                             870.00      5.75  +0.66
US.Z12  T-BONDS Dec 2012                        148.71875   0.75000  +0.51
LC.V12  LIVE CATTLE Oct 2012                      124.925     0.225  +0.18
TY.Z12  10 YEAR T-NOTES Dec 2012                133.218750  0.171875  +0.13
ED.M18  EURODOLLAR Jun 2018                         97.66      0.03  +0.03
FC.F13  FEEDER CATTLE Jan 2013                    149.375     0.050  +0.03

LOSERS

BCX.K13 SOYBEANS CRUSH INDEX May 2013               52.00     -2.50  -4.59
SM.Z12  SOYBEAN MEAL Dec 2012                       462.6      -8.4  -1.78
S.X12   SOYBEANS Nov 2012                         1523.25    -26.75  -1.73
YK.X12  SOYBEAN (MINI) Nov 2012                   1523.25    -26.75  -1.73
RR.X12  ROUGH RICE Nov 2012                        15.025    -0.205  -1.35
BO.Z12  SOYBEAN OIL Dec 2012                        50.63     -0.62  -1.21
DJ.Z12  DJ INDUSTRIAL AVG Dec 2012                  13268      -144  -1.07
CSI.X12 SOYBEAN-CORN PRICE RATIO Nov 2012           2.068    -0.021  -1.01
RV      RUSSELL 1000 VALUE INDEX MINI              710.79     -4.92  -0.69
SP.M14  S&P 500 INDEX Jun 2014                     1386.5      -9.6  -0.69

———————————————————————

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

http://broadcast.ino.com/redirect/?linkid=1952

———————————————————————
____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

TRLG    TRUE RELIGION APPAREL                       25.69      4.68  +22.28
AUQ     AURICO GOLD INC                              7.60      1.34  +21.41
AUQ     AURICO GOLD                                  7.74      1.32  +20.56
AFFY    AFFYMAX                                     26.12      2.36  +9.93
BKS     BARNES & NOBLE                              14.92      1.11  +8.04
YUM     YUM BRANDS                                  70.99      5.29  +8.01
MLVF    MALVERN FEDERAL BANCORP                   11.2900    0.7908  +7.53
OPTR    OPTIMER PHARMACEUTICALS                     11.55      0.72  +6.65
LVNTA   LIBERTY VENTURES                            52.45      3.25  +6.61
ECYT    ENDOCYTE                                    10.07      0.52  +5.45

LOSERS

HELE    HELEN of TROY                               28.17     -3.78  -11.83
THLD    THRESHOLD PHARMACEUTICALS                    5.26     -0.70  -11.74
IMH     IMPAC MTG HOLDINGS                           9.84     -1.16  -10.55
PGP     PIMCO GLOBAL STOCKSPLUS & INC               18.72     -2.02  -9.74
NKO     NIKO RESOURCES LTD                          14.93     -1.38  -8.46
ESE     ESCO TECHNOLOGIES                           34.71     -2.90  -7.71
NWBOD   NORTHWEST BIOTHERAPEUTICS                    6.52     -0.53  -7.52
PVA     PENN VIRGINIA                              5.0999 -0.3901  -7.11
CAJFF   CANON                                      30.030    -2.245  -6.96
PRSS    CAFEPRESS                                    7.51     -0.56  -6.94
_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Key Market Reports and Commentary for Wednesday

KEY EVENTS TO WATCH FOR:
Wednesday, October 10, 2012
7:00 AM ET. MBA Weekly Mortgage Applications Survey

Market Composite Index (previous 1020.4)

Market Composite Index Cur Chg (previous 16.6%)

Purchase Index (S.A.) (previous 194.2)

Purchase Index (S.A.) Cur Chg (previous 3.9%)

Refinance Index (previous 5888)

Refinance Index Cur Chg (previous 19.6%)

10:00 AM ET. Aug Monthly Wholesale Trade

Inventories (expected +0.5%; previous +0.7%)

10:00 AM ET. Aug Job Openings & Labor Turnover Survey

2:00 PM ET. Sept Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt.

2:00 PM ET. U.S. Federal Reserve Beige Book

4:30 PM ET. Oct 6 API Weekly Statistical Bulletin

Crude Stocks (Net Change) (previous +0.46M)

Gasoline Stocks (Net Change) (previous -0.06M)

Distillate Stocks (Net Change) (previous -0.32M)

Refinery Runs (previous 88.1%)

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 as it extends the decline off
September’s high. Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible near-term. If December extends the aforementioned
decline, the 38% retracement level of the June-September rally crossing at
2707.79 is the next downside target. Closes above the 20-day moving average
crossing at 2810.46 are needed to confirm that a short-term low has been
posted. First resistance is the 10-day moving average crossing at 2786.65.
Second resistance is the 20-day moving average crossing at 2810.46. First
support is the 38% retracement level of the June-September rally crossing at
2707.79. Second support is the 50% retracement level of the June-September
rally crossing at 2657.00.

The December S&P 500 index was lower overnight and is testing the June-July
uptrend line crossing near 1431.00. Stochastics and the RSI are turning bearish
signaling that sideways to lower prices are possible near-term. Closes below
the reaction low crossing at 1424.50 would confirm that a short-term top has
been posted and would open the door for additional weakness near-term. If
December renews the rally off June’s low, weekly resistance crossing at 1472.56
is the next upside target. First resistance is September’s high crossing at
1467.50. Second resistance is weekly resistance crossing at 1472.56. First
support is the reaction low crossing at 1424.50. Second support is the 25%
retracement level of the June-September rally crossing at 1414.52.

______________________________

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

December T-bonds were lower overnight. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. If December
renews last week’s decline, the reaction low crossing at 146-10 is the next
downside target. Closes above the reaction high crossing at 150-09 would
confirm a breakout above the July-September downtrend line and signal that a
trend change has taken place while opening the door for a possible test of
September’s high crossing at 151-29. First resistance is the July-September
downtrend line crossing near 149-09. Second resistance is September’s high
crossing at 151-29. First support is Monday’s low crossing at 147-10. Second
support is August’s low crossing at 145-23.

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

November crude oil was lower overnight as it consolidated some of Tuesday’s
rally. Stochastics and the RSI have turned bullish hinting that a short-term
low might be in or is near. Closes above the 20-day moving average crossing at
92.66 are needed to confirm that a short-term low has been posted. If November
renews the decline off September’s high, the 62% retracement level of the
June-September rally crossing at 87.19 is the next downside target. First
resistance is the 20-day moving average crossing at 92.66. Second resistance is
the reaction high crossing at 93.33. First support is the 62% retracement level
of the June-September rally crossing at 87.19. Second support is the 75%
retracement level of the June-September rally crossing at 84.29.

November heating oil was slightly lower due to light profit taking overnight
as it consolidates some of Tuesday’s rally. Stochastics and the RSI remain
bullish signaling that sideways to higher prices are possible near-term. If
November extends the rally off September’s low, September’s high crossing at
326.33 is the next upside target. If November renews the decline off
September’s high, the 38% retracement level of the June-September rally
crossing at 298.64 is the next downside target. First resistance is the
reaction high crossing at 321.47. Second resistance is September’s high
crossing at 326.33. First support is the reaction low crossing at 302.50.
Second support is the 38% retracement level of the June-September rally
crossing at 298.64.

November unleaded gas was higher overnight as it extends this summer’s
rally. Stochastics and the RSI are neutral to bullish signaling that sideways
to higher prices are possible near-term. If November extends this summer’s
rally, March’s high crossing at 298.84 is the next upside target. Closes below
the 20-day moving average crossing at 287.12 would confirm that a short-term
top has been posted. First resistance is Tuesday’s high crossing at 298.25.
Second resistance is March’s high crossing at 298.84. First support is the
20-day moving average crossing at 287.11. Second support is last Wednesday’s
low crossing at 275.38.

November Henry natural gas was higher overnight as it extends Tuesday’s
rally. Stochastics and the RSI are overbought, diverging but are turning
neutral to bullish signaling that sideways to higher prices are possible
near-term. If November renews the rally off August’s low, the 38% retracement
level of the 2011-2012-decline crossing at 3.635 is the next upside target.
Closes below the 20-day moving average crossing at 3.236 would confirm that a
short-term top has been posted. First resistance is last Tuesday’s high
crossing at 3.546. Second resistance is the 38% retracement level of the
2011-2012-decline crossing at 3.635. First support is the reaction low crossing
at 3.327. Second support is the 20-day moving average crossing at 3.236.

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

The December Dollar was higher overnight as it extends the rebound off last
Friday’s low. Stochastics and the RSI are turning neutral to bullish signaling
that sideways to higher prices are possible near-term. Closes above last
Monday’s high crossing at 80.25 are needed to confirm that a short-term low has
been posted while opening the door for additional gains near-term. If December
renews the decline off July’s high, weekly support crossing at 78.55 is the
next downside target. First resistance is last Monday’s high crossing at 80.25.
Second resistance is the 38% retracement level of the July-September decline
crossing at 80.97. First support is last Friday’s low crossing at 79.18. Second
support is September’s low crossing at 78.72.

The December Euro was lower overnight as it extends this week’s decline.
Stochastics and the RSI are turning neutral to bearish signaling that sideways
to lower prices are possible near-term. Closes below last Monday’s low crossing
at 128.13 would renew the decline off September’s high while opening the door
for a larger-degree decline during October. If December renews the rally off
July’s low, the 50% retracement level of this year’s decline crossing at 132.52
is the next upside target. First resistance is last Friday’s high crossing at
130.80. Second resistance is September’s high crossing at 131.83. First support
is last Monday’s low crossing at 128.13. Second support is the reaction low
crossing at 127.68.

The December British Pound was lower overnight as it extends the decline off
September’s high. Stochastics and the RSI are bearish signaling that sideways
to lower prices are possible near-term. If December extends the aforementioned
decline, the 38% retracement level of the June-September rally crossing at
1.5959 is the next downside target. Closes above the 20-day moving average
crossing at 1.6157 would confirm that a short-term low has been posted. First
resistance is the 20-day moving average crossing at 1.6157. Second resistance
is last Friday’s high crossing at 1.6213. First support is the overnight low
crossing at 1.5972. Second support is the 38% retracement level of the
June-September rally crossing at 1.5959.

The December Swiss Franc was lower overnight as it extends Tuesday’s
breakout below the July-August uptrend line. Stochastics and the RSI are
turning bearish signaling that sideways to lower prices are possible near-term.
Closes below last Monday’s low crossing at .10609 would confirm that a top and
trend change have been posted. Closes above the 20-day moving average crossing
at .10715 would signal that a short-term low has been posted. First resistance
is the 20-day moving average crossing at .10715. Second resistance is last
Friday’s high crossing at .10793. First support is last Monday’s low crossing
at .10609. Second support is the reaction low crossing at .10430.

The December Canadian Dollar was lower overnight as it consolidated some of
last week’s rally. Stochastics and the RSI are bullish signaling that sideways
to higher prices are possible near-term. If December resumes the rally off last
week’s low, September’s high crossing at 108.38 is the next upside target.
Closes below the reaction crossing at 106.09 would renew the decline off
September’s high. First resistance is last Friday’s high crossing at 107.93.
Second resistance is September’s high crossing at 103.59. First support is the
reaction low crossing at 106.09. Second support is the reaction low crossing at
100.26.

The December Japanese Yen was lower overnight as it consolidates some of
Monday’s rally. 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 .12799 would temper the near-term bearish outlook.
If December renews last week’s decline, September’s low crossing at .12631 is
the next downside target. From a broad perspective, December needs to close
above .12977 or below .12412 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 .12922. Second resistance is September’s high
crossing at .12977. First support is September’s low crossing at .12631. Second
support is August’s low crossing at .12565.

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

December gold was higher overnight as it consolidated some of this week’s
decline. Stochastics and the RSI have turned bearish warning that a short-term
might be in or is near. Closes below the reaction low crossing at 1738.30 would
confirm that a short-term top has been posted. If December renews the rally off
May’s low, February’s high crossing at 1800.90 is the next upside target. First
resistance is last Friday’s high crossing at 1798.10. Second resistance is
February’s high crossing at 1800.90. First support is the overnight low
crossing at 1762.00. Second support is the reaction low crossing at 1738.30.

December silver was lower overnight while extending the trading range of the
past four weeks. Stochastics and the RSI are bearish signaling that sideways to
lower prices are possible near-term. Closes below the reaction low crossing at
33.360 would confirm that a short-term top has been posted and could open the
door for additional weakness during October. If December renews this summer’s
rally, the 87% retracement level of this year’s decline crossing at 36.221 is
the next upside target. First resistance is last Monday’s high crossing at
35.445. Second resistance is the 87% retracement level of this year’s decline
crossing at 36.221. First support is the reaction low crossing at 33.360.
Second support is the reaction low crossing at 32.510.

December copper was lower overnight while extending the trading range of the
past four weeks. Stochastics and the RSI are bearish signaling that sideways to
lower prices are possible near-term. Closes below the reaction low crossing at
368.05 would confirm that a short-term top has been posted. If December renews
the rally off August’s low, the 87% retracement level of this year’s decline
crossing at 392.60 is the next upside target. First resistance is the 75%
retracement level of this year’s decline crossing at 383.10. Second resistance
is the 87% retracement level of this year’s decline crossing at 392.60. First
support is the reaction low crossing at 368.05. Second support is the reaction
low crossing at 365.85.

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

December coffee close lower on Tuesday as it extended the decline off last
week’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. If December extends this week’s decline,
September’s low crossing at 15.65 is the next downside target. Closes above the
20-day moving average crossing at 17.45 are needed to confirm that a short-term
low has been posted.

December cocoa closed higher due to short covering on Tuesday as it
consolidates some of the decline off September’s high. The mid-range close sets
the stage for a steady opening on Wednesday. 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, July’s low
crossing at 21.78 is the next downside target. Closes above the 20-day moving
average crossing at 24.94 would confirm that a short-term low has been posted.

March sugar closed higher on Tuesday but the low-range close set the stage
for a steady to lower opening on Wednesday. Stochastics and the RSI are
overbought and turning neutral to bearish hinting that a top might be in or is
near. If March renews this fall’s rally, the reaction high crossing at 22.53 is
the next upside target. Closes below the 20-day moving average crossing at
20.73 would confirm that a short-term top has been posted.

December cotton closed higher on Tuesday and the mid-range close sets the
stage for a steady opening on Wednesday. Stochastics and the RSI are neutral to
bullish signaling that sideways to higher prices are possible near-term. Closes
above 77.49 or below 69.40 are needed to confirm a breakout of August’s trading
range and point the direction of the next trending move.
——————————

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

December corn was fractionally lower overnight as it consolidates some of
the decline off last week’s high. Trading is likely to remain subdued ahead of
Thursday’s monthly supply-demand report. Stochastics and the RSI are turning
neutral to bearish hinting that sideways to lower prices are possible
near-term. Closes above the reaction high crossing at 7.68 1/2 are needed to
confirm that a short-term low has been posted and would open the door for
additional short covering gains during October. If December renews the decline
off August’s high, the 50% retracement level of this summer’s rally crossing at
6.73 3/4 is the next downside target. First resistance is the reaction high
crossing at 7.68 1/2. Second resistance is the reaction high crossing at 7.89
1/2. First support is the late-September low crossing at 7.05. Second support
is the 50% retracement level of this summer’s rally crossing at 6.73 3/4.

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. From a broad perspective, December wheat needs to close above 9.53 1/4
or below 8.49 1/4 to confirm a breakout of the late-summer trading range and
point the direction of the next trending move. First resistance is September’s
high crossing at 9.31. Second resistance is August’s high crossing at 9.45 1/2.
First support is last Thursday’s low crossing at 8.49 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 up 6-cents at 8.88 3/4.

December Kansas City wheat gapped up and closed higher on Tuesday. The
low-range close sets the stage for a steady to lower opening on Wednesday.
Stochastics and the RSI are neutral to bearish signaling that sideways to lower
prices are possible near-term. If December extends the decline off September’s
high, August’s low crossing at 8.47 1/2 is the next downside target. If
December renews the rally off September’s low, the reaction high crossing at
9.29 is the next upside target. First resistance is the reaction high crossing
at 9.29. Second resistance is September’s high crossing at 9.49 1/4. First
support is August’s low crossing at 8.74 1/2. Second support is the 38%
retracement level of this summer’s rally crossing at 8.38 1/4.

December Minneapolis wheat was higher overnight while extending the trading
range of the past two and a half 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 turning neutral to bullish signaling that sideways to higher
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 1/4. Second support is
September’s low crossing at 9.12.

SOYBEAN COMPLEX

November soybeans were lower overnight as it consolidates above the 50%
retracement level of this summer’s rally crossing at 15.17 1/4. 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 16.02 are needed to confirm that a
short-term low has been posted. If November renews the decline off September’s
high, the 62% retracement level of this summer’s rally crossing at 14.52 3/4 is
the next downside target. First resistance is the 10-day moving average
crossing at 15.54 1/4. Second resistance is the 20-day moving average crossing
at 16.02. First support is the 50% retracement level of this summer’s rally
crossing at 15.17 1/4. Second support is the 62% retracement level of this
summer’s rally crossing at 14.52 3/4.

December soybean meal was lower overnight as it extends this week’s trading
range. 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 484.30 would confirm
that a short-term low has been posted. If December renews the decline off
September’s high, the 50% retracement level of this summer’s rally crossing at
446.50 is the next downside target. First resistance is Tuesday’s high crossing
at 478.70. Second resistance is the 20-day moving average crossing at 484.30.
First support is the 50% retracement level of this summer’s rally crossing at
446.50. Second support is the 62% retracement level of this summer’s rally
crossing at 424.00.

December soybean oil was higher overnight as it extends this week’s trading
range. Stochastics and the RSI 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 53.25 would confirm that a short-term low has been posted. If
December renews the decline off September’s high, the 87% retracement level of
the June-September rally crossing at 49.88 is the next downside target. First
resistance is Tuesday’s high crossing at 51.98. Second resistance is the 20-day
moving average crossing at 53.25. First support is last Wednesday’s low
crossing at 50.06. Second support is the 87% retracement level of the
June-September rally crossing at 49.88.

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

December hogs closed down $0.08 at $76.80.

December hogs closed lower on Tuesday as it consolidated some of the rally
off this month’s low. The low-range close sets the stage for a steady to lower
opening when Wednesday’s night session begins trading. Stochastics and the RSI
are diverging but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If December extends the rally off September’s
low, the 50% retracement level of this year’s decline crossing at 78.05 is the
next upside target. Closes below the 20-day moving average crossing at 74.79
would temper the near-term friendly outlook. First resistance is Monday’s high
crossing at 77.65. Second resistance is the 50% retracement level of this
year’s decline crossing at 78.05. First support is the 10-day moving average
crossing at 75.58. Second support is the 20-day moving average crossing at
74.79.

December cattle closed up $0.32 at 126.72.

December cattle closed higher on Tuesday. The low-range close sets the stage
for a steady to lower opening when Wednesday’s night session begins trading.
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
127.29 are needed to confirm that a low has been posted. If December renews the
decline off September’s high, June’s low crossing at 123.15 is the next
downside target. First resistance is the 20-day moving average crossing at
127.29. Second resistance is the reaction high crossing at 129.20. First
support is September’s low crossing at 123.95. Second support is June’s low
crossing at 123.15.

November feeder cattle closed up $0.40 at $146.70.

November Feeder cattle closed higher on Tuesday and the high-range close
sets the stage for a steady to higher opening when Wednesday’s night session
begins trading. 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 147.31 would confirm that a short-term low has been posted. If
November extends the decline off September’s high, July’s low crossing at
139.75 is the next downside target. First resistance is the 20-day moving
average crossing at 147.31. Second resistance is the 38% retracement level of
the June-July decline crossing at 149.03. First support is the reaction low
crossing at 143.80. Second support is the reaction low crossing at 143.40.

_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Friday USD -0.965 CRB +2.77 NAS +0.03 Gold +44.4 S&P +5.80 DOW +14.64

E X T R E M E   M A R K E T   C O M M E N T A R Y
______________________________

_______________________________________

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

The September NASDAQ 100 closed slightly lower due to light profit taking on
Friday as it consolidates some of Thursday’s rally. The low-range close sets
the stage for a steady to lower opening when Monday’s night session begins
trading. Stochastics and the RSI are diverging but have turned bullish
signaling that additional gains are possible. If September extends the rally
off June’s low, monthly resistance crossing at 2847.00 is the next upside
target. Closes below the 20-day moving average crossing at 2769.32 would
confirm that a short-term top has been posted. First resistance is today’s high
crossing at 2836.25. Second resistance is monthly resistance crossing at
2847.00. First support is the 20-day moving average crossing at 2769.32. Second
support is the reaction low crossing at 2702.25.

The September S&P 500 closed higher on Friday as it extends this summer’s
rally. The high-range close sets the stage for a steady to higher opening when
Monday’s night session begins trading. Stochastics and the RSI have turned
bullish signaling that sideway to higher prices is possible near-term. If
September extends this week’s rally, monthly resistance crossing at 1472.56 is
the next upside target. Closes below the reaction low crossing at 1394.80 would
confirm that a short-term top has been posted. First resistance is today’s high
crossing at 1437.70. Second resistance is monthly resistance crossing at
1472.56. First support is Tuesday’s low crossing at 1394.80. Second support is
the June-July uptrend line crossing near 1375.70.

The Dow closed slightly higher on Friday as it extends this week’s rally.
The mid-range close sets the stage for a steady opening on Monday. Stochastics
and the RSI have turned bullish signaling that sideways to higher prices are
possible near-term. If the Dow extends Thursday’s rally, August’s high crossing
at 12,330 is the next upside target. Closes below the June-July uptrend line
crossing near 12,971 would confirm that a short-term top has been posted. First
resistance is August’s high crossing at 13,330. Second resistance is May’s high
crossing at 13,338. First support is Tuesday’s low crossing at 12,977. Second
support is the June-July uptrend line crossing near 12,971.
_____________________________________________________________________

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

September T-bonds closed down 7/32’s at 148-13.

September T-bonds closed lower on Friday as it consolidates some of the
rally off August’s low. The low-range close sets the stage for a steady to
lower opening on Monday. Stochastics and the RSI are turning bearish signaling
that a short-term top might be in or is near. Closes below the 20-day moving
average crossing at 148-06 would confirm that a short-term top has been posted.
If September extends the aforementioned rally, the reaction high crossing at
152-04 is the next upside target. First resistance is Tuesday’s high crossing
at 150-31. Second resistance is the reaction high crossing at 152-04. First
support is the 20-day moving average crossing at 148-06. Second support is
August’s low crossing at 145-03.

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

October crude oil closed higher on Friday as it consolidates above the
20-day moving average crossing at 95.52. The high-range close sets the stage
for a steady to higher opening when Monday’s night session begins. 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
93.95 would confirm that a top and trend change has been posted. If October
renews the rally off June’s low, the 75% retracement level of this year’s
decline crossing at 102.50 is the next upside target. First resistance is
August’s high crossing at 98.29. Second resistance is the 75% retracement level
of this year’s decline crossing at 102.50. First support is the 20-day moving
average crossing at 95.52. Second support is the reaction low crossing at
93.95.

October heating oil closed higher on Friday while extending the trading
range of the past three weeks. The high-range close sets the stage for a steady
to higher opening when Monday’s night session begins trading. 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 311.52 would
confirm that a short-term top has been posted. If October extends the rally off
June’s low, the 87% retracement level of the March-June decline crossing at
323.99 is the next upside target. First resistance is Tuesday’s high crossing
at 321.60. Second resistance is the 87% retracement level of the March-June
decline crossing at 323.99. First support is the 20-day moving average crossing
at 311.52. Second support is the reaction low crossing at 301.49.

October unleaded gas closed higher on Friday and the mid-range close sets
the stage for a steady opening when Monday’s night session begins trading.
Stochastics and the RSI are diverging but are bullish signaling that sideways
to higher prices are possible near-term. If October extends the rally off
June’s low, weekly resistance crossing at 320.50 is the next upside target.
Closes below the 20-day moving average crossing at 291.34 are needed to confirm
that a short-term top has been posted. First resistance is today’s high
crossing at 305.41. Second resistance is weekly resistance crossing at 320.50.
First support is the 20-day moving average crossing at 291.35. Second support
is the reaction low crossing at 289.13.

October Henry natural gas closed lower on Friday as it consolidates some of
the rally off August’s low. The low-range close sets the stage for a steady to
lower opening on Monday. Stochastics and the RSI are turning neutral to bearish
signaling that sideways to lower prices are possible near-term. If October
renews the decline off July’s high, the 75% retracement level of the April-July
rally crossing at 2.546 is the next downside target. If October renews the
rally off August’s low, the reaction high crossing at 2.910 is the next upside
target. First resistance is the reaction high crossing at 2.910. Second
resistance is the reaction high crossing at 3.135. First support is August’s
low crossing at 2.610. Second support is the 75% retracement level of the
April-July rally crossing at 2.546.

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

The September Dollar closed sharply lower on Friday as it renewed the
decline off July’s high. The low-range close sets the stage for a steady to
lower opening on Monday. Stochastics and the RSI are oversold but remain
neutral to bearish signaling that sideways to lower prices are possible
near-term. If September extends the decline off July’s high, the 87%
retracement level of the April-July rally crossing at 79.67 is the next
downside target. Closes above the 20-day moving average crossing at 81.71 are
needed to confirm that a short-term low has been posted. First resistance is
the 20-day moving average crossing at 81.71. Second resistance is the reaction
high crossing at 82.96. First support is today’s low crossing at 80.15. Second
support is the 87% retracement level of the April-July rally crossing at 79.67.

The September Euro closed higher on Friday and above the 50% retracement
level of this year’s decline crossing at 127.77 as it extended the rally off
July’s low. The high-range close sets the stage for a steady to higher opening
on Monday. Stochastics and the RSI are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If September
renews the rally off July’s low, the 62% retracement level of this year’s
decline crossing at 129.48 is the next upside target. Closes below the 20-day
moving average crossing at 124.85 would confirm an end to the rally off July’s
low. First resistance is today’s high crossing at 128.08. Second resistance is
the 62% retracement level of this year’s decline crossing at 129.48. First
support is the 20-day moving average crossing at 124.85. Second support is the
reaction low crossing at 122.45.

The September British Pound closed higher on Friday and tested the 75%
retracement level of the April-June decline crossing at 1.6024 as it extends
the rally off June’s low. The high-range close sets the stage for a steady to
higher opening when Monday’s night session begins trading. Stochastics and the
RSI are overbought but remain bullish signaling that sideways to higher prices
are possible near-term. If September extends the rally off June’s low, the 87%
retracement level of the April-June decline crossing at 1.6150 is the next
upside target. Closes below the 20-day moving average crossing at 1.5801 would
confirm that a short-term top has been posted. First resistance is the 75%
retracement level of the April-June decline crossing at 1.6024. Second
resistance is the 87% retracement level of the April-June decline crossing at
1.6150. First support is the 20-day moving average crossing at 1.5801. Second
support is the reaction low crossing at 1.5752.

The September Swiss Franc closed higher on Friday as it extends the rally
off July’s low. The high-range close sets the stage for a steady to higher
opening when Monday’s night session begins trading. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If September extends the rally off July’s low,
the 50% retracement level of this year’s decline crossing at .10627 is the next
upside target. Closes below the 20-day moving average crossing at .10390 would
confirm that a short-term top has been posted. First resistance is today’s high
crossing at .10600. Second resistance is the 50% retracement level of this
year’s decline crossing at .10627. First support is the 20-day moving average
crossing at .10390. Second support is the reaction low crossing at .10201.

The September Canadian Dollar closed higher on Friday as it extends the
rally off June’s low. The high-range close sets the stage for a steady to
higher opening when Monday’s night session begins trading. Stochastics and the
RSI are diverging but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If September extends the rally off June’s
low, weekly resistance crossing at 103.45 is the next upside target. Closes
below the reaction low crossing at 100.46 would confirm that a short-term top
has been posted. First resistance is today’s high crossing at 102.39. Second
resistance is weekly resistance crossing at 103.45. First support is the
reaction low crossing at 100.46. Second support is the reaction low crossing at
100.10.

The September Japanese Yen closed higher on Friday erasing Thursday’s
decline. The high-range close sets the stage for a steady to higher opening
when Monday’s night session begins trading. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If September extends the rally off August’s low,
July’s high crossing at .12854 is the next upside target. If September extends
Thursday’s decline, August’s low crossing at .12556 is the next downside
target. First resistance is today’s high crossing at .12819. Second resistance
is July’s high crossing at .12854. First support is August’s low crossing at
.12556. Second support is the reaction low crossing at .12514.

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

October gold closed sharply higher on Friday as it extends the rally off
May’s low. The high-range close sets the stage for a steady to higher opening
when Monday’s night session begins trading. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If October extends the rally off August’s low,
the 87% retracement level of the 2012-decline crossing at 1767.20 is the next
upside target. Closes below the 20-day moving average crossing at 1653.80 are
needed to confirm that a short-term top has been posted. First resistance is
today’s high crossing at 1742.00. Second resistance is the 87% retracement
level of the 2012-decline crossing at 1767.20. First support is the 10-day
moving average crossing at 1683.50. Second support is the 20-day moving average
crossing at 1653.80.

September silver closed sharply higher on Friday as it extends the rally off
June’s low. The high-range close set the stage for a steady to higher opening
when Monday’s night session begins trading. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If September extends the rally off June’s low,
the 75% retracement level of this year’s decline crossing at 34.627 is the next
upside target. Closes below the 20-day moving average crossing at 30.082 would
confirm that a short-term top has been posted. First resistance is today’s high
crossing at 33.685. Second resistance is the 75% retracement level of this
year’s decline crossing at 34.627. First support is the 10-day moving average
crossing at 31.599. Second support is the 20-day moving average crossing at
30.082.

September copper closed sharply higher on Friday as it broke out to the
topside of this summer’s trading range. The high-range close sets the stage for
a steady to higher opening when Monday’s night session begins trading.
Stochastics and the RSI are bullish signaling that sideways to higher prices
are possible near-term. If September extends today’s rally, the 62% retracement
level of this year’s decline crossing at 371.66 is the next upside target.
Closes below the 20-day moving average crossing at 344.81 would confirm that a
short-term top has been posted. First resistance is today’s high crossing at
365.85. Second resistance is the 62% retracement level of this year’s decline
crossing at 371.66. First support is the 10-day moving average crossing at
349.36. Second support is the 20-day moving average crossing at 344.81.

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

September coffee close higher on Friday and high-range close sets the stage
for a steady to higher opening on Friday. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. If September
extends this week’s decline, June’s low crossing at 15.01 is the next downside
target. Closes above the 10-day moving average crossing at 163.73 would signal
that a short-term low has been posted.

December cocoa closed lower due to profit taking on Friday as it
consolidates some of this summer’s rally. The low-range close sets the stage
for a steady to lower opening on Monday. Stochastics and the RSI are overbought
but remain neutral to bullish signaling that sideways to higher prices are
possible near-term. If December extends the rally off June’s low, weekly
resistance crossing at 28.10 is the next upside target. Closes below the 20-day
moving average crossing at 24.98 would confirm that a short-term top has been
posted.

October sugar closed higher on Friday as it consolidated some of this week’s
decline. The high-range close set the stage for a steady to higher opening on
Monday. Stochastics and the RSI are oversold but remain neutral to bearish
signaling that additional weakness is possible near-term. If October extends
the decline off July’s high, weekly support crossing at 17.58 is the next
downside target. Closes above the 20-day moving average crossing at 19.85 would
confirm that a short-term low has been posted.

October cotton closed higher on Friday and the low-range close sets the
stage for a steady to lower opening on Monday. Stochastics and the RSI are
neutral to bearish signaling that sideways to lower prices are possible
near-term. Closes below the 20-day moving average crossing at 74.51 would
confirm that a short-term top has been posted. If October extends the rally off
June’s low, the 38% retracement level of this year’s decline crossing at 77.92
is the next upside target.

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

December Corn closed up 1-cent at 7.99 1/2.

December corn closed higher due to short covering on Friday. The mid-range
close sets the stage for a steady to higher opening when Monday’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
August’s high, the reaction low crossing at 7.86 is the next downside target.
Closes below this support level would open the door for a possible test of the
reaction low crossing at 7.45 1/2. If December renews the rally off August’s
low, August’s high crossing at 8.49 is the next upside target. First resistance
is the reaction high crossing at crossing at 8.40. Second resistance is
August’s high crossing at 8.49. First support is the reaction low crossing at
7.86. Second support is the reaction low crossing at 7.45 1/2.

December wheat closed up 13 1/4-cents at 9.05.

December wheat closed higher on Friday as it extended Thursday’s rally. The
high-range close sets the stage for a steady to higher opening when Monday’s
night session begins trading. Stochastics and the RSI are neutral to bearish
signaling that sideways to lower prices are possible near-term. From a broad
perspective, December wheat has been forming a flat correction off July’s high.
Closes above 9.53 1/4 or below 8.57 1/4 are needed to confirm a breakout of
this sideways correction and point the direction of the next trending move.
First resistance is August’s high crossing at 9.45 1/2. Second resistance is
July’s high crossing at 9.53 1/4. First support is August’s low crossing at
8.57 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 11 3/4-cents at 9.23 1/47.

December Kansas City wheat gapped up and closed higher on Friday and the
mid-range close sets the stage for a steady to higher opening on Monday.
Stochastics and the RSI are neutral to bearish signaling that sideways to lower
prices are possible near-term. If December renews the rally off August’s low,
the reaction high crossing at 9.41 1/4 is the next upside target. If December
renews the decline off July’s high, the 38% retracement level of this summer’s
rally crossing at 8.38 1/4 is the next downside target. First resistance is
August’s high crossing at 9.41 1/4. Second resistance is July’s high crossing
at 9.54 1/4. First support is August’s low crossing at 8.74 1/2. Second support
is the 38% retracement level of this summer’s rally crossing at 8.38 1/4.

December Minneapolis wheat closed up 8 1/2-cents at 9.58.

December Minneapolis wheat closed higher on Friday and the high-range close
sets the stage for a steady to higher opening when Monday’s night session
begins to trade. Stochastics and the RSI are neutral to bearish signaling that
sideways to lower prices are possible near-term. Closes above the reaction high
crossing at 9.62 1/4 are needed to confirm that a short-term low has been
posted. If December renews the decline off July’s high, the 50% retracement
level of this summer’s rally crossing at 8.84 is the next downside target.
First resistance is the reaction high crossing at 9.62 1/4. Second resistance
is the reaction high crossing near 9.84 1/2. First support is August’s low
crossing at 9.12 1/4. Second support is the 50% retracement level of this
summer’s rally crossing at 8.84.

SOYBEAN COMPLEX

November soybeans closed down 10 1/2-cents at 17.36 1/2.

November soybeans closed lower due to profit taking on Friday as it
consolidates some of this summer’s rally. The mid-range close sets the stage
for a steady to lower opening when Monday’s night session begins trading.
Stochastics and the RSI are turning bearish signaling that a short-term top
might be in or is near. Closes below the 20-day moving average crossing at
17.02 1/2 would confirm that a short-term top has been posted. If November
renews this summer’s rally, the ascending triangle formed off July’s high
projects a potential rally to the 18.46 area. First resistance is Tuesday’s
high crossing at 17.89. Second resistance is the ascending triangle projection
crossing at 18.46. First support is the 20-day moving average crossing at 17.02
1/2. Second support is the reaction low crossing at 17.01.

December soybean meal closed down $1.20 at $526.90.

December soybean meal closed lower on Friday and the mid-range close sets
the stage for a steady opening when Monday’s night session begins trading.
Stochastics and the RSI are turning bearish hinting that a short-term top might
be in or is near. Closes below the 20-day moving average crossing at 514.10
would confirm that a short-term top has been posted. If December extends this
year’s rally, the ascending triangle formed off July’s high projects a rally to
the 565.30 area. First resistance is Tuesday’s high crossing at 541.80. First
support is the 20-day moving average crossing at 514.10. Second support is the
reaction low crossing at 513.30.

December soybean oil closed down 72-pts. at 56.66.

December soybean closed lower on Friday and below the 10-day moving average
crossing at 57.17 signals that a short-term top might be in or is near. The
low-range close sets the stage for a steady to lower opening when Monday’s
night session begins trading. Stochastics and the RSI are overbought, diverging
and are turning neutral to bearish signaling that sideways to lower prices are
possible near-term. Closes below the 20-day moving average crossing at 55.93
would confirm that a top has been posted. If December renews this summer’s
rally, last July’s high crossing at 59.92 is the next upside target. First
resistance is Tuesday’s high crossing at 58.60. Second resistance is last
July’s high crossing at 59.92. First support is the 20-day moving average
crossing at 55.93. Second support is the reaction low crossing at 53.28.

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

October hogs closed down $0.40 at $71.35.

October hogs closed lower on Friday as it extends this year’s decline. The
high-range close sets the stage for a steady to higher opening when Monday’s
night session begins trading. Stochastics and the RSI are diverging but turning
bearish signaling that sideways to lower prices are possible near-term. If
October extends this summer’s decline, weekly support crossing at 67.44 is the
next downside target. Closes above the 20-day moving average crossing at 74.33
would confirm that a short-term low has been posted. First resistance is the
10-day moving average crossing at 73.18. Second resistance is the 20-day moving
average crossing at 74.33. First support is today’s low crossing at 70.45.
Second support is weekly support crossing at 67.44.

October cattle closed up $0.42 at 126.47.

October cattle closed higher on Friday and the high-range close sets the
stage for a steady to higher opening when Monday’s night session begins
trading. Stochastics and the RSI are bullish signaling that sideways to higher
prices are possible near-term. If October extends the rally off August’s low,
August’s high crossing at 127.22 is the next upside target. Closes below the
10-day moving average crossing at 125.37 would temper the friendly outlook.
First resistance is Wednesday’s high crossing at 126.70. Second resistance is
August’s high crossing at 127.22. First support is the 10-day moving average
crossing at 125.37. Second support is August’s low crossing at 123.40.

October feeder cattle closed down $0.12 at $146.12.

October Feeder cattle closed lower on Friday as it consolidates some of the
rally off July’s low. The mid-range close sets the stage for a steady opening
when Monday’s night session begins trading. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If October extends the rally off July’s low, the
38% retracement level of this summer’s decline crossing at 147.92 is the next
upside target. Closes below the 20-day moving average crossing at 144.66 would
confirm that a short-term top has been posted. First resistance is the 38%
retracement level of the June-July decline crossing at 147.92. Second
resistance is the 50% retracement level of the June-July decline crossing at
150.91. First support is the 20-day moving average crossing at 144.66. Second
support is the reaction low crossing at 142.00.

______________________________

______________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

BCX.U12 SOYBEANS CRUSH INDEX Sep 2012               54.50      4.50  +9.00
HG.Z12  COPPER Dec 2012                            3.6450    0.1285  +3.65
SI.Z12  SILVER Dec 2012                            33.690     1.016  +3.11
RR.X12  ROUGH RICE Nov 2012                        14.955     0.330  +2.25
GC.Z12  GOLD Dec 2012                              1740.5      34.9  +2.05
KW.Z12  HARD RED WINTER WHEAT Dec 2012             923.25     11.75  +1.29
RB.Y$$  RBOB GASOLINE Cash                         3.2890    0.0394  +1.21
GI.X12  S&P GSCI Nov 2012                          678.50      7.00  +1.04
VB      RUSSELL 2000 VALUE INDEX                  1107.14      7.89  +0.72
RV      RUSSELL 1000 VALUE INDEX MINI              709.28      4.68  +0.66

LOSERS

BCX.Q13 SOYBEANS CRUSH INDEX Aug 2013               58.50     -6.00  -9.30
NN.X12  HENRY HUB NATURAL GAS SWAP Nov 2012         2.833    -0.077  -2.65
LB.F13  LUMBER (RANDOM LENGTH) Jan 2013             290.7      -5.1  -1.72
BO.Z12  SOYBEAN OIL Dec 2012                        56.66     -0.72  -1.25
CSI.N13 SOYBEAN-CORN PRICE RATIO Jul 2013           1.998    -0.023  -1.14
S.N13   SOYBEANS Jul 2013                         1569.75    -15.50  -0.98
LH.J13  LEAN HOGS Apr 2013                         86.350    -0.850  -0.97
YK.X13  SOYBEAN (MINI) Nov 2013                   1367.75    -10.50  -0.76
KB.Y$$  CHEESE-BLOCKS Cash                           1830       -10  -0.54
AC.Y$$  ETHANOL NATIONAL RACK Cash                 2.7321   -0.0140  -0.51

———————————————————————

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

http://broadcast.ino.com/redirect/?linkid=1952

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____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

GW      GARDA WORLD SECURITY CORP                   11.94      2.74  +29.78
JVA     COFFEE HOLDING CO                           7.580     1.425  +23.15
ANR     ALPHA NATURAL RESOURCES                      6.91      1.00  +16.92
MTL     MECHEL OAO                                   7.00      0.94  +15.51
FSUGY   FORTESCUE METALS GROUP                       7.15      0.95  +15.32
CLF     CLIFFS NATURAL RESOURCES                    39.91      5.05  +14.49
GMCR    GREEN MNTN COFFEE ROASTER                 27.8400    3.2599  +13.26
NOR     NORANDA ALUMINUM HOLDINGS                    6.87      0.78  +12.81
LULU    LULULEMON ATHLETICA                         77.16      8.56  +12.48
LLL     LULULEMON ATHLETICA INC                     75.50      8.11  +12.03

LOSERS

ADNC    AUDIENCE                                     6.90    -11.96  -63.41
P       PANDORA MEDIA                              10.465    -2.105  -16.75
HVU     HORIZONS BETAPRO S&P 500 VIX B               9.66     -1.25  -11.46
BLOX    INFOBLOX INC                               20.750    -2.640  -11.29
ARAY    ACCURAY                                     5.840    -0.695  -10.64
TNGO    TANGOE                                     14.270    -1.700  -10.64
ABMD    ABIOMED                                    21.005    -2.285  -9.81
LF      LEAPFROG ENTERPRISES                         9.15     -0.89  -8.86
MLNX    MELLANOX TECHNOLOGIES                    110.7201   -9.2099  -7.68
FRAN    FRANCESCAS HOLDINGS                         27.84     -2.10  -7.01
_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Thursday NAS +65.56 S&P +28.68 Gold +4.23 DOW +244.52 CRB +0.61 USD -0.143

E X T R E M E   M A R K E T   C O M M E N T A R Y
______________________________

_______________________________________

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

The September NASDAQ 100 closed sharply higher on Thursday renewing the
rally off June’s low and posted a new high for the year. The high-range close
sets the stage for a steady opening when Friday’s night session begins trading.
Stochastics and the RSI are diverging but turning neutral to bullish signaling
that additional short-term gains are possible. If September extends the rally
off June’s low, monthly resistance crossing at 2847.00 is the next upside
target. Closes below the 20-day moving average crossing at 2763.93 would
confirm that a short-term top has been posted. First resistance is today’s high
crossing at 2827.75. Second resistance is monthly resistance crossing at
2847.00. First support is the 20-day moving average crossing at 2763.93. Second
support is the reaction low crossing at 2702.25.

The September S&P 500 closed sharply higher on Thursday and above the
highest closing level since 2008 as the European Central Bank announced
specifics of its bond-buying plan and data boosted optimism in the American
labor market. The high-range close sets the stage for a steady to higher
opening when Friday’s night session begins trading. Stochastics and the RSI are
diverging but turning bullish signaling that sideway to higher prices is
possible near-term. If September extends today’s rally, monthly resistance
crossing at 1472.56 is the next upside target. Closes below the reaction low
crossing at 1394.80 would confirm that a short-term top has been posted. First
resistance is today’s high crossing at 1430.70. Second resistance is monthly
resistance crossing at 1472.56. First support is Tuesday’s low crossing at
1394.80. Second support is the June-July uptrend line crossing near 1373.77.

The Dow closed higher on Thursday and above the 20-day moving average
crossing at 13,152 confirming that a short-term low has been posted. The
high-range close sets the stage for a steady to higher opening on Friday.
Stochastics and the RSI are turning bullish signaling that sideways to higher
prices are possible near-term. If the Dow extends today’s rally, August’s high
crossing at 12,330 is the next upside target. Closes below the June-July
uptrend line crossing near 12,955 would confirm that a short-term top has been
posted. First resistance is August’s high crossing at 13,330. Second resistance
is May’s high crossing at 13,338. First support is Tuesday’s low crossing at
12,977. Second support is the June-July uptrend line crossing near 12,955.
_____________________________________________________________________

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

September T-bonds closed down 1-11/32’s at 148-20.

September T-bonds closed sharply lower due to profit taking on Thursday as
it consolidates some of the rally off August’s low. The low-range close sets
the stage for a steady to lower opening on Friday. Stochastics and the RSI are
overbought and are turning bearish signaling that a short-term top might be in
or is near. Closes below the 20-day moving average crossing at 148-06 would
confirm that a short-term top has been posted. If September extends the
aforementioned rally, the reaction high crossing at 152-04 is the next upside
target. First resistance is Tuesday’s high crossing at 150-31. Second
resistance is the reaction high crossing at 152-04. First support is the 20-day
moving average crossing at 148-06. Second support is August’s low crossing at
145-03.

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

October crude oil closed higher on Thursday as it consolidates above the
20-day moving average crossing at 95.38. Profit taking tempered early gains and
the low-range close sets the stage for a steady to lower opening when Friday’s
night session begins. Stochastics and the RSI remain bearish signaling that
sideways to lower prices are possible near-term. Multiple closes below the
reaction low crossing at 93.95 would confirm that a top and trend change has
been posted. If October renews the rally off June’s low, the 75% retracement
level of this year’s decline crossing at 102.50 is the next upside target.
First resistance is August’s high crossing at 98.29. Second resistance is the
75% retracement level of this year’s decline crossing at 102.50. First support
is the 20-day moving average crossing at 95.38. Second support is the reaction
low crossing at 93.95.

October heating oil closed higher on Thursday while extending the trading
range of the past three weeks. The mid-range close sets the stage for a steady
opening when Friday’s night session begins trading. 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 311.03 would confirm that a
short-term top has been posted. If October extends the rally off June’s low,
the 87% retracement level of the March-June decline crossing at 323.99 is the
next upside target. First resistance is Tuesday’s high crossing at 321.60.
Second resistance is the 87% retracement level of the March-June decline
crossing at 323.99. First support is the 20-day moving average crossing at
311.03. Second support is the reaction low crossing at 301.49.

October unleaded gas closed higher on Thursday and the high-range close sets
the stage for a steady to higher opening when Friday’s night session begins
trading. Stochastics and the RSI are diverging but are bullish signaling that
sideways to higher prices are possible near-term. If October extends the rally
off June’s low, March’s high crossing at 304.02 is the next upside target.
Closes below the 20-day moving average crossing at 290.30 are needed to confirm
that a short-term top has been posted. First resistance is today’s high
crossing at 302.03. Second resistance is March’s high crossing at 304.02. First
support is the 20-day moving average crossing at 290.30. Second support is the
reaction low crossing at 279.71.

October Henry natural gas closed lower due to profit taking on Thursday as
it consolidates some of the rally off August’s low. The low-range close sets
the stage for a steady to lower opening on Friday. Stochastics and the RSI
remain neutral to bullish signaling that sideways to higher prices are possible
near-term. If October extends the rally off August’s low, the reaction high
crossing at 2.910 is the next upside target. If October renews the decline off
July’s high, the 75% retracement level of the April-July rally crossing at
2.546 is the next downside target. First resistance is the reaction high
crossing at 2.910. Second resistance is the reaction high crossing at 3.135.
First support is August’s low crossing at 2.610. Second support is the 75%
retracement level of the April-July rally crossing at 2.546.

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

The September Dollar closed lower on Thursday and the low-range close sets
the stage for a steady to lower opening on Friday. Stochastics and the RSI are
oversold but remain neutral to bearish signaling that sideways to lower prices
are possible near-term. If September extends the decline off July’s high, the
75% retracement level of the April-July rally crossing at 80.32 is the next
downside target. Closes above the 20-day moving average crossing at 81.83 are
needed to confirm that a short-term low has been posted. First resistance is
the 20-day moving average crossing at 81.91. Second resistance is the reaction
high crossing at 82.96. First support is the 62% retracement level of the
April-July rally crossing at 81.02. Second support is the 75% retracement level
of the April-July rally crossing at 80.32.

The September Euro closed higher on Thursday as it renewed the rally off
July’s low. The high-range close sets the stage for a steady to higher opening
on Friday. Stochastics and the RSI are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. If September
renews the rally off July’s low, the 50% retracement level of this year’s
decline crossing at 127.77 is the next upside target. Closes below the 20-day
moving average crossing at 124.60 would confirm an end to the rally off July’s
low. First resistance is today’s high crossing at 126.54. Second resistance is
the 50% retracement level of this year’s decline crossing at 127.77. First
support is the 20-day moving average crossing at 124.60. Second support is the
reaction low crossing at 122.45.

The September British Pound closed higher on Thursday as it extends the
rally off June’s low. The high-range close sets the stage for a steady to
higher opening when Friday’s night session begins trading. Stochastics and the
RSI are bullish signaling that sideways to higher prices are possible
near-term. If September extends the rally off June’s low, the 75% retracement
level of the April-June decline crossing at 1.6024 is the next upside target.
Closes below the 20-day moving average crossing at 1.5782 would confirm that a
short-term top has been posted. First resistance is today’s high crossing at
1.5942. Second resistance is the 75% retracement level of the April-June
decline crossing at 1.6024. First support is the 20-day moving average crossing
at 1.5782. Second support is the reaction low crossing at 1.5635.

The September Swiss Franc closed higher on Thursday and is poised to renew
the rally off July’s low. The high-range close sets the stage for a steady to
higher opening when Friday’s night session begins trading. Stochastics and the
RSI are overbought but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If September extends the rally off July’s
low, the 50% retracement level of this year’s decline crossing at .10627 is the
next upside target. Closes below the 20-day moving average crossing at .10373
would confirm that a short-term top has been posted. First resistance is last
Friday’s high crossing at .10527. Second resistance is the 50% retracement
level of this year’s decline crossing at .10627. First support is the 20-day
moving average crossing at .10373. Second support is the reaction low crossing
at .10201.

The September Canadian Dollar closed higher on Thursday as it renewed the
rally off June’s low. The high-range close sets the stage for a steady to
higher opening when Friday’s night session begins trading. Stochastics and the
RSI are diverging but have turned bullish signaling that sideways to higher
prices are possible near-term. If September extends the rally off June’s low,
weekly resistance crossing at 102.05 is the next upside target. Closes below
the reaction low crossing at 100.46 would confirm that a short-term top has
been posted. First resistance is today’s high crossing at 101.93. Second
resistance is weekly resistance crossing at 102.05. First support is the
reaction low crossing at 100.46. Second support is the reaction low crossing at
100.10.

The September Japanese Yen closed lower on Thursday and below the 20-day
moving average crossing at .12704 signaling that a short-term top has been
posted. The low-range close sets the stage for a steady to lower opening when
Friday’s night session begins trading. Stochastics and the RSI are overbought
but are turning neutral to bearish signaling that sideways to lower prices are
possible near-term. If September extends today’s decline, August’s low crossing
at .12556 is the next downside target. If September renews the rally off
August’s low, July’s high crossing at .12854 is the next upside target. First
resistance is last Friday’s high crossing at .12793. Second resistance is
July’s high crossing at .12854. First support is August’s low crossing at
.12556. Second support is the reaction low crossing at .12514.

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

October gold closed higher on Thursday as it extends the rally off May’s
low. The mid-range close sets the stage for a steady to higher opening when
Friday’s night session begins trading. Stochastics and the RSI are overbought,
diverging but are neutral to bullish signaling that sideways to higher prices
are possible near-term. If October extends the rally off August’s low, the 75%
retracement level of the 2012-decline crossing at 1734.00 is the next upside
target. Closes below the 20-day moving average crossing at 1647.90 are needed
to confirm that a short-term top has been posted. First resistance is today’s
high crossing at 1713.80. Second resistance is the 75% retracement level of the
2012-decline crossing at 1734.00. First support is the 10-day moving average
crossing at 1677.00. Second support is the 20-day moving average crossing at
1647.90.

September silver closed higher on Thursday as it extends the rally off
June’s low. The mid-range close set the stage for a steady to higher opening
when Friday’s night session begins trading. Stochastics and the RSI are
overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If September extends the rally off June’s low,
the 62% retracement level of this year’s decline crossing at 33.129 is the next
upside target. Closes below the 20-day moving average crossing at 29.805 would
confirm that a short-term top has been posted. First resistance is today’s high
crossing at 32.865. Second resistance is the 62% retracement level of this
year’s decline crossing at 33.129. First support is the 10-day moving average
crossing at 31.281. Second support is the 20-day moving average crossing at
29.805.

September copper closed lower due to profit taking on Thursday while
extending this summer’s trading range. The mid-range close sets the stage for a
steady opening when Friday’s night session begins trading. Stochastics and the
RSI are diverging but are bullish signaling that sideways to higher prices are
possible near-term. From a broad perspective, September copper remains locked
in a three-month trading range. Closes above July’s high crossing at 355.65 or
below July’s low crossing at 325.00 are needed to confirm a breakout of the
aforementioned trading range and point the direction of the next trending move.
First resistance is the reaction high crossing at 354.50. Second resistance is
July’s high crossing at 355.65. First support is the 20-day moving average
crossing at 343.41. Second support is the reaction low crossing at 328.85.

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

September coffee close lower on Thursday and low-range close sets the stage
for a steady to lower opening on Friday. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. If September
extends this week’s decline, June’s low crossing at 15.01 is the next downside
target. If September renews the rally off August’s low, the reaction high
crossing at 17.78 is the next upside target.

September cocoa closed higher on Thursday as it extends this summer’s rally.
The high-range close sets the stage for a steady to higher opening on Friday.
Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If September extends the
rally off June’s low, weekly resistance crossing at 28.10 is the next upside
target. Closes below the 20-day moving average crossing at 25.18 would confirm
that a short-term top has been posted.

October sugar closed lower on Thursday extending this week’s breakout below
June’s low crossing at 19.24. The low-range close set the stage for a steady to
lower opening on Friday. Stochastics and the RSI are oversold but bearish
signaling that additional weakness is possible near-term. If October extends
the decline off July’s high, weekly support crossing at 17.58 is the next
downside target. Closes above the 20-day moving average crossing at 19.92 would
confirm that a short-term low has been posted.

October cotton closed higher due to short covering on Thursday and the
high-range close sets the stage for a steady to higher opening on Friday.
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 74.51 would confirm that a short-term top has been posted. If October
extends the rally off June’s low, the 38% retracement level of this year’s
decline crossing at 77.92 is the next upside target.

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

December Corn closed up 7 1/4-cents at 7.98.

December corn closed higher due to short covering on Thursday. The
high-range close sets the stage for a steady to higher opening when Friday’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 August’s high, the reaction low crossing at 7.86 is the next
downside target. Closes below this support level would open the door for a
possible test of the reaction low crossing at 7.45 1/2. If December renews the
rally off August’s low, August’s high crossing at 8.49 is the next upside
target. First resistance is the reaction high crossing at crossing at 8.40.
Second resistance is August’s high crossing at 8.49. First support is the
reaction low crossing at 7.86. Second support is the reaction low crossing at
7.45 1/2.

December wheat closed up 24-cents at 8.91 3/4.

December wheat closed higher on Thursday as it consolidated some of
Wednesday’s decline. The high-range close sets the stage for a steady to higher
opening when Friday’s night session begins trading. Stochastics and the RSI are
bearish signaling that sideways to lower prices are possible near-term. From a
broad perspective, December wheat has been forming a flat correction off July’s
high. Closes above 9.53 1/4 or below 8.57 1/4 are needed to confirm a breakout
of this sideways correction and point the direction of the next trending move.
First resistance is August’s high crossing at 9.45 1/2. Second resistance is
July’s high crossing at 9.53 1/4. First support is August’s low crossing at
8.57 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 24 1/2-cents at 9.11 1/2.

December Kansas City wheat closed higher on Thursday and the high-range
close sets the stage for a steady to higher opening on Friday. Stochastics and
the RSI are bearish signaling that sideways to lower prices are possible
near-term. If December renews the decline off July’s high, the 38% retracement
level of this summer’s rally crossing at 8.38 1/4 is the next downside target.
If December renews the rally off August’s low, the reaction high crossing at
9.41 1/4 is the next upside target. First resistance is August’s high crossing
at 9.41 1/4. Second resistance is July’s high crossing at 9.54 1/4. First
support is August’s low crossing at 8.74 1/2. Second support is the 38%
retracement level of this summer’s rally crossing at 8.38 1/4.

December Minneapolis wheat closed up 19 3/4-cents at 9.49 1/2.

December Minneapolis wheat closed higher on Thursday and the high-range
close sets the stage for a steady to higher opening when Friday’s night session
begins to trade. Stochastics and the RSI are turning bearish signaling that
sideways to lower prices are possible near-term. Closes above the reaction high
crossing near 9.62 1/4 are needed to confirm that a short-term low has been
posted. If December renews the decline off July’s high, the 50% retracement
level of this summer’s rally crossing at 8.84 is the next downside target.
First resistance is the reaction high crossing at 9.62 1/4. Second resistance
is the reaction high crossing near 9.84 1/2. First support is August’s low
crossing at 9.12 1/4. Second support is the 50% retracement level of this
summer’s rally crossing at 8.84.

SOYBEAN COMPLEX

November soybeans closed down a 1/2-cent at 17.47.

November soybeans closed lower due to profit taking on Thursday as it
consolidates some of this summer’s rally. The high-range close sets the stage
for a steady to higher opening when Friday’s night session begins trading.
Stochastics and the RSI are overbought, diverging and are turning neutral to
bearish signaling that a short-term top might be in or is near. Closes below
the 20-day moving average crossing at 16.97 1/4 would confirm that a short-term
top has been posted. If November extends this summer’s rally, the ascending
triangle formed off July’s high projects a potential rally to the 18.46 area.
First resistance is Tuesday’s high crossing at 17.89. Second resistance is the
ascending triangle projection crossing at 18.46. First support is the 10-day
moving average crossing at 17.42 1/4. Second support is the 20-day moving
average crossing at 16.97 1/4.

December soybean meal closed down $8.40 at $525.00.

December soybean meal closed higher on Thursday as it consolidated some of
Wednesday’s decline. The high-range close sets the stage for a steady to higher
opening when Friday’s night session begins trading. Stochastics and the RSI are
overbought and are turning bearish hinting that a short-term top might be in or
is near. Closes below the 20-day moving average crossing at 512.50 would
confirm that a short-term top has been posted. If December extends this year’s
rally, the ascending triangle formed off July’s high projects a rally to the
565.30 area. First resistance is Tuesday’s high crossing at 541.80. First
support is the reaction low crossing at 513.30. Second support is the 20-day
moving average crossing at 512.50.

December soybean oil closed down 59-pts. at 57.38.

December soybean closed lower on Thursday as it consolidates some of the
rally off June’s low. The low-range close sets the stage for a steady to lower
opening when Friday’s night session begins trading. Stochastics and the RSI are
overbought, diverging but are neutral to bullish signaling that sideways to
higher prices are possible near-term. If December extends this summer’s rally,
last July’s high crossing at 59.92 is the next upside target. Closes below the
20-day moving average crossing at 55.76 would confirm that a top has been
posted. First resistance is Tuesday’s high crossing at 58.60. Second resistance
is last July’s high crossing at 59.92. First support is the 10-day moving
average crossing at 57.18. Second support is the 20-day moving average crossing
at 55.76.

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

October hogs closed down $1.87 at $71.75.

October hogs closed sharply lower on Thursday to renew this year’s decline.
The low-range close sets the stage for a steady to lower opening when Friday’s
night session begins trading. Stochastics and the RSI are diverging but turning
neutral to bearish signaling that sideways to lower prices are possible
near-term. If October extends this summer’s decline, weekly support crossing at
67.44 is the next downside target. Closes above the 20-day moving average
crossing at 74.56 would confirm that a short-term low has been posted. First
resistance is the 20-day moving average crossing at 74.56. Second resistance is
the reaction high crossing at 77.70. First support is today’s low crossing at
71.50. Second support is weekly support crossing at 67.44.

October cattle closed down $0.27 at 126.05.

October cattle closed lower on Thursday and the mid-range close sets the
stage for a steady opening when Friday’s night session begins trading.
Stochastics and the RSI are bullish signaling that sideways to higher prices
are possible near-term. If October extends the rally off August’s low, August’s
high crossing at 127.22 is the next upside target. Closes below the 10-day
moving average crossing at 125.21 would temper the friendly outlook. First
resistance is Wednesday’s high crossing at 126.70. Second resistance is
August’s high crossing at 127.22. First support is the 10-day moving average
crossing at 125.21. Second support is August’s low crossing at 123.40.

October feeder cattle closed down $0.87 at $146.25.

October Feeder cattle closed lower on Thursday as it consolidates some of
the rally off July’s low. The low-range close sets the stage for a steady to
lower opening when Friday’s night session begins trading. Stochastics and the
RSI are overbought but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If October extends the rally off July’s
low, the 38% retracement level of this summer’s decline crossing at 147.92 is
the next upside target. Closes below the 20-day moving average crossing at
144.38 would confirm that a short-term top has been posted. First resistance is
the 38% retracement level of the June-July decline crossing at 147.92. Second
resistance is the 50% retracement level of the June-July decline crossing at
150.91. First support is the 20-day moving average crossing at 144.38. Second
support is July’s low crossing at 138.30.

______________________________

______________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

BCX.K13 SOYBEANS CRUSH INDEX May 2013               54.25      3.50  +6.90
W.Z12   WHEAT Dec 2012                             891.75     24.00  +2.76
KW.Z12  HARD RED WINTER WHEAT Dec 2012             911.50     24.50  +2.76
RV      RUSSELL 1000 VALUE INDEX MINI              704.60     14.73  +2.14
ND.U12  NASDAQ 100 INDEX Sep 2012                  2825.5      58.0  +2.10
GH      RUSSELL 2000 GROWTH INDEX                  484.26      9.89  +2.08
VB      RUSSELL 2000 VALUE INDEX                  1099.25     21.41  +1.99
SP.Z12  S&P 500 INDEX Dec 2012                     1424.0      27.6  +1.98
RG      RUSSELL 1000 GROWTH INDEX MINI             669.75     12.72  +1.94
MD.U12  S&P MIDCAP 400 INDEX Sep 2012               999.2      18.7  +1.91

LOSERS

BCX.U12 SOYBEANS CRUSH INDEX Sep 2012               50.00     -3.25  -6.10
LH.V12  LEAN HOGS Oct 2012                         71.750    -1.875  -2.55
RR.X12  ROUGH RICE Nov 2012                        14.625    -0.295  -1.98
CSI.U13 SOYBEAN-CORN PRICE RATIO Sep 2013           2.097    -0.034  -1.60
BO.F13  SOYBEAN OIL Jan 2013                        57.60     -0.60  -1.03
US.Z12  T-BONDS Dec 2012                        149.37500  -1.46875  -0.97
FC.K13  FEEDER CATTLE May 2013                     154.65     -0.95  -0.61
LC.V12  LIVE CATTLE Oct 2012                      126.050    -0.275  -0.22
S.U12   SOYBEANS Sep 2012                          1744.5      -3.5  -0.20
CL.M14  CRUDE OIL Jun 2014                          93.85     -0.14  -0.15

———————————————————————

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

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E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
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WINNERS

SCL.A   SHAWCOR LTD                                 42.15      7.07  +20.15
MW      MENS WEARHOUSE                            37.8208    5.9808  +18.78
NAV     NAVISTAR INTL                               23.98      3.57  +17.49
OREX    OREXIGEN THERAPEUTICS                       5.725     0.815  +16.60
BDSI    BIODELIVERY SCIENCES                         5.64      0.62  +12.35
MDI     MAJOR DRILLING GROUP INTL                   10.20      1.07  +11.72
LNCE    SNYDERS-LANCE                               25.12      2.62  +11.64
AGF.B   AGF MGMT LTD                                12.91      1.30  +11.20
AIR     AAR                                        16.190     1.600  +10.97
WLB     WESTMORELAND COAL                            9.05      0.88  +10.77

LOSERS

HVU     HORIZONS BETAPRO S&P 500 VIX B              10.92     -2.74  -20.06
PAY     VERIFONE SYSTEMS                           30.540    -4.840  -13.68
VXX.USD IPATH S&P 500 VIX MID TERM FUT              10.09     -1.39  -12.11
VXX     IPATH S&P 500 VIX MID TERM FUT               9.81     -1.22  -11.06
MKTX    MARKETAXESS HOLDINGS                        30.39     -3.61  -10.62
HUV     HORIZONS BETAPRO S&P 500 VIX                 5.43     -0.62  -10.25
MTRX    MATRIX SERVICE                              10.40     -1.11  -9.64
WCRX    WARNER CHILCOTT                           12.8301   -1.3599  -9.58
NTE     NAM TAI ELECTRONICS                         10.19     -1.05  -9.34
SIGM    SIGMA DESIGNS                                6.15     -0.62  -9.16
_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Thursday NAS +38.56 S&P +22.13 Gold +11.82 CRB +0.23 DOW +211.88 USD -0.795

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 September NASDAQ 100 closed higher due to short covering on Thursday as
it consolidated some of the decline off last Thursday’s high. The high-range
close sets the stage for a steady to higher opening when Friday’s night session
begins trading. Stochastics and the RSI are bearish signaling that sideways to
lower prices are possible near-term. Multiple closes below the aforementioned
uptrend line would confirm an end to the rally off June’s low while opening the
door for sideways to lower prices near-term. Closes above the 20-day moving
average crossing at 2689.81 are needed to temper the near-term bearish outlook.
First resistance is the 20-day moving average crossing at 2689.81. Second
resistance is last Thursday’s high crossing at 2658.00. First support is the
reaction low crossing near 2516.50. Second support is the reaction low crossing
at 2503.50.

The September S&P 500 index closed sharply higher on Thursday and above the
10-day moving average crossing at 1351.59 confirming that a short-term low has
been posted. The high-range close sets the stage for a steady to higher opening
on Friday. Stochastics and the RSI remain neutral to bearish signaling that
sideways to lower prices are possible near-term. If September renews this
week’s breakout below the June-July uptrend line crossing near 1342.24, the
reaction low crossing at 1302.70 is the next downside target. Closes above last
week’s high crossing at 1375.70 are needed to renew the rally off June’s low.
First resistance is the reaction high crossing at 1375.70. Second resistance is
May’s high crossing at 1395.50. First support is Wednesday’s low crossing at
1321.30. Second support is the reaction low crossing at 1320.00.

The Dow closed sharply higher on Thursday and above the 10-day moving
average crossing near 12,788 signaling that a short-term low has been posted.
Today’s rally was underpinned by news that European Central Bank President
Mario Draghi pledged to defend the euro thereby easing concerns over Europe’s
debt crisis. Today’s high-range close sets the stage for a steady to higher
opening on Friday. If the Dow extends today’s rally, the reaction high crossing
at 12,977 then the 75% retracement level of the May-June decline crossing at
13,015 are the next upside targets. If the Dow renews the decline off last
week’s high, the reaction low crossing at 12,492 is the next downside target.
First resistance is the reaction high crossing at 12,977. Second resistance is
the 75% retracement level of the May-June decline crossing at 13,015. First
support is Tuesday’s low crossing at 12,521. Second support is the reaction low
crossing at 12,492.
_____________________________________________________________________

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

September T-bonds closed down 15/32’s at 152-11.

September T-bonds closed lower due to profit taking on Thursday as it
consolidated some of this week’s rally. The low-range close sets the stage for
a steady to lower opening on Friday. Stochastics and the RSI are diverging but
remain neutral to bullish signaling that sideways to higher prices are possible
near-term. If September extends this week’s breakout above June’s high crossing
at 152-19, upside targets will be hard to project now that it is trading into
uncharted territory. Closes below the 20-day moving average crossing at 150-27
would confirm that a double top with June’s high has been posted. First
resistance is Wednesday’s high crossing at 153-11. First support is the 20-day
moving average crossing at 150-27. Second support is the reaction low crossing
at 147-23.

ENERGY MARKETS

September crude oil closed higher due to short covering on Thursday as it
consolidated some of the decline off last week’s high. Despite today’s rebound,
September remained below broken support marked by the 10-day moving average
crossing at 89.59. The mid-range close sets the stage for a steady to higher
opening when Friday’s night session begins. Stochastics and the RSI remain
neutral to bearish signaling that sideways to lower prices are possible
near-term. Closes below the 20-day moving average crossing at 87.36 would
confirm that a short-term top has been posted. If September renews the rally
off June’s low, the 50% retracement level of this year’s decline crossing at
94.28 is the next upside target. First resistance is last Thursday’s high
crossing at 93.25. Second resistance is the 50% retracement level of this
year’s decline crossing at 94.28. First support is the 20-day moving average
crossing at 87.36. Second support is the reaction low crossing at 84.05.

September heating oil closed higher due to short covering on Thursday as it
consolidated some of the decline off last week’s high. The high-range close
sets the stage for a steady to higher opening when Friday’s session begins
trading. Stochastics and the RSI remain neutral to bearish signaling that
sideways to lower prices are possible near-term. Closes below the 20-day moving
average crossing at 278.71 would confirm that a short-term top has been posted.
If September renews the rally off June’s low, the 62% retracement level of the
March-June decline crossing at 302.08 is the next upside target. First
resistance is the 62% retracement level of the March-June decline crossing at
302.08. Second resistance is the 75% retracement level of the March-June
decline crossing at 312.86. First support is the 20-day moving average crossing
at 278.71. Second support is the reaction low crossing at 270.38.

September unleaded gas closed higher due to short covering on Thursday as it
consolidated some of the decline off Monday’s high but remains below the 10-day
moving average crossing at 275.55. The mid-range close sets the stage for a
steady opening when Friday’s night session begins trading. 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 267.57 are needed to confirm
that a short-term top has been posted. If September renews the rally off June’s
low, the 62% retracement level of the March-June decline crossing at 288.72 is
the next upside target. First resistance is the 62% retracement level of the
March-June decline crossing at 288.72. Second resistance is the 75% retracement
level of the March-June decline crossing at 299.72. First support is the 20-day
moving average crossing at 267.57. Second support is the reaction low crossing
at 259.39.

September Henry natural gas closed higher on Thursday and the high-range
close sets the stage for a steady to higher opening on Friday. Stochastics and
the RSI are overbought but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If September extends the rally off June’s
low, the 38% retracement level of the 2011-2012-decline crossing at 3.352 is
the next upside target. Closes below the 20-day moving average crossing at
2.911 are needed to confirm that a short-term top has been posted. First
resistance is Tuesday’s high crossing at 3.186. Second resistance is the 38%
retracement level of the 2011-2012-decline crossing at 3.352. First support is
the 10-day moving average crossing at 2.987. Second support is the 20-day
moving average crossing at 2.911.

CURRENCIES

The September Dollar closed sharply lower on Thursday on news that European
Central Bank President Mario Draghi pledged to defend the euro. The low-range
close sets the stage for a steady to lower opening on Friday. Stochastics and
the RSI are diverging and are turning neutral to bearish signaling that a
short-term top is in or near. Closes below last Thursday’s low crossing at
82.80 would confirm that a short-term top has been posted while opening the
door for a larger-degree decline into early August. If September extends the
rally off May’s low, weekly resistance crossing at 85.04 is the next upside
target. First resistance is Tuesday’s high crossing at 84.24. Second resistance
is weekly resistance crossing at 85.04. First support is last Thursday’s low
crossing at 82.80. Second support is the reaction low crossing at 81.56.

The September Euro closed sharply higher due to short covering on Thursday
as it consolidated some of its recent losses. The high-range close sets the
stage for a steady to higher opening on Friday. Stochastics and the RSI are
oversold, diverging and are turning bullish signaling that sideways to higher
prices are possible near-term. Closes above the 20-day moving average crossing
at 123.12 are needed to confirm that a low has been posted. If September
extends this year’s decline, monthly support crossing at 118.74 is the next
downside target. First resistance is the 20-day moving average crossing at
123.12. Second resistance is the reaction high crossing at 127.03. First
support is Tuesday’s low crossing at 120.51. Second support is monthly support
crossing at 118.74.

The September British Pound closed sharply higher on Thursday as it extended
the trading range of the past two-month’s. The high-range close sets the stage
for a steady to higher opening when Friday’s night session begins trading.
Stochastics and the RSI are turning neutral to bullish signaling that sideways
to higher prices are possible near-term. If September renews the rally off
July’s low, June’s high crossing at 1.5773 is the next upside target. If
September extends the aforementioned decline, the reaction low crossing at
1.5390 is the next downside target. First resistance is last Thursday’s high
crossing at 1.5736. Second resistance is June’s high crossing at 1.5773. First
support is the reaction low crossing at 1.5390. Second support is June’s low
crossing at 1.5266.

The September Swiss Franc closed sharply higher due to short covering on
Thursday as it consolidates some of this year’s decline. The high-range close
sets the stage for a steady to higher opening when Friday’s night session
begins trading. Stochastics and the RSI are oversold but are turning neutral to
bullish signaling that a low appears to be in or is near. Closes above the
20-day moving average crossing at crossing at .10259 are needed to confirm that
a short-term low has been posted. If September extends this year’s decline,
monthly support crossing at .9939 is the next downside target. First resistance
is the 20-day moving average crossing at .10259. Second resistance is the
reaction high crossing at crossing at .10588. First support is Tuesday’s low
crossing at .10040. Second support is monthly support crossing at .9939.

The September Canadian Dollar closed higher on Thursday to renew the rally
off June’s low. The high-range close sets the stage for a steady to higher
opening when Friday’s night session begins trading. Stochastics and the RSI are
diverging but turning neutral signaling that sideways to higher prices are
possible near-term. If September renews the rally off June’s low, the 62%
retracement level of the April-June decline crossing at 99.33 is the next
upside target. Support begins with the reaction low crossing at 97.40. First
resistance is today’s high crossing at 99.28. Second resistance is the 62%
retracement level of this spring’s decline crossing at 99.33. First support is
the reaction low crossing at 97.40. Second support is June’s uptrend line
crossing near 97.15.

The September Japanese Yen closed lower due to profit taking on Thursday as
it consolidated some of the rally off June’s low. The low-range close sets the
stage for a steady to lower opening when Friday’s night session begins trading.
Stochastics and the RSI are overbought but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. If September extends
this month’s rally, June’s high crossing at .12895 is the next upside target.
Closes below the 20-day moving average crossing at .12652 would confirm that a
short-term top has been posted. First resistance is today’s high crossing at
.12839. Second resistance is June’s high crossing at .12895. First support is
the 20-day moving average crossing at .12652. Second support is the reaction
low crossing at .12514.

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

October gold closed higher on Thursday as it extended this week’s rally but
remains locked in a three-month old trading range. The high-range close sets
the stage for a steady to higher opening when Friday’s night session begins
trading. Stochastics and the RSI have turned bullish signaling that sideways to
higher prices are possible near-term. If October gold extends this week’s
rally, the reaction high crossing at 1626.90 is the next upside target. Closes
below the reaction low crossing at 1550.00 would open the door for a possible
test of May’s low crossing at 1534.30. First resistance is the reaction high
crossing at 1626.90. Second resistance is the reaction high crossing at
1644.00. First support is the reaction low crossing at 1550.00. Second support
is May’s low crossing at 1534.30.

September silver closed higher on Thursday while extending this month’s
trading range. The mid-range close set the stage for a steady opening when
Friday’s night session begins trading. Stochastics and the RSI are turning
bullish signaling that sideways to higher prices are possible near-term. If
September renews the rally off June’s low, June’s high crossing at 29.915 is
the next upside target. If September extends this month’s decline, June’s low
crossing at 26.105 is the next downside target. First resistance is the
reaction high crossing at 29.135. Second resistance is June’s high crossing at
29.915. First support is June’s low crossing at 26.105. Second support is
weekly support crossing at 24.689.

September copper closed higher due to short covering on Thursday as it
consolidates some of the decline off last Thursday’s high. The mid-range close
sets the stage for a steady opening when Friday’s night session begins trading.
Stochastics and the RSI remain neutral to bearish signaling that sideways to
lower prices are possible near-term. If September extends this week’s decline,
June’s low crossing at 325.00 is the next downside target. Closes above the
10-day moving average crossing at 344.01 would temper the near-term bearish
outlook in September copper. First resistance is the 10-day moving average
crossing at 344.01. Second resistance is this month’s high crossing at 355.65.
First support is the reaction low crossing at 326.50. Second support is June’s
low crossing at 325.00.

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

September coffee close lower on Thursday as it extended this week’s decline
below the 20-day moving average. The low-range close sets the stage for a
steady to lower opening on Friday. Stochastics and the RSI are bearish
signaling that additional weakness is possible. If September extends this
week’s decline, the reaction low crossing at 16.08 is the next downside target.
Closes above the 10-day moving average crossing at 18.20 would temper the
near-term bearish outlook. If September renews the rally off June’s low,
April’s high crossing at 19.55 is the next upside target.

September cocoa closed sharply higher on Thursday and the high-range close
sets the stage for a steady to higher opening on Friday. Stochastics and the
RSI are turning bullish signaling that sideways to higher prices are possible
near-term. Today’s close above the last Thursday’s high crossing at 22.85
tempered the near-term bearish outlook. If September extends today’s rally,
July’s high crossing at 23.75 is the next upside target. If September renews
this month’s decline, the reaction low crossing at 20.85 is the next downside
target.

October sugar closed sharply lower on Thursday and below the 20-day moving
average crossing at 22.57 confirming that a short-term top has been posted. The
low-range close set the stage for a steady to lower opening on Friday.
Stochastics and the RSI are overbought and are turning bearish signaling that
sideways to lower prices are possible near-term. If October extends today’s
decline, the 50% retracement level of the June-July rally crossing at 21.62 is
the next downside target. If October renews the rally off June’s low,
February’s high crossing at 24.69 is the next upside target.

October cotton closed higher due to short covering on Thursday while
extending this month’s trading range. The high-range close sets the stage for a
steady to higher opening on Friday. Stochastics and the RSI remain bearish
signaling that sideways to lower prices are possible near-term. If October
extends Wednesday’s decline, the reaction low crossing at 66.70 is the next
downside target. From a broad perspective October needs to close above 75.00 or
below 65.00 are needed to confirm a breakout of June’s trading range and point
the direction of the next trending move.

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

December Corn closed down 11 3/4-cents at 7.76 1/4.

December corn closed lower due to profit taking on Thursday as it continues
to consolidate below psychological resistance crossing at 8.00. December
remained under pressure as more showers moved through Chicago. Rains have been
spotty and this week’s event was not a game changer, with very warm
temperatures returning next week. The low-range close sets the stage for a
steady to lower opening when Friday’s night session begins trading. Stochastics
and the RSI are overbought but remain neutral to bullish signaling that
sideways to higher prices are possible near-term. Closes above the previous
all-time high of $7.99-3/4 could trigger renewed buying, as the door would be
open for additional gains into early August. Initial support is Tuesday’s low
crossing at 7.45 1/2. Closes below the 20-day moving average crossing at 7.32
1/2 are needed to confirm that a short-term top has been posted. First
resistance is Monday’s high crossing at 8.00. First support is Tuesday’s low
crossing at 7.45 1/2. Second support is the 20-day moving average crossing at
7.32 1/2.

December wheat closed down 17 3/4-cents at 8.97 1/4.

December wheat posted an inside day with a lower close on Thursday as it
consolidated some of Wednesday’s rally. The low-range close sets the stage for
a steady to lower opening when Friday’s night session begins trading.
Stochastics and the RSI have turned bearish signaling that sideways to lower
prices are possible near-term. Closes below the 20-day moving average crossing
at 8.63 1/4 would confirm that a short-term top has been posted while opening
the door for additional weakness into early August. If December renews the
rally off June’s low, the May-2011 high crossing at 9.77 1/2 is the next upside
target. First resistance is Monday’s high crossing at 9.53 1/4. Second
resistance is the May-2011 high crossing at 9.77 1/2. First support is the
20-day moving average crossing at 8.63 1/4. Second support is the reaction low
crossing at 8.16 1/4.

December Kansas City Wheat closed down 12 3/4-cents at 9.10.

December Kansas City wheat closed lower on Thursday. The low-range close
sets the stage for a steady to lower opening on Friday. 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 8.72 3/4 would confirm that
a short-term top has been posted. If December renews this summer’s rally, the
May-2011 high crossing at 9.78 1/2 is the next upside target. First resistance
is last Friday’s high crossing at 9.54. Second resistance is the May-2011 high
crossing at 9.78 1/2. First support is Tuesday’s low crossing at 8.75 3/4.
Second support is the 20-day moving average crossing at 8.72 3/4.

December Minneapolis wheat closed down 22 1/4-cents at 9.66 3/4.

December Minneapolis wheat posted an inside day with a lower close on
Thursday extending this week’s decline. The low-range close sets the stage for
a steady to lower opening when Friday’s night session begins to trade.
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 9.43 1/2
are needed to confirm that a top has been posted. If December extends this
summer’s rally, weekly resistance crossing at 10.70 3/4 is the next upside
target. First resistance is Monday’s high crossing at 10.34. Second resistance
is weekly resistance crossing at 10 70 3/4. First support is the 20-day moving
average crossing at 9.43 1/2. Second support is the reaction low crossing at
8.99 1/4.

SOYBEAN COMPLEX

November soybeans closed down 48-cents at 15.67 1/2.

November soybeans closed sharply lower on Thursday following overnight
rains, which moved across upper portions of the Midwest. Today’s low-range
close sets the stage for a steady to lower opening when Friday’s night session
begins trading. 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 15.49 would confirm that a short-term top has been posted while
opening the door for a possible decline to this summer’s uptrend line crossing
near 15.05. If November renews this summer’s rally, psychological resistance
crossing at 17.00 is the next upside target. First resistance is Monday’s high
crossing at 16.91 1/2. Second resistance is psychological resistance crossing
at 17.00. First support is the 20-day moving average crossing at 15.49. Second
support is this summer’s uptrend line crossing near 15.05.

December soybean meal closed down $19.40 at $463.80.

December soybean meal closed sharply lower on Thursday and below the 10-day
moving average crossing at 475.40 signaling that a short-term top is in or
near. The low-range close sets the stage for a steady to lower opening when
Friday’s night session begins trading. 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 455.00 would confirm that a short-term
top has been posted. If December renews this year’s rally into uncharted
territory, upside targets will be hard to project. First resistance is Monday’s
high crossing at 509.80. First support is the 20-day moving average crossing at
455.00. Second support is the reaction low crossing at 433.00.

December soybean oil closed down 60-pts. at 52.40.

December soybean posted an inside day with a lower close on Thursday and is
poised to renew this week’s decline. The low-range close sets the stage for a
steady to lower opening when Friday’s night session begins trading. Stochastics
and the RSI remain bearish signaling that additional weakness is possible
near-term. If December extends this week’s decline, the reaction low crossing
at 51.36 is the next downside target. Closes above the 10-day moving average
crossing at 54.25 are needed to temper the near-term bearish outlook. First
resistance is the 10-day moving average crossing at 54.25. Second resistance is
this month’s high crossing at 56.00. First support is Wednesday’s low crossing
at 52.08. Second support is the reaction low crossing at 51.36.

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

August hogs closed up $1.25 at $95.80.

August hogs gapped up and closed higher on Thursday as it extended the rally
off last week’s low. The high-range close sets the stage for a steady to higher
opening when Friday’s night session begins trading. Stochastics and the RSI
remain bullish signaling that sideways to higher prices are possible near-term.
If August extends the rally off lat week’s low, July’s high crossing at 96.15
is the next upside target. Closes below the 10-day moving average crossing at
92.67 would temper the near-term friendly outlook. First resistance is today’s
high crossing at 95.95. Second resistance is this month’s high crossing at
96.15. First support is the 10-day moving average crossing at 92.67. Second
support is July’s low crossing at 89.75.

August cattle closed up $0.22 at 118.17.

August cattle closed higher on Thursday while extending the trading range of
the past five days. The high-range close sets the stage for a steady to higher
opening when Friday’s night session begins trading. Stochastics and the RSI
remain neutral to bullish signaling that sideways to higher prices are possible
near-term. If August renews the rally off this month’s low, the reaction high
crossing at 120.55 is the next upside target. If August renews this month’s
decline, April’s low crossing at 114.70 is the next downside target. First
resistance is last Thursday’s high crossing at 119.10. Second resistance is the
reaction high crossing at 120.55. First support is July’s low crossing at
115.45. Second support is April’s low crossing at 114.70.

August feeder cattle closed up $1.32 at $136.00.

August Feeder cattle closed higher due to short covering on Thursday while
extending the trading range of the past six days. The high-range close sets the
stage for a steady to higher opening when Friday’s night session begins
trading. 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 141.50 would confirm that a short-term low has been posted. If
August renews this summer’s decline, weekly support crossing at 132.66 is the
next downside target. First resistance is the 10-day moving average crossing at
136.56. Second resistance is the 20-day moving average crossing at 141.50.
First support is last Tuesday’s low crossing at 133.10. Second support is
weekly support crossing at 132.66.

______________________________

______________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

BCX.U12 SOYBEANS CRUSH INDEX Sep 2012               58.75      2.25  +3.98
LH.J13  LEAN HOGS Apr 2013                          87.70      1.45  +1.68
RV      RUSSELL 1000 VALUE INDEX MINI              668.81     10.71  +1.63
RG      RUSSELL 1000 GROWTH INDEX MINI             633.15      9.83  +1.58
SP.H14  S&P 500 INDEX Mar 2014                     1316.0      19.9  +1.54
DJ.U12  DJ INDUSTRIAL AVG Sep 2012                  12825       188  +1.49
NG.V12  NATURAL GAS Oct 2012                        3.106     0.042  +1.37
FC.X12  FEEDER CATTLE Nov 2012                    143.550     1.850  +1.31
ND.U12  NASDAQ 100 INDEX Sep 2012                  2572.5      29.0  +1.14
GH      RUSSELL 2000 GROWTH INDEX                  448.28      4.70  +1.06

LOSERS

BCX.Z12 SOYBEANS CRUSH INDEX Dec 2012               29.25     -1.25  -4.10
SM.Z12  SOYBEAN MEAL Dec 2012                       463.8     -19.4  -4.00
S.X12   SOYBEANS Nov 2012                          1566.0     -49.5  -3.06
LB.U12  LUMBER (RANDOM LENGTH) Sep 2012             282.0      -8.9  -3.05
YK.X12  SOYBEAN (MINI) Nov 2012                    1567.5     -48.0  -2.97
KW.U12  HARD RED WINTER WHEAT Sep 2012             890.00    -14.00  -1.54
CSI.X12 SOYBEAN-CORN PRICE RATIO Nov 2012           2.019    -0.031  -1.51
C.Z12   CORN Dec 2012                              776.25    -11.75  -1.49
YC.Z12  CORN (MINI) Dec 2012                       776.25    -11.75  -1.49
BO.Z12  SOYBEAN OIL Dec 2012                        52.35     -0.65  -1.23

———————————————————————

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

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____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Wednesday Gold +19.83 NAS -7.90 S&P -0.42 CRB +0.87 DOW +58.73 USD -0.430

E X T R E M E   M A R K E T   C O M M E N T A R Y
______________________________

_______________________________________

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

The September NASDAQ 100 closed lower on Wednesday as it extended the
decline off last Thursday’s high. A rally in banking stocks along with a
turnaround in the Euro helped to temper some of today’s losses. The mid-range
close sets the stage for a steady to higher opening when Thursday’s night
session begins trading. Multiple closes below the aforementioned uptrend line
would confirm an end to the rally off June’s low while opening the door for
sideways to lower prices near-term. Stochastics and the RSI are bearish
signaling that sideways to lower prices are possible near-term. Closes above
the 20-day moving average crossing at 2689.48 are needed to temper the
near-term bearish outlook. First resistance is the 20-day moving average
crossing at 2689.48. Second resistance is last Thursday’s high crossing at
2658.00. First support is the June-July uptrend line crossing near 2548.16.
Second support is the reaction low crossing at 2516.50.

The September S&P 500 index closed higher due to short covering on Wednesday
as it consolidated some of the decline off last week’s high. Despite today’s
short covering rally, September remains below broken support marked by the
June-July uptrend line crossing near 1339.85. 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 bearish signaling that sideways to
lower prices are possible near-term. If September extends the decline off last
week’s high, the reaction low crossing at 1320.00 is the next downside target.
Closes above the 10-day moving average crossing at 1349.52 would confirm that a
short-term low has been posted. First resistance is the 10-day moving average
crossing at 1349.52. Second resistance is last Thursday’s high crossing at
1375.70. First support is today’s low crossing at 1321.30. Second support is
the reaction low crossing at 1320.00.

The Dow closed higher due to short covering on Wednesday and above the
June-July uptrend line crossing near 12,640 as it consolidated some of the
decline off last week’s high. Today’s mid-range close sets the stage for a
steady to higher opening on Thursday. Multiple closes below the June-July
uptrend line crossing near 12,640 are needed to confirm that a trend change is
taking place while opening the door for a test of the reaction low crossing at
12,492. Stochastics and the RSI remain bearish signaling that sideways to lower
prices are possible near-term. Closes above the 20-day moving average crossing
at 12,760 would temper the near-term bearish outlook. First resistance is the
20-day moving average crossing at 12,760. Second resistance is last Thursday’s
high crossing at 12,977. First support is Tuesday’s low crossing at 12,521.
Second support is the reaction low crossing at 12,492.
____________________________________________________________________

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

September T-bonds closed up 4/32’s at 153-00.

September T-bonds closed higher on Wednesday as it extends Tuesday’s
breakout above broken resistance marked by June’s high of 152-19. The
high-range close sets the stage for a steady to higher opening on Thursday.
Stochastics and the RSI are diverging but are bullish signaling that sideways
to higher prices are possible near-term. Multiple closes above June’s high
crossing at 152-19 would confirm Tuesday’s upside breakout of this resistance
level while opening the door for additional gains into early-August. Closes
below the 20-day moving average crossing at 150-22 are needed to confirm that a
double top has been posted. First resistance is today’s high crossing at
153-11. First support is the 20-day moving average crossing at 150-22. Second
support is the reaction low crossing at 147-23.

ENERGY MARKETS

September crude oil closed higher due to short covering on Wednesday, which
was triggered by today’s rebound in the equity markets. Despite today’s rally,
September remained below broken support marked by the 10-day moving average,
which crosses at 89.27. The high-range close sets the stage for a steady to
higher opening when Thursday’s night session begins. 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 86.91 would confirm that a
short-term top has been posted. If September renews the rally off June’s low,
the 50% retracement level of this year’s decline crossing at 94.28 is the next
upside target. First resistance is last Thursday’s high crossing at 93.25.
Second resistance is the 50% retracement level of this year’s decline crossing
at 94.28. First support is the 20-day moving average crossing at 86.91. Second
support is the reaction low crossing at 84.05.

September heating oil closed higher due to short covering on Wednesday as it
consolidated some of the decline off last week’s high. The high-range close
sets the stage for a steady to higher opening when Thursday’s session begins
trading. 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 277.30 would confirm that a short-term top has been posted. If September
renews the rally off June’s low, the 62% retracement level of the March-June
decline crossing at 302.08 is the next upside target. First resistance is the
62% retracement level of the March-June decline crossing at 302.08. Second
resistance is the 75% retracement level of the March-June decline crossing at
312.86. First support is the 20-day moving average crossing at 277.30. Second
support is the reaction low crossing at 270.38.

September unleaded gas closed lower on Wednesday as it extended Tuesday’s
decline below the 10-day moving average crossing at 274.87 signaling that a
short-term top is in or is near. A short covering rally tempered early session
losses and the high-range close sets the stage for a steady to higher opening
when Thursday’s night session begins trading. Stochastics and the RSI have
turned bearish signaling that sideways to lower prices are possible near-term.
Closes below the 20-day moving average crossing at 266.04 are needed to confirm
that a short-term top has been posted. If September renews the rally off June’s
low, the 62% retracement level of the March-June decline crossing at 288.72 is
the next upside target. First resistance is the 62% retracement level of the
March-June decline crossing at 288.72. Second resistance is the 75% retracement
level of the March-June decline crossing at 299.72. First support is the 20-day
moving average crossing at 266.04. Second support is the reaction low crossing
at 259.39.

September Henry natural gas closed lower due to profit taking on Wednesday
as it consolidated some of the rally off June’s low. The low-range close sets
the stage for a steady to lower opening on Thursday. Stochastics and the RSI
are overbought but remain bullish signaling that sideways to higher prices are
possible near-term. If September extends the rally off June’s low, the 38%
retracement level of the 2011-2012-decline crossing at 3.352 is the next upside
target. Closes below the 20-day moving average crossing at 2.897 are needed to
confirm that a short-term top has been posted. First resistance is Tuesday’s
high crossing at 3.186. Second resistance is the 38% retracement level of the
2011-2012-decline crossing at 3.352. First support is the 10-day moving average
crossing at 2.966. Second support is the 20-day moving average crossing at
2.897.

CURRENCIES

The September Dollar closed lower due to profit taking on Wednesday as it
consolidates some of the rally off last week’s low. The low-range close sets
the stage for a steady to lower opening on Thursday. Stochastics and the RSI
are diverging but are neutral to bullish signaling that sideways to higher
prices are possible near-term. If September extends the rally off May’s low,
weekly resistance crossing at 85.04 is the next upside target. Closes below
last Thursday’s low crossing at 82.80 would confirm that a short-term top has
been posted. First resistance is Tuesday’s high crossing at 84.24. Second
resistance is weekly resistance crossing at 85.04. First support is last
Thursday’s low crossing at 82.80. Second support is the reaction low crossing
at 81.56.

The September Euro closed higher due to short covering on Wednesday as it
consolidated some of its recent losses. The high-range close sets the stage for
a steady to higher opening on Thursday. Stochastics and the RSI are oversold,
diverging but remain neutral to bearish signaling that additional weakness is
possible near-term. If September extends this year’s decline, monthly support
crossing at 118.74 is the next downside target. Closes above the 20-day moving
average crossing at 123.20 would confirm that a low has been posted. First
resistance is the 20-day moving average crossing at 123.20. Second resistance
is last Thursday’s high crossing at 123.35. First support is Tuesday’s low
crossing at 120.51. Second support is monthly support crossing at 118.74.

The September British Pound closed lower on Wednesday as it extended the
decline off last Thursday’s high. The mid-range close sets the stage for a
steady to lower 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 September extends the aforementioned decline, the
reaction low crossing at 1.5390 is the next downside target. If September
renews the rally off July’s low, June’s high crossing at 1.5773 is the next
upside target. First resistance is last Thursday’s high crossing at 1.5736.
Second resistance is June’s high crossing at 1.5773. First support is the
reaction low crossing at 1.5390. Second support is June’s low crossing at
1.5266.

The September Swiss Franc closed higher due to short covering on Wednesday
as it consolidates some of this year’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 diverging but remain neutral to bearish
signaling that sideways to lower prices are possible near-term. If September
extends this year’s decline, monthly support crossing at .9939 is the next
downside target. Closes above the 20-day moving average crossing at crossing at
.10266 are needed to confirm that a short-term low has been posted. First
resistance is the 20-day moving average crossing at .10266. Second resistance
is last Thursday’s high crossing at crossing at .10274. First support is
Tuesday’s low crossing at .10040. Second support is monthly support crossing at
.9939.

The September Canadian Dollar closed higher due to short covering on
Wednesday as it consolidated some of the decline off last week’s high. 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 bearish signaling
that sideways to lower prices are possible near-term. If September extends the
decline off last week’s high, the reaction low crossing at 97.40 is the next
downside target. If September renews the rally off June’s low, the 62%
retracement level of the April-June decline crossing at 99.33 is the next
upside target. First resistance is last Thursday’s high crossing at 99.21.
Second resistance is the 62% retracement level of this spring’s decline
crossing at 99.33. First support is the reaction low crossing at 97.40. Second
support is June’s uptrend line crossing near 97.09.

The September Japanese Yen closed higher on Wednesday as it extends the
rally off June’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 but remain neutral to bullish signaling that sideways to
higher prices are possible near-term. If September extends this month’s rally,
June’s high crossing at .12895 is the next upside target. Closes below the
20-day moving average crossing at .12640 would confirm that a short-term top
has been posted. First resistance is Monday’s high crossing at .12839. Second
resistance is June’s high crossing at .12895. First support is the 20-day
moving average crossing at .12640. Second support is the reaction low crossing
at .12514.

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

October gold closed sharply higher on Wednesday and above the reaction high
crossing at 1600.10 signaling that a short-term low has been posted. 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 sideways to higher prices are possible near-term. If
October gold extends today’s rally, the reaction high crossing at 1626.90 is
the next upside target. Closes below the reaction low crossing at 1550.00 would
open the door for a possible test of May’s low crossing at 1534.30. First
resistance is the reaction high crossing at 1626.90. Second resistance is the
reaction high crossing at 1644.00. First support is the reaction low crossing
at 1550.00. Second support is May’s low crossing at 1534.30.

September silver closed higher on Wednesday while extending this month’s
trading range. 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 neutral to bearish signaling that sideways to lower prices are possible
near-term. If September extends this month’s decline, June’s low crossing at
26.105 is the next downside target. If September renews the rally off June’s
low, June’s high crossing at 29.915 is the next upside target. First resistance
is the reaction high crossing at 29.135. Second resistance is June’s high
crossing at 29.915. First support is June’s low crossing at 26.105. Second
support is weekly support crossing at 24.689.

September copper closed higher due to short covering on Wednesday as it
consolidates some of the decline off last Thursday’s high. 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 bearish signaling that sideways
to lower prices are possible near-term. If September extends this week’s
decline, June’s low crossing at 325.00 is the next downside target. Closes
above the 10-day moving average crossing at 344.34 would temper the near-term
bearish outlook in September copper. First resistance is the 10-day moving
average crossing at 344.34. Second resistance is this month’s high crossing at
355.65. First support is the reaction low crossing at 326.50. Second support is
June’s low crossing at 325.00.

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

September coffee close slightly higher due to short covering on Wednesday as
it consolidated some of Tuesday’s decline but remains below the 20-day moving
average crossing at 17.95. The mid-range close sets the stage for a steady
opening on Thursday. Stochastics and the RSI are bearish signaling that
additional weakness is possible. If September extends Tuesday’s decline, the
reaction low crossing at 16.08 is the next downside target. If September renews
the rally off June’s low, April’s high crossing at 19.55 is the next upside
target.

September cocoa closed higher on Wednesday and the mid-range close sets the
stage for a steady opening on Thursday. Stochastics and the RSI are turning
neutral to bullish signaling that sideways to higher prices are possible
near-term. Closes above the last Thursday’s high crossing at 22.85 would temper
the near-term bearish outlook. If September renews this month’s decline, the
reaction low crossing at 20.85 is the next downside target.

October sugar closed higher on Wednesday and the high-range close set 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 October extends the rally off June’s low,
February’s high crossing at 24.69 is the next upside target. Closes below the
20-day moving average crossing at 22.49 would confirm that a short-term top has
been posted.

October cotton closed sharply lower on Wednesday while extending this
month’s trading range. 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. If October extends today’s
decline, the reaction low crossing at 66.70 is the next downside target. From a
broad perspective October needs to close above 75.00 or below 65.00 are needed
to confirm a breakout of June’s trading range and point the direction of the
next trending move.

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

December Corn closed up 9 3/4-cents at 7.88.

December corn closed higher on Wednesday as it extended the late-day rebound
off Tuesday’s low. This summer’s rally has staled below key resistance crossing
at 7.99 3/4 as traders are trying to access whether or not this summer’s rally
has gone high enough to ration demand. 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 but remain neutral to bullish signaling
that sideways to higher prices are possible near-term. Closes above the
previous all-time high of $7.99-3/4 would likely trigger additional buying as
the door would be open for additional gains into early August. Initial support
is Tuesday’s low crossing at 7.45 1/2. Closes below the 20-day moving average
crossing at 7.25 1/2 are needed to confirm that a short-term top has been
posted. First resistance is Monday’s high crossing at 8.00. First support is
Tuesday’s low crossing at 7.45 1/2. Second support is the 20-day moving average
crossing at 7.25 1/2.

December wheat closed up 26 3/4-cents at 9.15.

December wheat closed higher on Wednesday as today’s rally was fueled by
rumors that Russia could ban exports due to mounting production losses. 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 bearish
signaling that a pause or setback to consolidate some of this summer’s rally is
possible. Closes below the 20-day moving average crossing at 8.57 would confirm
that a short-term top has been posted while opening additional weakness
possible into early August. If December renews the rally off June’s low, the
May-2011 high crossing at 9.77 1/2 is the next upside target. First resistance
is Monday’s high crossing at 9.53 1/4. Second resistance is the May-2011 high
crossing at 9.77 1/2. First support is the 20-day moving average crossing at
8.57. Second support is the reaction low crossing at 8.16 1/4.

December Kansas City Wheat closed up 24 3/4-cents at 9.22 3/4.

December Kansas City wheat gapped up and closed higher on Wednesday as it
consolidated some of the decline off last week’s high. The high-range close
sets the stage for a steady to higher opening on Thursday. Stochastics and the
RSI are turning bearish hinting that sideways to lower prices are possible
near-term. Closes below the 20-day moving average crossing at 8.66 1/2 would
confirm that a short-term top has been posted. If December renews this summer’s
rally, the May-2011 high crossing at 9.78 1/2 is the next upside target. First
resistance is last Friday’s high crossing at 9.54. Second resistance is the
May-2011 high crossing at 9.78 1/2. First support is Tuesday’s low crossing at
8.75 3/4. Second support is the 20-day moving average crossing at 8.66 1/2.

December Minneapolis wheat closed up 20 1/2-cents at 9.89.

December Minneapolis wheat posted an inside day with a higher close on
Wednesday as it consolidated some of this week’s losses. The high-range close
sets the stage for a steady to higher opening when Thursday’s night session
begins to trade. Stochastics and the RSI have turned bearish signaling that
sideways to lower prices are possible near-term. Closes below the 20-day moving
average crossing at 9.37 1/4 are needed to confirm that a top has been posted.
If December extends this summer’s rally, weekly resistance crossing at 10.70
3/4 is the next upside target. First resistance is Monday’s high crossing at
10.34. Second resistance is weekly resistance crossing at 10 70 3/4. First
support is the 20-day moving average crossing at 9.37 1/4. Second support is
the reaction low crossing at 8.99 1/4.

SOYBEAN COMPLEX

November soybeans closed up 46-cents at 16.15 1/2.

November soybeans closed sharply higher on Wednesday, as there is a growing
sentiment that this week’s rains will fall short of reversing crop loss trends.
Additional gains on Thursday are needed to confirm that this week’s losses were
merely a correction within this summer’s bull market. Today’s 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. Closes below the 20-day moving average
crossing at 15.41 1/4 would confirm that a short-term top has been posted while
opening the door for a possible decline to this summer’s uptrend line crossing
near 14.94. If November renews this summer’s rally, psychological resistance
crossing at 17.00 is the next upside target. First resistance is Monday’s high
crossing at 16.91 1/2. Second resistance is psychological resistance crossing
at 17.00. First support is the 20-day moving average crossing at 15.41 1/4.
Second support is this summer’s uptrend line crossing near 14.94.

December soybean meal closed up $13.40 at $483.20.

December soybean meal closed sharply higher due to short covering on
Wednesday and filled Tuesday’s gap crossing at 484.30. The high-range close
sets the stage for a steady to higher opening when Thursday’s night session
begins trading. Stochastics and the RSI have turned bearish warning bulls that
additional weakness is possible near-term. Closes below the 20-day moving
average crossing at 452.40 would confirm that a short-term top has been posted.
If December renews this year’s rally into uncharted territory, upside targets
will be hard to project. First resistance is Monday’s high crossing at 509.80.
First support is the 20-day moving average crossing at 452.40. Second support
is the reaction low crossing at 433.00.

December soybean oil closed up 67-pts. at 53.00.

December soybean posted an inside day with a higher close on Wednesday as it
consolidated some of Tuesday’s decline but remains well below broken support
marked by the 20-day moving average crossing at 54.14. 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 bearish signaling that
additional weakness is possible near-term. Closes above the 10-day moving
average crossing at 54.43 are needed to temper the near-term bearish outlook.
First resistance is the 20-day moving average crossing at 54.14. Second
resistance is the 10-day moving average crossing at 54.43. First support is
Tuesday’s low crossing at 52.12. Second support is the reaction low crossing at
51.36.

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

August hogs closed up $1.62 at $94.55.

August hogs gapped up and closed higher on Wednesday renewing the rally off
last week’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 bullish signaling that sideways to higher prices are possible near-term.
If August extends the rally off lat week’s low, July’s high crossing at 96.15
is the next upside target. Closes below the 10-day moving average crossing at
92.32 would temper the near-term friendly outlook. First resistance is today’s
high crossing at 94.75. Second resistance is this month’s high crossing at
96.15. First support is the 10-day moving average crossing at 92.32. Second
support is last Monday’s low crossing at 89.75.

August cattle closed down $0.85 at 117.95.

August cattle closed lower due to profit taking on Wednesday. The mid-range
close sets the stage for a steady opening when Thursday’s night session begins
trading. Stochastics and the RSI remain bullish signaling that sideways to
higher prices are possible near-term. If August renews last week’s rally, the
reaction high crossing at 120.55 is the next upside target. If August renews
this month’s decline, April’s low crossing at 114.70 is the next downside
target. First resistance is last Thursday’s high crossing at 119.10. Second
resistance is the reaction high crossing at 120.55. First support is last
Tuesday’s low crossing at 115.45. Second support is April’s low crossing at
114.70.

August feeder cattle closed down $3.00 at $134.67.

August Feeder cattle closed limit down on Wednesday while extending the
trading range of the past five days. The limit down 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 signaling that sideways to
higher prices are possible near-term. Closes above the 20-day moving average
crossing at 142.14 would confirm that a short-term low has been posted. If
August renews this summer’s decline, weekly support crossing at 132.66 is the
next downside target. First resistance is the 10-day moving average crossing at
137.08. Second resistance is the 20-day moving average crossing at 142.14.
First support is last Tuesday’s low crossing at 133.10. Second support is
weekly support crossing at 132.66.

______________________________

______________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/futures/

WINNERS

SM.Q12  SOYBEAN MEAL Aug 2012                       529.8      20.0  +3.92
S.X12   SOYBEANS Nov 2012                          1616.0      46.5  +2.97
LH.Z12  LEAN HOGS Dec 2012                          77.85      2.25  +2.97
YK.X12  SOYBEAN (MINI) Nov 2012                   1615.50     46.00  +2.92
YW.U12  WHEAT (MINI) Sep 2012                      903.25     24.50  +2.79
W.U12   WHEAT Sep 2012                             903.25     24.50  +2.78
KW.Z12  HARD RED WINTER WHEAT Dec 2012             922.75     24.75  +2.75
RR.F13  ROUGH RICE Jan 2013                        16.110     0.385  +2.45
AA.Y$$  BUTTER-GRADE AA Cash                       1660.0      37.5  +2.31
CSI.U12 SOYBEAN-CORN PRICE RATIO Sep 2012           2.065     0.045  +2.23

LOSERS

BCX.H13 SOYBEANS CRUSH INDEX Mar 2013               50.25     -2.25  -4.29
FC.Q12  FEEDER CATTLE Aug 2012                    134.675    -3.000  -2.18
NG.H13  NATURAL GAS Mar 2013                        3.568    -0.046  -1.29
LB.X12  LUMBER (RANDOM LENGTH) Nov 2012             284.5      -3.1  -1.08
LC.Q12  LIVE CATTLE Aug 2012                       117.95     -0.85  -0.72
ND.U12  NASDAQ 100 INDEX Sep 2012                 2543.50     -5.00  -0.20
RG      RUSSELL 1000 GROWTH INDEX MINI             623.33     -1.07  -0.17
US.Z12  T-BONDS Dec 2012                        154.03125  -0.06250  -0.04
ED.H17  EURODOLLAR Mar 2017                        98.385    -0.015  -0.02

———————————————————————

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E X T R E M E   S T O C K S
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Updated every 10 minutes around the clock.
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WINNERS

INVN    INVENSENSE                                  12.32      3.13  +34.06
LL      LUMBER LIQUIDATORS                          41.33      8.75  +26.86
RVBD    RIVERBED TECH                               18.33      3.78  +25.98
AWRE    AWARE                                        6.65      1.13  +20.47
SWI     SOLARWINDS                                  49.48      8.00  +19.29
IRBT    IROBOT                                     23.000     3.510  +18.01
TPCG    TPC GROUP                                   39.01      5.54  +16.55
HWAY    HEALTHWAYS                                  9.789     1.339  +15.85
ACOM    ANCESTRY.COM INC                            31.40      4.17  +15.31
SYMC    SYMANTEC                                   14.945     1.770  +13.43

LOSERS

NFLX    NETFLIX                                     60.28    -20.11  -25.02
IGT     INTL GAME TECH                              11.80     -2.89  -19.67
USG     USG                                         15.76     -3.49  -18.13
TRIP    TRIPADVISOR                                36.190    -7.280  -16.75
FBPRL   FIRST BANCORP                               12.05     -1.96  -13.99
QCOR    QUESTCOR PHARMACEUTICALS                   38.500    -6.120  -13.72
FBPRP   FIRST BANCORP HOLDING PR A                  12.13     -1.88  -13.42
RCKY    ROCKEY BRANDS                             12.0200   -1.8000  -13.02
TESS    TESSCO TECHNOLOGIES                         19.21     -2.82  -12.80
DHX     DICE HOLDINGS                                7.19     -1.04  -12.64
_____________________________________________________________________

T H A N K   Y O U
_____________________________________________________________________

Tuesday NAS -28.39 S&P -12.21 CRB -2.51 USD +0.300 Gold +4.25 DOW -104.14

E X T R E M E   M A R K E T   C O M M E N T A R Y
______________________________

_______________________________________

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

The September NASDAQ 100 closed lower for the third day in a row on Tuesday
as it extended the decline off last Thursday’s high. Today’s decline fell short
of testing the June-July uptrend line crossing near 2546.80. The low-range
close sets the stage for a steady to lower opening when Wednesday’s night
session begins trading. Closes below the aforementioned uptrend line would
confirm an end to the rally off June’s low while opening the door for sideways
to lower prices into the end of July. Stochastics and the RSI are turning
bearish signaling that sideways to lower prices are possible near-term. If
September renews the rally off June’s low, the May 4th gap crossing at 2686.50
is the next upside target. First resistance is last Thursday’s high crossing at
2658.00. Second resistance is May 4th gap crossing at 2686.50. First support is
the June-July uptrend line crossing near 2546.80. Second support is the
reaction low crossing at 2516.50.

The September S&P 500 index closed sharply lower on Tuesday amid concern
over Europe’s debt crisis and news that United Parcel Service Inc. lowered its
earnings forecast. UPS’s bearish earnings forecast led to a 5% decline in their
stock and could prove to be a harbinger of disappointing earnings among other
companies in the coming months. Today’s decline led to a breakout below the
June-July uptrend line crossing near 1338.17 confirming that the corrective
rally off June’s low has ended while at the same time opening the door for
sideways to lower prices into August; a seasonally weak period for the equity
markets. The low-range close sets the stage for a steady to lower opening when
Wednesday’s night session begins trading. Stochastics and the RSI have turned
bearish signaling that sideways to lower prices are possible near-term. If
September extends the decline off last week’s high, the reaction low crossing
at 1320.00 is the next downside target. Closes above the 10-day moving average
crossing at 1348.97 would confirm that a short-term low has been posted. First
resistance is the 10-day moving average crossing at 1348.97. Second resistance
is last Thursday’s high crossing at 1375.70. First support is today’s low
crossing at 1324.20. Second support is the reaction low crossing at 1320.00.

The Dow closed lower for the third day in a row and below the June-July
uptrend line crossing near 12,627 amid increased speculation that Greece may
miss debt reduction targets. Additional pressure came from news that United
Parcel Service Inc. lowered its profit forecast. Today’s breakout and close
below the June-July uptrend line crossing near 12,627 confirms that a trend
change is taking place while opening the door for sideways to lower prices into
August when a seasonal low is due to be posted. Today’s low-range close sets
the stage for a steady to lower opening on Wednesday as the door is open for a
test of the previous reaction low crossing at 12,492 possibly on Wednesday.
Closes above the 20-day moving average crossing at 12,747 would temper the
near-term bearish outlook. Stochastics and the RSI are diverging and are
turning bearish signaling that sideways to lower prices are possible near-term.
First resistance is the 20-day moving average crossing at 12,747. Second
resistance is last Thursday’s high crossing at 12,977. First support is today’s
low crossing at 12,521. Second support is the reaction low crossing at 12,492.
_____________________________________________________________________

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

September T-bonds closed up 31/32’s at 153-04.

September T-bonds closed higher on Tuesday and above June’s high of 152-19
thereby renewing the rally off March’s low. The high-range close sets the stage
for a steady to higher opening on Wednesday. Stochastics and the RSI are
diverging but have turned bullish signaling that sideways to higher prices are
possible near-term. Multiple closes above June’s high crossing at 152-19 would
confirm today’s upside breakout of this resistance level while opening the door
for additional gains into early-August. Closes below the 20-day moving average
crossing at 150-16 are needed to confirm that a double top has been posted.
First resistance is today’s high crossing at 153-04. First support is the
20-day moving average crossing at 150-16. Second support is the reaction low
crossing at 147-23.

ENERGY MARKETS

September crude oil closed higher due to short covering on Tuesday as it
consolidated some of its decline off last Thursday’s high. Today’s rally was
supported by fight in Syria, which raised tensions in the Middle East along
with reports that China’s manufacturing may contract at a slower pace in July
than had previously been forecasted. US crude oil inventories declined by 1
million barrels to 376.4 million in the seven days ended July 20, according to
the median of 11 analyst estimates before an Energy Department report tomorrow.
A decrease of that size would leave supplies at the lowest level since April.
Despite today’s rally, September remained below broken support marked by the
10-day moving average, which crosses at 89.01. The high-range close sets the
stage for a steady to higher opening when Wednesday’s night session begins.
However, stochastics and the RSI have turned bearish signaling that sideways to
lower prices are possible near-term. Closes below the 20-day moving average
crossing at 86.46 would confirm that a short-term top has been posted. If
September renews the rally off June’s low, the 50% retracement level of this
year’s decline crossing at 94.28 is the next upside target. First resistance is
last Thursday’s high crossing at 93.25. Second resistance is the 50%
retracement level of this year’s decline crossing at 94.28. First support is
the 20-day moving average crossing at 86.46. Second support is the reaction low
crossing at 84.05.

August heating oil closed lower on Tuesday as it extended Monday’s decline
below the 10-day moving average crossing at 283.85. The mid-range close sets
the stage for a steady to lower opening when Wednesday’s session begins
trading. Stochastics and the RSI are turning bearish signaling that pause or
setback is possible near-term. Closes below the 20-day moving average crossing
at 275.93 would confirm that a short-term top has been posted. If August renews
the rally off June’s low, the 62% retracement level of the March-June decline
crossing at 301.88 is the next upside target. First resistance is the 62%
retracement level of the March-June decline crossing at 301.88. Second
resistance is the 75% retracement level of the March-June decline crossing at
312.72. First support is the 20-day moving average crossing at 275.93. Second
support is the reaction low crossing at 270.28.

August unleaded gas closed lower on Tuesday and below the 10-day moving
average crossing at 285.63 signaling that a short-term top is in or is near.
The low-range close sets the stage for a steady to lower opening when
Wednesday’s night session begins trading. Stochastics and the RSI are
overbought and are turning neutral to bearish signaling that a pause or setback
to consolidate some of the rally off June’s low is possible near-term. Closes
below the 20-day moving average crossing at 275.14 are needed to confirm that a
short-term top has been posted. If August extends the rally off June’s low, the
62% retracement level of the March-June decline crossing at 295.32 is the next
upside target. First resistance is the 62% retracement level of the March-June
decline crossing at 295.32. Second resistance is the 75% retracement level of
the March-June decline crossing at 306.20. First support is the 20-day moving
average crossing at 275.14. Second support is the reaction low crossing at
270.42.

August Henry natural gas closed higher on Tuesday as it extends the rally
off June’s low. The high-range close sets the stage for a steady to higher
opening on Wednesday. Stochastics and the RSI are overbought but remain bullish
signaling that sideways to higher prices are possible near-term. If July
extends the rally off June’s low, the 38% retracement level of the
2011-2012-decline crossing at 3.320 is the next upside target. Closes below the
20-day moving average crossing at 2.887 are needed to confirm that a short-term
top has been posted. First resistance is today’s high crossing at 3.196. Second
resistance is the 38% retracement level of the 2011-2012-decline crossing at
3.320. First support is the 10-day moving average crossing at 2.953. Second
support is the 20-day moving average crossing at 2.887.

CURRENCIES

The September Dollar closed higher on Tuesday and above June high of 84.00
thereby renewing the rally off May’s low. The high-range close sets the stage
for a steady to higher opening on Wednesday. Stochastics and the RSI are
diverging but are turning bullish signaling that sideways to higher prices are
possible near-term. If September extends the rally off May’s low, weekly
resistance crossing at 85.04 is the next upside target. Closes below last
Thursday’s low crossing at 82.80 would confirm that a short-term top has been
posted. First resistance is today’s high crossing at 84.24. Second resistance
is weekly resistance crossing at 85.04. First support is last Thursday’s low
crossing at 82.80. Second support is the reaction low crossing at 81.56.

The September Euro closed lower on Tuesday amid increased concerns over
Greece and Spain’s debt crisis. The low-range close sets the stage for a steady
to lower opening on Wednesday. Stochastics and the RSI are oversold, diverging
but remain bearish signaling that additional weakness is possible near-term. If
September extends this year’s decline, monthly support crossing at 118.74 is
the next downside target. Closes above the 20-day moving average crossing at
123.38 would confirm that a low has been posted. First resistance is last
Thursday’s high crossing at 123.35. Second resistance is the 20-day moving
average crossing at 123.38. First support is today’s low crossing at 120.51.
Second support is monthly support crossing at 118.74.

The September British Pound closed lower on Tuesday as it extended the
decline off last Thursday’s high. The low-range close sets the stage for a
steady to lower opening when Wednesday’s night session begins trading.
Stochastics and the RSI have turned bearish signaling that sideways to lower
prices are possible near-term. If September extends the aforementioned decline,
the reaction low crossing at 1.5390 is the next downside target. If September
renews the rally off July’s low, June’s high crossing at 1.5773 is the next
upside target. First resistance is last Thursday’s high crossing at 1.5736.
Second resistance is June’s high crossing at 1.5773. First support is the
reaction low crossing at 1.5390. Second support is June’s low crossing at
1.5266.

The September Swiss Franc closed lower on Tuesday as it extended this year’s
decline. The low-range close sets the stage for a steady to lower opening when
Wednesday’s night session begins trading. Stochastics and the RSI are diverging
but are bearish signaling that sideways to lower prices are possible near-term.
If September extends this year’s decline, monthly support crossing at .9939 is
the next downside target. Closes above the 20-day moving average crossing at
crossing at .10281 are needed to confirm that a short-term low has been posted.
First resistance is last Thursday’s high crossing at crossing at .10274. Second
resistance is the 20-day moving average crossing at .10281. First support is
today’s low crossing at .10040. Second support is monthly support crossing at
.9939.

The September Canadian Dollar closed lower on Tuesday and below the 20-day
moving average crossing at 98.08 confirming that a short-term top has been
posted. The low-range close sets the stage for a steady to lower opening when
Wednesday’s night session begins trading. Stochastics and the RSI have turning
bearish signaling that sideways to lower prices are possible near-term. If
September extends the decline off last week’s high, the reaction low crossing
at 97.40 is the next downside target. If September renews the rally off June’s
low, the 62% retracement level of the April-June decline crossing at 99.33 is
the next upside target. First resistance is last Thursday’s high crossing at
99.21. Second resistance is the 62% retracement level of this spring’s decline
crossing at 99.33. First support is the reaction low crossing at 97.40. Second
support is June’s uptrend line crossing near 97.08.

The September Japanese Yen closed higher on Tuesday as it extends the rally
off June’s low. The high-range close sets the stage for a steady to higher
opening when Wednesday’s night session begins trading. Stochastics and the RSI
are overbought but remain neutral to bullish signaling that sideways to higher
prices are possible near-term. If September extends this month’s rally, June’s
high crossing at .12895 is the next upside target. Closes below the 20-day
moving average crossing at .12629 would confirm that a short-term top has been
posted. First resistance is Monday’s high crossing at .12839. Second resistance
is June’s high crossing at .12895. First support is the 20-day moving average
crossing at .12629. Second support is the reaction low crossing at .12514.

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

August gold closed higher on Tuesday as it continues to extend the trading
range of the past three months. 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 August renews this month’s decline, the
reaction low crossing at 1547.60 is the next downside target. Multiple closes
above the reaction high crossing at 1598.80 would confirm that a short-term low
has been posted. First resistance is the reaction high crossing at 1598.80.
Second resistance is this month’s high crossing at 1625.70. First support is
the reaction low crossing at 1547.60. Second support is May’s low crossing at
1529.30.

September silver closed lower on Tuesday as it extends this month’s trading
range. The mid-range close set the stage for a steady opening when Wednesday’s
night session begins trading. Stochastics and the RSI are bearish signaling
that sideways to lower prices are possible near-term. If September extends this
month’s decline, June’s low crossing at 26.105 is the next downside target. If
September renews the rally off June’s low, June’s high crossing at 29.915 is
the next upside target. First resistance is the reaction high crossing at
29.135. Second resistance is June’s high crossing at 29.915. First support is
June’s low crossing at 26.105. Second support is weekly support crossing at
24.689.

September copper closed lower for the third day in a row on Tuesday as it
extended the decline off last Thursday’s high. The low-range close sets the
stage for a steady to lower opening when Wednesday’s night session begins
trading. Stochastics and the RSI are bearish signaling that sideways to lower
prices are possible near-term. If September extends this week’s decline, June’s
low crossing at 325.00 is the next downside target. Closes above the 10-day
moving average crossing at 345.03 would temper the near-term bearish outlook in
September copper. First resistance is the 10-day moving average crossing at
345.03. Second resistance is this month’s high crossing at 355.65. First
support is the reaction low crossing at 326.50. Second support is June’s low
crossing at 325.00.

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

September coffee close lower on Tuesday and below the 20-day moving average
crossing at 17.90 tempering the near-term friendly outlook. The low-range close
sets the stage for a steady to lower opening on Wednesday. Stochastics and the
RSI are neutral to bearish signaling that additional weakness is possible. If
September extends today’s decline, the reaction low crossing at 16.08 is the
next downside target. If September renews the rally off June’s low, April’s
high crossing at 19.55 is the next upside target.

September cocoa closed lower on Tuesday but the low-range close sets the
stage for a steady to lower opening on Wednesday. Stochastics and the RSI are
turning neutral to bullish signaling that sideways to higher prices are
possible near-term. Closes above the last Thursday’s high crossing at 22.85
would temper the near-term bearish outlook. If September renews this month’s
decline, the reaction low crossing at 20.85 is the next downside target.

October sugar closed lower due to profit taking on Tuesday as it
consolidated some of the rally off June’s low. The mid-range close set the
stage for a steady opening on Wednesday. Stochastics and the RSI are overbought
but remain neutral to bullish signaling that sideways to higher prices are
possible near-term. If October extends the rally off June’s low, February’s
high crossing at 24.69 is the next upside target. Closes below the 20-day
moving average crossing at 22.32 would confirm that a short-term top has been
posted.

October cotton closed lower on Tuesday as it extends this month’s trading
range. The low-range close sets the stage for a steady to lower opening on
Wednesday. Stochastics and the RSI are neutral to bearish signaling that
sideways to lower prices are possible near-term. Closes above 75.00 or below
65.00 are needed to confirm a breakout of June’s trading range and point the
direction of the next trending move.

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

December Corn closed down 7 1/4-cents at 7.78 1/4.

December corn closed lower on Tuesday but well off session lows that touched
limit down in early session trading. Early downside pressure was triggered by
overnight and morning rains, which moved across upper portions of the Midwest
and moved through Chicago, which led to a limit down move in December corn this
morning. However, prices began to rebound following a Reuters’ News survey of
trade analysts, which estimated this year’s corn yield at 130.8 bushels per
acre leading to a corn crop of 11.4 billion bushels. That would assume
harvested acres of just over 87 million, or 90% of planted acres. Harvested
acres during the 1988 drought fell to 85.5%. If harvest acres fall by a similar
amount this year, harvested acres would be down another 5 million near 82
million acres. Monday’s crop conditions report showed that 45% of the nation’s
corn crop is rated Poor to Very Poor as of this week. The high-range close sets
the stage for a steady to higher opening when Wednesday’s night session begins
trading. Stochastics and the RSI are overbought but remain neutral to bullish
signaling that sideways to higher prices are possible near-term. Closes above
the previous all-time high of $7.99-3/4 would likely trigger additional buying
as the door would be open for additional gains ahead of the August
supply-demand report. Initial support is the 10-day moving average crossing at
7.64 1/4. Closes below the 20-day moving average crossing at 7.17 1/4 would
confirm that a top has been posted. First resistance is Monday’s high crossing
at 8.00. First support is the 10-day moving average crossing at 7.64 1/4.
Second support is the 20-day moving average crossing at 7.17 1/4.

December wheat closed down 30 3/4-cents at 8.88 1/4.

December wheat closed sharply lower on Tuesday confirming yesterday’s key
reversal down as it consolidated some of this summer’s rally. Today’s decline
led to a close below the 10-day moving average crossing at 8.95 3/4 thereby
signaling that a short-term top is in or is near. A short covering rally
tempered early session losses and the mid-range close sets the stage for a
steady opening when Wednesday’s night session begins trading. Stochastics and
the RSI are overbought and are turning neutral to bearish signaling that a
pause or setback to consolidate some of this summer’s rally appears likely
near-term. Closes below the 20-day moving average crossing at 8.49 1/2 would
confirm that a short-term top has been posted while opening additional weakness
possible into the August supply-demand report. If December renews the rally off
June’s low, the May-2011 high crossing at 9.77 1/2 is the next upside target.
First resistance is Monday’s high crossing at 9.53 1/4. Second resistance is
the May-2011 high crossing at 9.77 1/2. First support is the 20-day moving
average crossing at 8.49 1/2. Second support is the reaction low crossing at
8.16 1/4.

December Kansas City Wheat closed down 31 1/2-cents at 8.98.

December Kansas City wheat gapped down and closed below initial support
marked by the 10-day moving average crossing at 9.05 3/4 on Tuesday as it
consolidated some of this summer’s rally. Early session losses saw December
fill the July 16th gap crossing at 8.78 before a short covering rally tempered
some of today’s losses. The high-range close sets the stage for a steady to
higher opening on Wednesday. Stochastics and the RSI are overbought and are
turning bearish hinting that sideways to lower prices are possible near-term.
Closes below the 20-day moving average crossing at 8.59 would confirm that a
short-term top has been posted. If December renews this summer’s rally, the
May-2011 high crossing at 9.78 1/2 is the next upside target. First resistance
is last Friday’s high crossing at 9.54. Second resistance is the May-2011 high
crossing at 9.78 1/2. First support is today’s low crossing at 8.75 3/4. Second
support is the 20-day moving average crossing at 8.59.

December Minneapolis wheat closed down 36 1/2-cents at 9.68 1/2.

December Minneapolis wheat closed sharply lower confirming yesterday’s key
reversal down on Tuesday as it consolidated some of this summer’s rally.
Today’s close below initial support marked by the 10-day moving average
crossing at 9.77 1/2 signals that a short-term top is in or near. The mid-range
close sets the stage for a steady to lower opening when Wednesday’s night
session begins to trade. Stochastics and the RSI are overbought and are turning
neutral to bearish signaling that sideways to lower prices are possible
near-term. Closes below the 20-day moving average crossing at 9.29 1/4 are
needed to confirm that a top has been posted. If December extends this summer’s
rally, weekly resistance crossing at 10.70 3/4 is the next upside target. First
resistance is Monday’s high crossing at 10.34. Second resistance is weekly
resistance crossing at 10 70 3/4. First support is the 20-day moving average
crossing at 9.29 1/4. Second support is the reaction low crossing at 8.99 1/4.

SOYBEAN COMPLEX

November soybeans closed down 52 3/4-cents at 15.69 1/2.

November soybeans closed sharply lower for the second day in a row on
Tuesday as rains moved across portions of the upper Midwest overnight and
persisted throughout much of today. A Reuters’ news survey of traders estimated
this year’s soybean crop at 38.6 bushels per acre, for a total soybean crop of
2.9 billion bushels. That is based upon the assumption that harvested acres
will be around 75.1 million acres, which is down slightly from USDA’s estimate
of 75.3 million. This harvested acreage number appears to be optimistic
considering that 35% of the nation’s crop is rated Poor to Very Poor and many
double-crop acres were never planted. If harvested acres come in a more
realistic 73 to 74 million acreage, the USDA would have to cut another 50 to 75
million off the size of this year’s soybean crop. Demand continues to remain
strong despite this summer’s run up in prices, which suggests that the market
has not rationed enough demand given the projected supply of new-crop soybeans.
Today’s low-range close sets the stage for a steady to lower opening when
Wednesday’s night session begins trading. Stochastics and the RSI have turned
bearish signaling that sideways to lower prices are possible near-term. Closes
below the 20-day moving average crossing at 15.31 would confirm that a
short-term top has been posted while opening the door for a possible decline to
this summer’s uptrend line crossing near 14.88 1/4 before the market can find
solid footing to halt this week’s decline. If November renews this summer’s
rally, psychological resistance crossing at 17.00 is the next upside target.
First resistance is Monday’s high crossing at 16.91 1/2. Second resistance is
psychological resistance crossing at 17.00. First support is the 20-day moving
average crossing at 15.31. Second support is this summer’s uptrend line
crossing near 14.88 1/4.

December soybean meal closed down $14.50 at $469.80.

December soybean meal closed sharply lower for the second day in a row due
to long liquidation by funds on Tuesday. Rains across portions of the upper
Midwest along with a wetter extended weather forecast for the region extended
Monday’s losses. Early weakness saw December spike below initial support marked
by the 10-day moving average before a short covering rally ahead of the close
tempered early session losses. The mid-range close sets the stage for a steady
opening when Wednesday’s night session begins trading. Stochastics and the RSI
are overbought and are turning neutral to bearish warning bulls that a pause or
setback is possible near-term. Closes below the 20-day moving average crossing
at 448.90 would confirm that a short-term top has been posted. If December
extends this year’s rally into uncharted territory, upside targets will be hard
to project. First resistance is Monday’s high crossing at 509.80. First support
is the 20-day moving average crossing at 448.90. Second support is the reaction
low crossing at 433.00.

December soybean oil closed down 225-pts. at 52.33.

December soybean closed sharply lower due to spillover weakness from
soybeans, soybean meal on Tuesday and below key support marked by the 20-day
moving average crossing at 54.07. Today’s close below the 20-day moving average
crossing at 54.07 confirms that a short-term top has been posted while opening
the door for a larger-degree decline into early-August. The low-range close
sets the stage for a steady to lower opening when Wednesday’s night session
begins trading. Stochastics and the RSI are bearish signaling that additional
weakness is possible near-term. Closes above the 10-day moving average crossing
at 54.60 are needed to temper the near-term bearish outlook. First resistance
is the 10-day moving average crossing at 54.60. Second resistance is the
reaction high crossing at 56.00. First support is today’s low crossing at
52.12. Second support is the reaction low crossing at 51.36.

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

August hogs closed down $0.40 at $92.92.

August hogs closed lower due to profit taking on Tuesday as it consolidated
some of the gains off last week’s low. The mid-range close sets the stage for a
steady opening when Wednesday’s night session begins trading. Stochastics and
the RSI remain bullish signaling that this week’s setback is only a correction
with in a larger-degree rally. If August renews the rally off lat week’s low,
July’s high crossing at 96.15 is the next upside target. Closes below the
10-day moving average crossing at 91.99 would temper the near-term friendly
outlook. First resistance is last Friday’s high crossing at 94.25. Second
resistance is this month’s high crossing at 96.15. First support is last
Monday’s low crossing at 89.75. Second support is June’s low crossing at 88.10.

August cattle closed up $0.20 at 118.80.

August cattle closed higher on Tuesday and are poised to extend last week’s
rally. The high-range close sets the stage for a steady to higher opening when
Wednesday’s night session begins trading. Stochastics and the RSI are bullish
signaling that sideways to higher prices are possible near-term. If August
renews last week’s rally, the reaction high crossing at 120.55 is the next
upside target. If August renews this month’s decline, April’s low crossing at
114.70 is the next downside target. First resistance is last Thursday’s high
crossing at 119.10. Second resistance is the reaction high crossing at 120.55.
First support is last Tuesday’s low crossing at 115.45. Second support is
April’s low crossing at 114.70.

August feeder cattle closed up $2.02 at $137.67.

August Feeder cattle posted an inside day with a higher close on Tuesday as
it extended the trading range of the past four days. The high-range close sets
the stage for a steady to higher opening when Wednesday’s night session begins
trading. Stochastics and the RSI are turning neutral to bullish signaling that
sideways to higher prices are possible near-term. Closes above the 20-day
moving average crossing at 142.79 would confirm that a short-term low has been
posted. If August renews this summer’s decline, weekly support crossing at
132.66 is the next downside target. First resistance is the 10-day moving
average crossing at 138.03. Second resistance is the 20-day moving average
crossing at 142.79. First support is last Tuesday’s low crossing at 133.10.
Second support is weekly support crossing at 132.66.

______________________________

______________________________________________

E X T R E M E   F U T U R E S
____________________________________________________________________________

Updated every 10 minutes around the clock.
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WINNERS

LC.Q12  LIVE CATTLE Aug 2012                      118.800     0.200  +0.17
ED.U21  EURODOLLAR Sep 2021                        97.205     0.050  +0.05

LOSERS

BCX.Z12 SOYBEANS CRUSH INDEX Dec 2012               39.75     -3.75  -8.62
BO.Z12  SOYBEAN OIL Dec 2012                        52.33     -2.25  -4.11
W.U12   WHEAT Sep 2012                             878.75    -34.00  -3.73
KW.U12  HARD RED WINTER WHEAT Sep 2012             880.50    -33.50  -3.67
S.X12   SOYBEANS Nov 2012                         1566.50    -55.75  -3.44
YW.Z12  WHEAT (MINI) Dec 2012                      888.25    -30.75  -3.35
YK.X12  SOYBEAN (MINI) Nov 2012                   1569.50    -52.75  -3.26
SM.U12  SOYBEAN MEAL Sep 2012                       492.3     -16.0  -3.15
C.U12   CORN Sep 2012                              790.00    -24.00  -2.95
YC.U12  CORN (MINI) Sep 2012                        790.0     -24.0  -2.94

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

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____________________________________________________________________________

E X T R E M E   S T O C K S
____________________________________________________________________________

Updated every 10 minutes around the clock.
More at http://quotes.ino.com/analysis/extremes/stocks/

WINNERS

SRPT    SAREPTA THERAPEUTICS                         8.50      5.04  +145.66
DGI     DIGITALGLOBE                                17.53      2.49  +16.56
ATTUD   ATTUNITY                                     8.26      1.08  +15.04
HSTM    HEALTHSTREAM                                26.64      3.37  +14.48
KIOR    KIOR                                         8.31      0.99  +13.52
CLGX    CORELOGIC                                  23.390     2.630  +12.67
GEOY    GEOEYE                                    22.7701    2.3401  +11.45
CYNO    CYNOSURE                                   23.830     2.310  +10.73
SANM    SANMINA-SCIENCE                              7.95      0.77  +10.72
UA      UNDER ARMOUR                                52.83      4.45  +9.20

LOSERS

GNTX    GENTEX                                     15.005    -6.145  -29.05
DV      DEVRY                                       20.80     -6.76  -24.53
VHC     VIRNETX HOLDINGS                            27.17     -6.98  -20.44
WBMD    WEBMD HEALTH                               14.620    -3.300  -18.42
BYD     BOYD GAMING                                  5.47     -1.19  -17.87
ELN     ELAN                                        11.52     -1.99  -14.73
NXJ     NEXJ SYSTEMS INC                             5.38     -0.87  -13.92
BRKR    BRUKER                                    11.5250   -1.8350  -13.74
LXK     LEXMARK INTL                                16.79     -2.43  -12.64
ACI     ARCH COAL                                   5.545    -0.775  -12.26
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T H A N K   Y O U
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