And Then Some!

June 4th, 2009 Posted in Uncategorized

After yesterday's spanking that most commodity futures took, many came back today to recover what they'd lost yesterday and then some. Particularly the energies, Soybeans, & Soymeal. many of the commodity futures we watch were able to recover a bulk of yesterday's losses.

Keep an eye on those copper futures. We've broken out to the upside from the triangle I noted a few blogs back. The recent retest of the downtrending line that made up the upper boundary of the triangle, and the ensuing support found there upon yesterday's break, is a good sign of strength and likely continuation.

Keep an eye on those December '09 Lean Hog futures. The near-term contracts have been getting clobbered, pressuring cattle and pork bellies along the way. I think when the negative psychology clears, which may be a ways away yet, the December contract will get a real boost. Check back to my previous hog blog for the option strategy I like.

Talk out of energy circles is that OPEC believes Crude should be at $70-$72ish by year-end. Today the CLN9 traded $69.60. The CLZ9 traded $73.42. We're there. Now what?

Massively important Employment Situation numbers out tomorrow morning bright and early at 7:30 Chicago time. I do not think tomorrow will be a quiet end-of-week day.

Bob