A Whiff of Weakness?
October 14th, 2009 Posted in UncategorizedThe grain and oilseed markets today continued their upward march, that is until they didn't. Five of the most recent six trading days have seen higher intraday moves compared to the previous day with respect to SX9. Sx9 has rallied about $1.30/bushel from the swing lows made back on October 5, the catalyst for which is a slow harvest and cold snap.
Today, however, the market retreated from it's best levels of the day. And ended nearer the lows than the highs. Fund buying has been strong, but perhaps the market has become a little ahead of itself in the near term. We will watch closely to gauge if this is a sign of a better correction to come, or just a breather before the next leg up to the 200 Day Moving Average.
Bob 1.800.388.0998