JJG…as long as this maintains above 51.40 this formation is positive.
A close over 53 will lead to a rally towards 54.40.
CORN (FUND)…this is a weekly trend line break out above 41.70 going back to last August.
CN…(July Corn Futures) is the instrument we look to lead. Sustaining and a close above $6.70 will get the ball rolling for an attempt at $7.03.
WN…(July Wheat) needs a close over 7.05 to start up.
SN…(July Soybeans) needs a close over $15.28 to project up to $16.
Oil…92.26-91.70 is the zone to look for a bounce in crude. 93.64 will act as first resistance and the upside pivot.
NEM…looks to be putting in an inverse head & shoulder pattern. This is one to watch today for signs of life. By holding early this looks to rally to the 50 day @ 35.38.
DD…by holding 55.30 this should rally to the 2011 high of 57.
Gold…1411-13 is resistance and the upside pivot on the long term point & figure.
Silver…22.16-33 is the downside pivot. Sustaining over 22.85 is needed for upside follow through.
GDX…the miners have been on life support. Watch the metals for an upside breakout. Bottom fishers will look to the miners for assets on the cheap. A test of 31.50-32.00 is the next technical resistance.
EUR/AUD….trailing stops should be raised to 133.40.
General Comments or Valuable Insight
While the Equity indices worldwide all have potential tops I’m leery about selling
weakness going into month end. We’ve seen downside price action reverse after
London’s close on Thursdays before. Pay attention to your time frames today.
Our attention will be on the Grains and the surrogate plays in MOS,MON,AGU for the low risk opportunities. I wouldn’t touch CAG ( ConAgra) with a ten foot pole! It’s that time of the year with more storms brewing over the bread basket of the U.S.
We’ll wait for the upside breakout to go Long the Grains and associated ETF’s again.
ETF Traders…The underlying Futures wear the pants in the family!!
If you only trade the ETF’s please follow the underlying instruments..They lead!
Note…we always write a stop with any instrument we‘re interested in. As the instruments become profitable those stops should be raised to your entry level so you don’t lose money.
Short Term View…
Use the Chicago openings to help guide your trading.
Use the 4/30/13 closes for your short term pivots in everything!
