Quick Looks

July 15, 2019

S&P 500: The market continues to make new all-time highs. Either an accommodating Fed or strong earnings, the market bias is higher. Or until it’s not.

10-Year Note This market has seen a readjustment to what to fully expect from the Fed. It’s sort of looking at fewer rate cuts for now. Support at 12616-12622 should be a hold area.

Euro Currency: The Euro is stuck in a narrow trading range with a downside bias. Europe is an economic mess and rallies should be used to sell.

Gold: The gold market has found some support from traders and investors who are betting on a hedge against any upcoming upheaval in financial markets. A close over 1440 and 1500 is in sight.

Crude Oil:  Crude prices surged over $60 last week on the storm in the gulf and now that it has run its course we are seeing a consolidation. Iran is still a problem. Buying dips back toward 5750-5800 is suggested.

Natural Gas: Nat Gas prices are tumbling again. Summer is not hot enough yet and production remains highs. A test of 220 is is order.

RBOB Gasoline: Prices zipped to new highs last week on the storm hitting the gulf but are now giving back some of those gains. I still am looking for gasoline demand to remain strong and buying dips is the way to proceed.

Soybeans: Beans prices are in a correction mode to start the week as weather forecasts improve. But the crop is already behind and until we have a better view of production, the bulls should continue to press.

Corn: Corn prices are also in correction mode with weather forecasts turning in favor of the bears. But this crop is nowhere near complete and with the already late start, it’ll be hard to see improved yiels. I like the 430-435 level to buy

THERE IS A SUBSTANTIAL RISK OF LOSS ASSOCIATED WITH TRADING FUTURES CONTRACTS.  FUTURES� TRADING IS NOT SUITABLE FOR ALL INVESTORS.