Just Watching Today…………Some Later Commodity Comments
We have gone as far as we need in being negative on the market at the moment. Today and tomorrow will determine if we are correct, tomorrow being the most important. Today is more a defend the market kind of day by the bulls, lets see how much they want put in for the cause.
The EMA ETF Fund Nav was 1158 at yesterdays close.
Commodity Comments at 9:01 AM CDT
Today we got USDA reports on crops. Technically the January 7 2009 futures levels stand out as important resistances, $ 4.57 on December corn and $ 10.05 on November beans. Watch these levels closely, especially in light of the fact that the dollar is making a long-term base.