Market Goes Back to Trading
The stock market basis the S&P 500 is back to working the trading ranges, the tight range is 1251 to 1275 and the wide range is 1251 to 1298. The computer models mirror the market in that 70 percent of the signals still are long based on the 9/1/10 base signals. All that means is that the market is not looking at this as a sideways situation and is waiting to try and move higher again. Trading outside the 1251 or 1298 levels will incite a great deal of activity.
Commodities are interesting. Corn, basis the new crop has touched a level at $ 5.50 where there is reason to see support. Wheat is in somewhat the same situation on the old crop. New crop soybeans, however are well above our forecast $ 9.50 support level.