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Message: Review of TODAY ...
W E D N E S D A Y E V E N I N G M A R K E T S
The June NASDAQ 100 closed higher on Wednesday due to short covering as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned bearish signaling that a short-term top might be in or is near. If June extends Monday's decline, the 20-day moving average crossing at 1183.32 is the next downside target. Closes below the 20-day moving average crossing at 1183.32 are needed to confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 1281.75. Second resistance is February's high crossing at 1285.25. First support is Monday's low crossing at 1203.50. Second support is the 20-day moving average crossing at 1183.32. The June S&P 500 index closed higher on Wednesday due to short covering as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned bearish signaling that a short-term top might be in or is near. If June extends Monday's decline, the 20-day moving average crossing at 764.90 is the next downside target. Closes below the 20-day moving average crossing at 764.90 would confirm that a short-term top has been posted. If June renews the rally off March's low, February's high crossing at 867.50 is the next upside target. First resistance is last Thursday's high crossing at 830.50. Second resistance is the reaction high crossing at 833.20. First support is Monday's low crossing at 775.70. Second support is the 20-day moving average crossing at 764.90. The Dow closed higher on Wednesday due to short covering as it consolidated some of Monday's decline. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned bearish signaling that sideways to lower prices are possible near-term. If the Dow extends Monday's decline, the 20-day moving average crossing at 7326 is the next downside target. Closes below the 20-day moving average crossing at 7326 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 7931. Second resistance is the reaction high crossing at 7970. First support is Monday's low crossing at 7437. Second support is the 20-day moving average crossing at 7326. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~... June T-bonds closed up 28/32's at 130-19. June T-bonds closed higher on Wednesday as it extended the rebound off last week's low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If June extends the rally off last week's low, the reaction high crossing at 132-18 is the next upside target. Closes below the 20-day moving average crossing at 127-21 would confirm that a short-term top has been posted. First resistance is the reaction high crossing at 132-18. Second resistance is the reaction high crossing at 136-17. First support is the 10-day moving average crossing at 129-02. Second support is the 20-day moving average crossing at 127-21. ENERGY MARKETS
PRECIOUS METALS
May coffee posted an inside day with a lower close on Wednesday as it consolidates below the 10-day moving average crossing at 11.596. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI remain bearish hinting that a short-term top might be in or is near. Closes below the 20-day moving average crossing at 11.253 are needed to confirm that a short-term top has been posted. If May renews the rally off March's low, the 75% retracement level of this year's decline crossing at 12.021 is the next upside target. May cocoa closed higher on Wednesday as it consolidates above the 50% retracement level of the February-March decline crossing at 25.56. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends this month's rally, the 62% retracement level of the February-March decline crossing at 26.41 is the next upside target. Closes below the reaction low crossing at 25.15 would temper the friendly outlook in the market. May sugar closed higher due to short covering on Wednesday as it consolidated some of Monday's decline. Profit taking tempered early gains and the low-range close set the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If May renews Monday's decline, the reaction low crossing at 12.42 is the next downside target. Closes above the 10-day moving average crossing at 12.96 would temper the near-term bearish outlook in the market. May cotton closed lower due to profit taking on Wednesday as it consolidated some of Tuesday's rally. Early strength led to a test of the 50% retracement level of this year's decline crossing at 46.72. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If May extends this month's rally, the 62% retracement level crossing at 48.08 is the next upside target. Closes below the 20- day moving average crossing at 43.30 would confirm that a short-term top has been posted. GRAINS May Corn closed down 8 3/4-cents at 3.96. May corn posted an inside day with a lower close on Wednesday as it consolidated some of Tuesday's rally. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends the rally off March's low, the reaction high crossing at 4.13 are the next upside target. Closes below Monday's low crossing at 3.79 3/4 are needed to confirm that a short-term top has been posted. First resistance is Tuesday's high crossing at 4.05 1/2. Second resistance is the reaction high crossing at 4.13. First support is the 10-day moving average crossing at 3.93 1/4. Second support is Monday's low crossing at 3.79 3/4. May wheat closed down 7 1/4-cents at 5.25 1/2. May wheat posted an inside day with a lower close on Wednesday as it consolidated some of Tuesday's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turning bullish signaling that sideways to higher prices are possible near-term. If May extends Tuesday's rally, March's high crossing at 5.61 is the next upside target. Closes below March's low would open the door for a possible test of December's low crossing at 4.87. First resistance is Tuesday's high crossing at 5.33. Second resistance is March's high crossing at 5.61. First support is Monday's low crossing at 5.01. Second support is the reaction low crossing at 4.99. May Kansas City Wheat closed down 7 1/4-cents at 5.66. Kansas City Wheat posted an inside day with a lower close on Wednesday due to profit taking as it consolidated some of Tuesday's rally. The mid-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are oversold and are turning bullish signaling that a double bottom with the early-March low has been posted. Closes above the 20- day moving average crossing at 5.77 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20- day moving average crossing at 5.77 1/4. Second resistance is March's high crossing at 6.12. First support is Monday's low crossing at 5.46 1/2. Second support is the reaction low crossing at 5.41 1/2. May Minneapolis wheat closed up 4 1/4-cents at 6.43 1/2. May Minneapolis wheat closed higher on Wednesday as it extended Tuesday's rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI have turned bullish signaling that sideways to higher prices are possible near-term. If May extends this week's rally, the reaction high crossing at 6.48 1/2 is the next upside target. Closes above the aforementioned resistance level would renew the rally off March's low while opening the door for a possible test of the reaction high crossing at 6.72 1/2 later this spring. Closes below the 20-day moving average crossing at 6.21 3/4 is needed to temper the near-term friendly outlook. First resistance is March's high crossing at 6.48 1/2. Second resistance is the reaction high crossing at 6.57 3/4. First support is the 10-day moving average crossing at 6.26 1/4. Second support is the 20-day moving average crossing at 6.21 3/4. SOYBEAN COMPLEX May soybeans closed unchanged at 9.52. May soybeans closed unchanged on Wednesday as it consolidates above the 10-day moving average crossing at 9.43 1/2. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the previous reaction high crossing at 9.80 are needed to renew the rally off March's low. Closes below Monday's low crossing at 8.97 would confirm that a short-term top has been posted. First resistance is today's high crossing at 9.59 1/2. Second resistance is the reaction high crossing at 9.80. First support is the 10-day moving average crossing at 9.43 1/2. Second support is the 20-day moving average crossing at 9.13. May soybean meal closed down $1.00 at $294.30. May soybean meal closed lower due to profit taking on Wednesday as it consolidated some of Tuesday's rally but remains above the 10-day moving average crossing at 293.80. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If May extends Tuesday's rally, the reaction high crossing at 309.00 is the next upside target. Closes below Monday's low crossing at 278.00 would confirm that a short-term top has been posted. First resistance is today's high crossing at 297.20. Second resistance is the reaction high crossing at 309.00. First support is the 10-day moving average crossing at 293.80. Second support is the 20-day moving average crossing at 284.40. May soybean oil closed down 12-cents at 33.50. May soybean oil closed lower due to profit taking on Wednesday as it consolidated some of Tuesday's rally. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are turning neutral hinting that sideways to higher prices are possible near-term. If June renew the rally off March's low, February's high crossing at 35.00 is the next upside target. Closes below the 20-day moving average crossing at 31.80 are needed to confirm that a short-term top has been posted. First resistance is last week's high crossing at 33.78. Second resistance is February's high crossing at 35.00. First support is Tuesday's gap crossing at 32.34. Second support is the 20-day moving average crossing at 31.80. LIVESTOCK April hogs closed down $0.20 at $60.15. April hogs closed lower on Wednesday as it consolidates below the 20-day moving average. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If April extends the decline, the reaction low crossing at 58.62 is the next downside target. If April renews the rally off February's low, the reaction high crossing at 64.05 is the next upside target. First resistance is the 10-day moving average crossing at 60.91. Second resistance is the 20-day moving average crossing at 61.49. First support is last Monday's low crossing at 59.75. Second support is February's low crossing at 56.90. May bellies closed up $0.45 at $87.00. May bellies closed higher on Wednesday as it extended this week's short covering rally. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near- term. If May renews Monday's decline, the reaction low crossing at 79.55 is the next downside target. Closes above the 10-day moving average crossing at 87.65 would temper the near-term bearish outlook in the market. First resistance is the 10-day moving average crossing at 87.65. Second resistance is today's high crossing at 87.80. First support is Tuesday's low crossing at 83.05. Second support is the reaction low crossing at 79.55. April cattle closed down $0.15 at 83.77. April cattle closed lower due to profit taking on Wednesday as it consolidates below the 20-day moving average crossing at 84.05. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If April extends Monday's decline, the reaction low crossing at 82.00 is the next downside target. Multiple closes above the 10-day moving average crossing at 84.51 would temper the near-term bearish outlook. April feeder cattle closed up $0.12 at $93.30. April Feeder cattle closed higher on Wednesday due to short covering as it consolidated some of Monday's decline. The high- range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI remain bearish signaling that sideways to lower prices are possible near-term. If April renews Monday's decline, the reaction low crossing at 91.70 is the next downside target. Closes above the 10-day moving average crossing at 93.71 would confirm that a short-term low has been posted. ____________________________________... WINNERS LB.N09 LUMBER (RANDOM LENGTH) Jul 2009 188.0 6.7 +3.70 NK.M09 NIKKEI 225 INDEX Jun 2009 8615 250 +2.98 GCE SGI GLOBAL CARBON INDEX (EUR) 49.95 1.37 +2.82 EPL.M09 EURO/POLISH ZLOTY Jun 2009 0.22124 0.00548 +2.54 PB.N09 FROZEN PORK BELLIES Jul 2009 85.50 1.95 +2.33 EMX MSCI EMERGING MARKETS INDEX 582.50 12.54 +2.21 DJ.M09 DJ INDUSTRIAL AVG Jun 2009 7715 153 +2.03 SP.U10 S&P 500 INDEX Sep 2010 797.6 14.3 +1.84 SMP.Z09 S&P SMALLCAP 600 Dec 2009 216.6 3.0 +1.42 BR.Y$$ BRAZILIAN REAL Cash 0.43917 0.00612 +1.41 LOSERS BCX.N09 CBOT SOYBEAN CRUSH INDEX Jul 2009 60.75 -3.50 -5.45 DA.M09 MILK CLASS III Jun 2009 12.48 -0.48 -3.74 RB.K09 RBOB GASOLINE May 2009 1.3717 -0.0496 -3.48 CL.K09 CRUDE OIL May 2009 48.39 -1.27 -2.55 C.K09 CORN May 2009 395.75 -9.00 -2.22 YC.K09 CORN (MINI) May 2009 396.00 -8.75 -2.17 NG.K09 NATURAL GAS May 2009 3.695 -0.081 -2.17 RR.U09 ROUGH RICE Sep 2009 11.87 -0.25 -2.10 GI.J09 S&P GSCI COMMODITY INDEX Apr 2009 353.20 -6.30 -1.75 HO.N09 HEATING OIL Jul 2009 1.3994 -0.0240 -1.69
WINNERS NSEC NATIONAL SECURITY GROUP 8.75 1.61 +22.55 CTCM CTC MEDIA INC 5.52 0.96 +21.05 PRRFY PREMIER FOODS PLC 5.50 0.90 +19.57 ISLE ISLE of CAPRI CASINOS 6.22 0.93 +17.58 MAC MACERICH CO (THE) 7.31 1.05 +16.77 ASH ASHLAND INC 11.91 1.58 +15.30 PFX PHOENIX CO INC 7.45% 7.99 1.04 +14.96 SNBC SUN BANCORP INC 5.96 0.77 +14.84 MHO M/I HOMES INC 8.02 1.03 +14.74 SHI SINOPEC SHANG PETROCHEM 28.21 3.59 +14.58 LOSERS TKP POLARIS ACQUISITION CORP 5.75 -3.03 -34.51 GRM GENERAL MOTORS CORP 6.48 -2.77 -29.95 WAC/WI WALTER INVESTMENT MGMT C 7.71 -2.54 -24.78 HLM.PR HILLMAN GROUP CAP TRUST 11.6% 10.000 -3.000 -23.08 APOL APOLLO GROUP INC CL A 66.5000 -11.8300 -15.10 CELG CELGENE CORP 38.47 -5.93 -13.36 LWAY LIFEWAY FOODS INC 7.08 -0.92 -11.50 FCBC FIRST COMMUNICATIONS BANCSHARES VA 10.490 -1.180 -10.11 AUXL AUXILIUM PHARMACEUTICALS 24.95 -2.77 -9.99 AHL.PR.A ASPEN INSURANCE HOLDINGS PR 12.10 -1.33 -9.90 ____________________________________... T H A N K YOU ........... ABE ____________________________________...
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