Other Commodities and Markets of Note

The following is just a small excerpt from my latest Weekly Strategy Session (please click on that hyperlink for details about trying it out). which I published for members and 12631 subscribers this past Sunday. 

CORN, over at least $31.60, is still a long idea for a snapback, bear market rally from beaten-down conditions. Note the bullish engulfing daily chart candle from a few weeks ago remains intact as a potential bottom. 

The coffee ETN remains on watch for a secondary breakout higher from the narrowing, tight consolidation following the most recent surge. Watch JO over $28.40. 

The natural gas ETF, UNG, weekly chart is still coming to terms with the general $24 area. Even with recent volatility, if bulls can turn this into newfound support and push higher yet it should bode well for a move into the $30’s. 

And the 10-year Treasury Yield Index (inverse to prices, such as TLT) shows…

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Earnings are scheduled for Thursday, but just for kicks you might try a quick trade in MRGE.

Large Marge has indeed gotten obliterated, and a quick pop before earnings could easily transpire given the daily chart setup below, combined with Tuesday’s strong price action.

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Let’s go with CPHD as a long idea, seen on the first daily chart below. Look for strength which holds over $52 and especially $53 as your triggers.

And on the short side, I think you can look at Nike with the first test of its declining 50-day moving average from the underside.

Drop me your top tickers overnight.

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Enjoy tonight’s video, and enjoy your evening. 

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i am shifting money around in the commodity complex inside 12631 today, and just sold out of the rest of my AGQ long (ultra long silver).

Here was my note to members just now:

chessNwine

Sold final piece of $AGQ long @ $79.13 from core $69.50 entry and $75.09 add to lock in the rest of the win. $SLVnow up against major resistance trendline dating back to 2011. Will post chart. Looking to add back precious metals and miners exposure later this week.

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“Dr Bernakkkke may be long gone, but all the man knew had to do was print money. This was a man who has devoted his entire life to the process of printing money to solve every problem! Have a cold? Print money! Have a stomach bug? Print money! Can’t find a parking space? Print money! Now, even if Ms. Yellen tapers a little bit, all of the Bernakkke money printing will help cause huge inflation. I am buying real assets, some sugar, corn, wheat, coffee, gold and silver. Maria, if I’m wrong, I can always teach English as a second language in Singapore.” -Legendary Investor Jim Rogers

I sold half of a my JO long inside 12631 for a quick 9.2% win, while playing other soft commodities (in addition to silver), as the Jim Rogers Bow Tie party is still in full swing. Coffee, corn, sugar, cotton–They are all dead sexy and under-appreciated.  At issue now is whether they truly show more signs of being more than just a mere snapback bear market rally, perhaps a new bull.  The jury is still out on that, which is why I am trading around these positions.

Elsewhere, Groupon is looking as heavy as can be and ripe for a breakdown.

And the daily chart for Home Depot, second below, suggests now is a decent spot to take profits on the long side as another leg lower is colorable. Note the damage the chart has suffered, with a declining 50-day moving average and a retrace back up to the 200-day. Earnings are scheduled for next week, on the 25th.

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