Dec. 20, 2006 — AvidTrader.com covers a wide variety of futures markets each session, throughout the day. Scroll down for today's free look and for a free two-week trial.
Corn “C” – mini “ZC” – (Dec)
Coverage for Dec. 21Tuesday's session-long trending wasn't likely to reverse down immediately, but any intraday probe of 375-376 that closes negative would end the corrective bounce. Wednesday's opening gap up did test 375-376 and was reversed into negative territory, but the balance of the session ranged around Tuesday's close, ending the day essentially unchanged. A break under Wednesday's 370-1/2 low is now needed to signal the decline's resumption.(Basis Dec) Short under 357 (met 11/9) for 324-1/4 and 288 targets, 353-1/2 stop (met again 11/17)
Wheat “W” – mini “YW”(Dec)
Coverage for Dec. 21Wednesday's opening dip was recovered by noon and the balance of the session ranged narrowly around Tuesday's close. A failed probe of higher highs would help to kick-start a drop to new lows. Much further delay in resuming the decline would make the gap back to ~516 more likely to be filled, first.(Basis Mar) Short under 543 (10/18) for 515 (10/31) and 482 targets, 505 stop (met 11/22)
Soybeans “S”- mini “ZS” (Jan)
Coverage for Dec. 21[COVERAGE ROLLS TO MARCH WITH TODAY'S ISSUE] The gap back to Friday's close was attacked by Wednesday's brief opening surge, but a quick reversal into negative territory ended the day at a loss. The 663-1/2 area is essentially equilibrium, both Monday's opening gap down and Wednesday morning's low. A spike or gap is all but required to begin another trending leg.(Basis Jan) Short under 667 (met 11/10) for609-1/2 and 594-1/2 targets, 661-1/2 stop (met 11/20)
Soybean Oil “BO”- mini “ZL” (Jan)
Coverage for Dec. 21[COVERAGE ROLLS TO MARCH WITH TODAY'S ISSUE] Wednesday's opening surge quickly reversed down to spend the balance of the session ranging narrowly around Tuesday's close. The "ineffectual optimism" suggests that any higher high - for instance, filling the gap back to Friday's ~28.65 close - would hold as resistance and resolve in a new downleg.(Basis Dec) Long on pullback to 24.50 (10/10) for 27.15 (met 10/26) and 27.70 (met 10/30) targets, 27.20 stop (triggered 10/31)
Soybean Meal “SM” – mini “ZM” (Dec)
Coverage for Dec. 21[COVERAGE ROLLS TO MARCH WITH TODAY'S ISSUE] Wednesday's open dropped and extended to lower lows through late afternoon. The close was still in the process of testing the morning's low as support. If the decline has resumed, then it should be obvious by Thursday's open falling aggressively to new lows.(Basis Dec) Short under 195.50 (met 11/10) for 171 and 167 targets, 194 stop (met 11/24)
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