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Perspective: S&P 500 short side off highs

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Corn approaches major tipping point

By Anthony Lazzara

November 13, 2012 • Reprints

E-mini S&P 500 futures have dipped overnight but then showed a strong rally with buyers coming in below our key support level of 1373. Further, Home Depot, the largest U.S. home improvement retailer, rallied 4.7% after its profit beat estimates.  At this point, we see this market as being oversold below 1373.

The U.S. bond futures are still holding up strong, with the 30-year bond up slightly for the day at +.27%. Energy markets still are holding a bearish tone with more news of high oil supplies seemingly hitting the market daily. Crude oil futures are down -.44% while heating oil futures are down 1.2%. RBOB gasoline looks to be continuing its recent downward trend, with the JAN13 contract trading down below $2.60 this morning.

We focus our analysis on corn futures today. We first point out that we see a major line in the sand at the $6.70 area. This is the high area of last August, and we believe this will be a very major support level. As indicated, we are seeing corn in a correction from its massive summer rally to above $8. We drew a red trendline to indicate this correction for you. We also see a support level just below $7.20. The last time corn dipped below $7.20 (in Sept. 2012), buyers quickly came in with a 60+ cent rally. We believe that if for some reason corn gets below $7, this will be oversold territory and that buyers might be very excited to buy in at sub-$7 levels.

Click to enlarge.

About the Author

Anthony Lazzara, CEO of Newport Beach, Calif., commodities investment firm Lido Isle Advisors, spent 10 years as a trader and floor broker at the Chicago Board of Trade and Chicago Mercantile Exchange. Anthony has significant experience in the energy, fixed income, and equity futures markets. After being a long-time independent futures trader, Anthony saw a tremendous opportunity to educate investors on how to invest in professional traders. Anthony is now focused on his duty as CEO of Lido Isle Advisors.

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Related Terms
commodities 3439Grains 1200Corn 766oil futures 128Home Depot 74Crude oil futures 35Energy markets 16improvement retailer 4high oil supplies 1

Free Newsletter Modern Trader Follow

Main menu

  • Futures
    • Modern Trader Magazine
    • Commodities
    • Futures Mag Archives
    • ETFs
    • Financials
    • Forex
    • Managed Funds
    • Market Analysis
    • News
    • Options
    • Regulation
    • Technology
    • Trading Strategies
    • Education
    • Futures Op-Ed
  • Favorites
    • Alpha Pages Most Popular
    • Futures Magazine
    • Modern Trader Magazine
    • Most Popular
    • Slideshows & Lists
    • Special Topics
      • Alpha Hunters
      • Bad Boys
      • FINtech
      • High-Frequency Trading
      • Trader's Life
      • Trading Strategies
      • FUTURES MAG's 500th ISSUE
      • We asked traders
  • Traders
    • Market Data
    • Hot Charts
    • Interactive Charts
    • Trading Calendar
  • FINalternatives
  • Hard Assets
    • Home
    • Base Metals
    • Precious Metals
    • Rare Earth Metals
    • Commodities
    • Mining Investments
    • Slideshows
  • Modern Trader
    • Subscribe
    • Past Issues
  • All +
    • Follow Us +
      • FuturesMag
      • Newsletters
      • Facebook
      • Google+
      • Linkedin
      • Twitter
      • RSS Feeds
    • About Us +
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      • Advertise
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