As you wait for that frozen turkey to thaw, there's plenty of time to indulge in the analytical "feast" that awaits you regarding the world's largest commodity markets.
In the brand-new November 2009 Monthly Futures Junctures, Elliott Wave International's chief commodity analyst Jeffrey Kennedy sets the table with mouth-watering insight into the long-term trend changes in store for soybeans.
First up is Monthly Futures Junctures (MFJ, for short) "Featured" market segment. Here, Jeffrey puts a commodity-spin on the classic Charles Dickens' tale, "A Christmas Carol." He starts with a visit from the ghost of soybeans past who replays a few key analyses that tell the real story behind the recent rally in soybeans:
- June MFJ "Featured" segment: "Odds are that the high of the year is in place at 1291 1/4 and that will introduce a selloff..." Prices plummeted 20% in the months following, leaving the June 2009 high firmly intact.
- September MFJ suggested a turn down was in order, pending confirmation from prices -- a crucial component of the bearish wave count.
- September 22 Daily Futures Junctures re-emphasized the need for confirming price action and warned: "We will either witness the June selloff in soybeans accelerate OR -- the second possibility that the exact opposite occurs, which is why my attention is keenly focused on cited key and critical resistance levels." Days later, prices broke through key resistance to signal the continuation of the uptrend.
Now the November MFJ reveals a "vision" from the ghost of soybeans future, to let you know if the uptrend is here to stay.
(11 Commodities, One Service: The November Monthly Futures Junctures offers the most comprehensive coverage of the world's most appetizing commodities. Click here to get started.)
Next is MFJ's "Wave Watch." Jeffrey provides two labeled snapshots regarding 11
markets -- each of which include clearly marked trendlines, up/downside objectives, support/resistance levels, and bold arrows pointing prices in their next likely direction. Off the top are these familiar favorites:
Sugar: The October MFJ "Feature" presented a groundbreaking study into the last four major tops in sugar's history, dating back to 1974, to determine whether the late September high fits the bill of a lasting peak. So far, sugar prices continue to support that conclusion, as evidenced by the November MFJ's newly updated close-up...
Cocoa: The August MFJ "Feature" wrote: "Until we see confirming price action, we can't rule out a further rally" toward the 3200 level. Then, the October MFJ "Wave Watch" presented a chart showing prices set to turn down. A powerful dip to one-month lows followed before rebounding. Now what?
Orange Juice: This summer, prices circled the drain of multi-lows with sour headlines abounding: "OJ GETS SQUEEZED." The June MFJ included a bullish price chart with a bold arrow pointed above the $1 level. The July publication showed the rally continuing even higher to above 110 before turning down a sharp decline. Finally, the September MFJ stayed in front of the market moves by showing a third wave advance to beyond the previous high. What's next?
Corn: The June MFJ wrote: "The advance that began in December is complete. This means that the stage is set for renewed selling that should push prices below the 2008 low. This is an intermediate tradable top." A 35% plunge followed to below the 2008 low. Next, the September MFJ saw the downturn coming to an end and suggested a "rally" was due to take prices back above the $4/bushel level. Are the grain's gains here to stay?
Lean Hogs: The May MFJ wrote: "A highly reliable traditional technical chart pattern calls for continuing decline into the 47.00 area." Prices fulfilled that forecast, and then some, plunging to multi-year lows. Then, at the August bottom, MFJ saw things turning around. The August MFJ's chart drew a clear arrow pointing up in an extensive rally leg. Now, with hogs at a three-month high, what's next?
Not satisfied with these tempting "appetizers?" Get the full commodity meal by subscribing to the Futures Junctures Service today, absolutely risk-free. Click HERE to begin.