- DBA is listed as a neutral.
- The final support line at $22.10 was broken today but I am still hopeful that with all the momentum that has developed behind DBA that a turnaround in a months time is still possible.
- JJU is still listed as a speculative long/buy.
- Please take profits as this is coming up on an earlier resistance line and is outside the Keltner channels.
- Daily chart shows KOL as a speculative long/buy.
- Consolidation pattern continues to unfold with lower support at $13.40 and upper resistance at $14.20.
- Where it stands right now it looks like it's consolidating upwards.
- JO is now a short/sell.
- That strategic pause didn't materialize like I had anticipated. The gradually ascending channel was a bear flag and now my PMO indicators are all pointing and crossing downwards which means "sell."
- DBC is listed as a neutral.
- Upper target of $18.30 is approaching. Please be mindful of this.
- JJC listed as a long/buy on the daily charts.
- My medium term KST indicator has crossed upwards.
- A large bearish pennant has taken shape however in the meantime this means JJC will be ascending.
- Upper target of $36.00, however the last two sessions have been outside the Keltner channels which means a pause is needed before continuing.
- CORN continues to fall almost uninterrupted since I signaled a "sell/short" back in March.
- BAL is listed as a speculative short/sell.
- Lower limit of current pennant is at around $44.25.
Crude Oil: USO
- A short/sell signal is now issued.
- I don't like USO. I called a short/sell at it's current resistance of $20.00 and it looks poised to breakout. When it does breakout, I'll still list it as a short/sell because COT draw downs are still less than forecast and production in Saudi Arabia continues to ramp up.
- I have inserted some blue fan lines so I now expect a much needed retracement to occur around $21.00.
- Please continue watching USO skeptically.
- GLD is listed as a speculative long/buy to around $120.00.
- The head-and-shoulders pattern did materialize. Couple this with a fall in the U.S. dollar and my near term indicators are pointing upwards.
- A double head-and-shoulders pattern may be emerging.
- My medium term KST indicators continue to pinch together as if a crossover is expected in a few months.
- Lithium is listed as a neutral on the daily charts (long term "buy" still holds though).
- Please take profits as LIT is dangerously overbought and outside the Keltner channels.
- Critical resistance on my Slow Stochastics (5,1) indicator is approaching this week.
- COW is now listed as a long/buy.
Natural Gas: UNG
- Natural gas is listed as a long/buy.
- Bullish pennant inside the the bull flag has materialized and some fantastic progress has been seen with natural gas.
- A very long term resistance line on the Slow Stochastics (60,3) indicator has been breached.
- Upper resistance around $17.00.
- Palladium is listed as a long/buy.
- Break out from diagonal resistance. I should have released a buy signal three days ago.
- Platinum is still listed as a speculative long/buy.
- PPLT has also emerged from it's long term declining channel (again).
- Silver is a neutral.
- Fantastic day with a 2.3% rise at one point. Important for any precious metals bull market that silver leads gold, however please be aware that like the other precious metals a diagonal resistance line is approaching.
Soy Bean: SOYB
- Soy is listed as a neutral.
- Steel is still listed as neutral.
- SLX broke out of it's long term declining channel and crossovers have been seen in both the short and long term KST's.
- In the near term however we have reached a resistance point and a retracement to around $32.00 might be possible.
- Sugar is being switched to a short/sell on the daily charts in the near term.
- CUT is listed as a strong short/sell.
- Bearish pennant has formed so please take profits. CUT broke the diagonal support line today.