Happy B-day Abraham 2/12/9
Natural gas still searching for a bottom; get long March futures with a stop below4.25. We will also be pricing out April calls soon. We would be a buyer of oil under $33 but have little interest in buliding a position yet…could be talked into trading a bounce from oversold levels. Trend remains down until a close above $40. We like June 20 cent call spreads in RBOB. On a close above 1.30 in March we expect a quick move to 1.50. We remain long the Loonie with clients still looking for a penetration of 82. The yen is down on an advance in equities; ideally looking for a long entry near 1.0850. We may look to re-establish longs in the Aussie and Kiwi, stay tuned. Corn and beans look lower into the weekend even with impressive exports, buy this dip. Gold and silver still have some gas in the tank but we continue to be cautious expecting a violent correction. Fade this up move in the Euro-dollar; we issued a special report today. Call for a further explanation. We advised clients to buy this dip in May coffee and covered our short legs on the call spreads at a profit 0f just under $700/per. Sugar had an impressive close , rallying to end 40 ticks off lows. Sweet move! We hope you heeded our advice and bought April and June pigs as they were 2-2.5% higher today.
Tags: Aussie, breakout, call, coffee, commodity, corn, crude oil, exports, futures, gold, Kiwi, lean hogs, Loonie, natural gas, options, put, RBOB, silver, soybeans, spread
