Talk about a head fake 6/4/9
I was already tooting my horn calling a commodity correction and it didn’t even last 24 hours. That is what I love about these markets, they can certainly humble you. Energies pushed thru recent highs for crude and the distillates, we remian spectators. We will continue to advise accumulating nat. gas at these levels; we have numerous futures and option strategies. We advised clients o take a profit on their short Loonie positions today as we don’t want a winner to become a loser. All 3 central banks kept rates unchanged today; ECB at 1.0%, BoE at 0.50% and BoC at 0.25%. The correction in agriculture only lasted one day. We did not see a larger enough dip to buy corn YET. We remain short July beans for clients, we are now down on the trade $200/per. Continue to fade any rallies in Tresuries and/or Euro-dollars. The Euro-dollar is a trade that will play out over the coming quarters and years, we view any rallies as selling opportunities. Our picks are December 09′ put options or March 10′ short futures. Gold and silver were higher today, we have suggested to lighten up on longs and will be a buyer on setbacks. It is possible to see $1000 in gold and $17 in silver before a setback. We advised clients to take a small loss in their short ES trade today as we don’t want to be short into tom’s NFP #. Shorter term we could have some pressure in sugar but longer term we like being long; that being said we executed a bullish option play for clients today. Contact us for details.
Tags: agriculture, calls, commodity, corn, fiat currebncy, futures, gold, inflation, MB Wealth, natural gas, oil, options, puts, reflation, silver, soybeans, sugar
