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December 2019 Editors Comments

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Special Historical Reports

MRCI publishes a new round of volumes in its series of special reports each year.

Hottest off the press:

2019 Historical Indices

This 186-page volume examines seasonality both for major US stock index futures (S&P 500, S&P 400, NASDAQ 100, Russell, and DJIA) and for several major international indices; with 170 seasonal strategies.

Recently published:


2019 Historical Metals

This 84-page volume contains seasonal analysis of gold, silver, copper, and platinum, including gold/silver spreads and gold/platinum spreads; with 72 seasonal and spread trading strategies.


CRB & Physical Commodities

Boo!  A higher close?  With harvest pressure?  With metals and energies struggling?

Yes, the CRB Index did indeed close higher on Halloween than at the end of September 176.89 versus 173.94.  In itself, that may seem irrelevant.  And maybe it is.

But the high for the month tested the 200-dma and the 50-week ma.  The weekly chart shows that, since June 2017, the CRB has made seven 7! weekly lows between 166.48 and 168.26.

Does that suggest a long-term bottom is forming?  If so, does that then suggest inflation, at least commodity inflation, is bubbling?

Corn and soybean harvest will soon be over, relieving immediate supply pressures.  Crude oil and products remain in a range.  Is long-term consolidation taking place?  Members of the softs complexhave been beaten to a pulp already.  Livestock prices are high but not falling and China, where pork is a primary meat, is seeing its hog herds devastated by disease.  Gold, silver, and platinum are perky at worst.

And what about the dollar?

Maybe we better be ready to ...


Trade 'em,


Jerry Toepke



Last Updated on Saturday, 02 November 2019 17:10
 

November 2019 Editors Comments

E-mail Print

Special Historical Reports

MRCI publishes a new round of volumes in its series of special reports each year.

Hottest off the press:

1. 2019 Historical Metals

This 84-page volume contains seasonal analysis of gold, silver, copper, and platinum, including gold/silver spreads and gold/platinum spreads; with 72 seasonal and spread trading strategies.

2. 2019 Historical Interest Rates

This 206-page volume contains seasonal analysis of US debt instrument futures for 30-yr bonds, 10-/5-/2-yr Treasuries, and Eurodollars along with instruments from LIFFE, EUREX, SGX, SFE international exchanges; complete with 186 seasonal and spread strategies.

Recently published:

3. 2019 Historical Forex

This 236-page volume contains seasonal analysis of AD, BP, CD, USD, EU, JY, MP, NZ, and SF futures; seasonal patterns for each delivery month and intermarket spreads; includes 236 seasonal and spread strategies.


CRB & Physical Commodities

A bottom in June 2017 at 166.48.  Another the last week in 2018 at 168.21 and the first week of 2019 at 168.26.  Now three at 167.38 (on 8/7/19), 167.64 (8/23/19), and finally 167.79 (9/3/19).

Could that be a big triple bottom, with one made in each of the years 2017-2019?  

After the September low, it rose to 183.33 taking out the August high and testing the 50-week moving average.  However, it ended the month at only 173.94 right on the 50-day moving average.

On the first day of October, corn and soybeans rose despite harvest getting underway but coincident with the typical seasonal bottom for both, and wheat was modestly higher.

Gold and silver were both higher.  Was the preceding sell-off a washout or the beginning of a larger decline?  After the spike up in response to the Saudi oil bombing, crude oil sold off to below where it was just prior, but products held firm on 10/1.

On that same day, the US dollar made a new high since April 2017 but then reversed, at least for the day.

Now what?

Maybe we better be ready to ...

Trade 'em,


Jerry Toepke

Last Updated on Wednesday, 02 October 2019 05:55
 

October 2019 Editors Comments

E-mail Print

Special Historical Reports

MRCI publishes a new round of volumes in its series of special reports each year.

Hottest off the press:

2019 Historical Interest Rates

This 206-page volume contains seasonal analysis of US debt instrument futures for 30-yr bonds, 10-/5-/2-yr Treasuries, and Eurodollars along with instruments from LIFFE, EUREX, SGX, SFE international exchanges; complete with 186 seasonal and spread strategies.

Recently published:

2019 Historical Forex

This 236-page volume contains seasonal analysis of AD, BP, CD, USD, EU, JY, MP, NZ, and SF futures; seasonal patterns for each delivery month and intermarket spreads; includes 236 seasonal and spread strategies.


CRB & Physical Commodities

Ugh!  After closing July at 178.53, the CRB gapped a full point lower on the first trading day of August and remained lower all month.  In fact, the high was made on that first day at 177.50.

It then made its low at 167.89, bounced, fell back but made a slightly higher low at 167.64, and then closed the month softly at 170.36.

And all this with gold, silver, and platinum breaking out to new multi-year highs!  Are they now in new major bull markets?  If so, what does that portend?

But crude oil, its products, natural gas, grains, and most of the softs markets remain in either bear markets or else trading, at best, sideways.

Now what?  Are bonds in a bubble?  Will the yield curve fully invert?  Will US rates be cut again and again?  There are even some analysts who believe the the FOMC may eventually be forced to join other central banks with negative rates!

The stock market and economy look wobbly.  The ISM dropped to 49.1% (indicating US manufacturing shrank) in August.  Will unemployment start to rise?  The US dollar has continued to rise.  But for how long?

Maybe we better be ready to ...


Trade 'em,


Jerry Toepke

Last Updated on Tuesday, 03 September 2019 16:35
 

September 2019 Editors Comments

E-mail Print

Special Historical Reports


MRCI publishes a new round of volumes in its series of special reports each year.

Hottest off the press:

2019 Historical Forex: this 236-page volume contains seasonal analysis of AD, BP, CD, USD, EU, JY, MP, NZ, and SF futures; seasonal patterns for each delivery month and intermarket spreads; includes 236 seasonal and spread strategies.

Recently published:

2019 Brent Crude: the perfect complement to the 2019 Historical Energy report (see below), this 120-page volume contains seasonal analysis for Brent crude oil and gasoil; with 68 seasonal and spread strategies, including Brent/Crude Light spreads.

2019 Historical Energy: this 282-page volume contains seasonal analysis for crude oil, heating oil, gasoline, natural gas; includes seasonal patterns and weekly charts for each delivery month, several spreads against each; with product and crack spreads; best of all, 190 seasonal and spread strategies.


CRB & Physical Commodities


Oh, my!  After closing June at 181.04, the CRB closed July at only 178.53 barely hugging its 50-dma at 178.41.  Then on August 1, the president announced another round of tariffs on Chinese imports to begin Sepember 1.  Crude oil plunged almost $5/barrel intraday, palladium (although not a component) was more than $100/ounce lower, grains dropped sharply.

The CRB has been coiling since its last major low in June 2017, with a progression of lower interim highs and higher interim lows.  Will this early August debacle force a downside breakout?

Normally NORMALLY corn and soybeans could be expected to generally decline into harvest now.  But how much corn acreage and and both corn and soybean yield will be lost due to late planting?  What will the August USDA reports say?  Will turmoil in the Middle East support crude. even as that market prepares to enter the so-called shoulder season?  Will natural gas continue to weaken into hurricane season?

Gold seems to be want to go higher after trading at 6-year highs!  Silver broke out of a 2-year double bottom.  Bonds soared to a 2-year high as the yield curve inverted.  Recesssionary warnings?

And what about the dollar?

Maybe we better be ready to ...


Trade 'em,


Jerry Toepke

Last Updated on Friday, 02 August 2019 08:21
 

August 2019 Editors Comments

E-mail Print

Special Historical Reports

MRCI publishes a new round of volumes in its series of special reports each year.

Hottest off the press:

2019 Brent Crude: the perfect complement to the 2019 Historical Energy report (see below), this 120-page volume contains seasonal analysis for Brent crude oil and gasoil; with 68 seasonal and spread strategies, including Brent/Crude Light spreads.

Recently published:

2019 Historical Energy: this 282-page volume contains seasonal analysis for crude oil, heating oil, gasoline, natural gas; includes seasonal patterns and weekly charts for each delivery month, several spreads against each; with product and crack spreads; best of all, 190 seasonal and spread strategies.

2019 Historical Soybean Complex: a 174-page volume containing seasonal analysis for soybeans, soymeal, and soyoil; includes seasonal patterns and weekly charts for each delivery month and several spreads; 128 seasonal, spread, product, crush strategies.

2019 Historical Grains: this 174-page volume contains seasonal analysis for corn, oats, and wheat KC, CBOT, and MGE; 122 seasonal and spread strategies for year round trading ideas.


CRB & Physical Commodities

Mini-boom to bust?

The CRB closed May at a disappointing 175.36.  Within days it had traded down to 172.02.  But then grains took off, gold soared, and crude oil rallied.  On the last day of the month, the venerable Index made its high for the month at 183.26 well above its 50-dma at 179.61 and just below its 200-dma at 183.77.

But then the bottom dropped out.  With wheat lower, corn trading limit down, gold having lost its momentum, and crude oil down almost $1, the CRB reversed to close lower in an outside day.

On July 1, gold was down $20, wheat 15-20 cents, corn about 10, beans nearly 15.  Crude struggled but the dollar was sharply higher.

Has the potential commodities recovery already gone bust?  Certainly heavy chart resistance lies just overhead, with the 50-week ma at 184.93 and now below the 200-week at 185.79.

But, for example, the USDA report of June 28 were confusing - if not confused!  When will we get accurate acreage and yield numbers?  How much later will the delayed corn crop pollinate?

Will the dollar rally of July 1 hold?  Or was it the proverbial "dead cat bounce"?

Maybe we better be ready to ...


Trade 'em,

Jerry Toepke

Last Updated on Tuesday, 02 July 2019 09:28
 
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