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Good morning 3xBuBa, Key Market Reports and Commentary for Tuesday

Tuesday, July 7, 2009 8:07 AM

From:
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T U E S D A Y M O R N I N G E X T R E M E M A R K E T S
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Key Events and Commentary available earlier every morning, via MarketClub (http://www.marketclub.com/)

The STOCK INDEXES http://quotes.ino.com/exchanges/?c=indexes

GENERAL STOCK MARKET COMMENT: The U.S. stock indexes closed mixed today in quieter trading. Prices were still pressured by a bearish U.S. jobs report last Thursday that showed more U.S. jobs lost than expected. Trading remains choppy and trend-less, but the bears have gained some downside technical momentum recently.
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INTEREST RATES http://quotes.ino.com/exchanges/?c=interest

September U.S. T-Bonds closed down 5/32 at 118 24/32 today. Prices closed near mid-range today. Bulls still have some upside near-term technical momentum. Prices are still in a three-week-old uptrend on the daily bar chart. The next downside price objective for the T-
Bond bears is closing prices below solid technical support at 116 even.
ENERGY MARKETS http://quotes.ino.com/exchanges/?c=energy
ENERGIES: August crude oil closed down $2.36 at $64.37 a barrel today. Prices closed near mid-range and did hit a fresh six-week low. The market was pressured again by concerns about a weak U.S. economy after last Thursday's jobs report. The bulls are fading badly.
August heating oil closed down 656 points at $1.6360 today. Prices closed near the session low and hit a fresh six-week low today. Bulls are fading badly.
August (RBOB) unleaded gasoline closed down 408 points at $1.7500 today. Prices closed near the session low and hit a fresh six-week low today. Bulls are fading badly.
August natural gas closed down 11.3 cents at $3.502 today. Prices closed near mid-range and hit a fresh contract low today. Bears are in firm technical control again.
CURRENCIES

CURRENCIES: The September Euro currency closed down 43 points at 1.3982 today. Prices closed nearer the session high today. Trading remains choppy, but the bulls have the near-term technical advantage.
The September Japanese yen closed up 54 points at 1.0501 today. Prices closed near mid-range today on short covering. Prices did hit a fresh five-week high today. Bulls and bears are on a near-
term level technical playing field.
The September Swiss franc closed down 17 points at .9231 today. Prices closed near the session high. Bulls still have the slight near-term technical advantage.
The September Canadian dollar closed up 15 points at .8629 today. Prices closed near the session high after hitting a fresh seven-
week low early on today. Prices are in a five-week-old downtrend on the daily bar chart.
The September British pound closed down 136 points at 1.6284 today. Prices closed nearer the session high after hitting a fresh four-
week low early on. Bulls still have the overall near-term technical advantage. However, prices have been trading sideways at higher levels for the past month.
The September U.S. dollar index closed down 6 points at 80.60 today. Prices closed near the session low. Bears still have the overall near-term technical advantage.

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PRECIOUS METALS http://quotes.ino.com/exchanges/?c=metals
METALS: August gold futures closed down $6.20 at $924.80 today. Prices closed near mid-range today and were pressured by a firmer U.S. dollar and sharply lower crude oil prices. Bulls are fading again in gold. Prices are still in a five-week-old downtrend on the daily chart.
December silver futures closed down 15.3 cents at $13.24 an ounce today. Prices closed near mid-range and did hit a fresh two-month low today. The key "outside markets" were mostly bearish for silver futures today, as crude oil prices were sharply lower and the U.S. dollar was firmer. Prices are still in a four-week-old downtrend on the daily bar chart.
December N.Y. copper closed down 415 points at 227.45 cents today. Prices closed near the session high today. The key "outside markets" were mostly bearish for copper futures today, as crude oil prices were sharply lower and the U.S. dollar was firmer. The bulls still have the near-term technical advantage, but have faded a bit.
FOOD & FIBER http://quotes.ino.com/exchanges/?c=food

* SOFTS: October sugar closed down 18 points at 17.32 cents today. Prices closed nearer the session high. The key "outside markets" were mostly bearish for sugar futures today, as crude oil prices were sharply lower and the U.S. dollar was firmer. No serious chart damage has occurred in sugar on this profit-taking setback.
September coffee closed up 25 points at 118.05 cents today. Prices closed near mid-range after hitting a fresh nine-week low today. The key "outside markets" were mostly bearish for coffee futures today, as crude oil prices were sharply lower and the U.S. dollar was firmer. Prices are in a five-week-old downtrend on the daily bar chart.
September cocoa closed down $31 at $2,459 today. Prices closed near mid-range and did close at a fresh six-week low close. The key "outside markets" were mostly bearish for cocoa futures today, as crude oil prices were sharply lower and the U.S. dollar was firmer.
Bears have the near-term technical advantage.
December cotton closed down 46 points at 60.24 cents today. Prices closed nearer the session high. The key "outside markets" were mostly bearish for cotton futures today, as crude oil prices were sharply lower and the U.S. dollar was firmer.
September orange juice closed up 595 points at $.8560 today. Prices closed near mid-range. There was no fresh fundamental news in the market to push it higher, and reports said a big speculator did some bargain-hunting buying at lower price levels today.
September lumber futures closed down $3.50 at $206.50 today. Prices closed near the session low and hit a fresh six-week low today. Bears have the near-term technical advantage. The next upside technical objective for the lumber bulls is pushing and closing prices above solid technical resistance at $217.70.

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GRAINS http://quotes.ino.com/exchanges/?c=grains

GRAINS: December corn futures closed down 13 1/4 cents at $3.44 1/4 today. Prices closed near the session low and hit a fresh contract low today. The key "outside markets" were mostly bearish for corn futures today, as crude oil prices were sharply lower and the U.S. dollar was firmer. More importantly, the weather in the Corn Belt is at present deemed nearly perfect for growing an excellent corn crop.
November soybeans closed down 43 cents at $9.63 a bushel today. Prices closed near the session low today and closed at a fresh two-
month low close. Some chart damage occurred today, but strong follow-through selling on Tuesday would produce more serious chart damage to suggest a market top is in place. The key "outside markets" were mostly bearish for soybean futures today, as crude oil prices were sharply lower and the U.S. dollar was firmer.
December soybean meal closed down $13.70 at $301.00 today. Prices closed near the session low. Bulls faded badly today and need to show fresh power soon.
December bean oil closed down 92 points at 35.10 cents today. Prices closed near the session low and hit a fresh three-month low today. Prices are in a five-week-old downtrend on the daily bar chart. The key "outside markets" were mostly bearish for soybean oil futures today, as crude oil prices were sharply lower and the U.S. dollar was firmer.
December Chicago SRW wheat closed down 9 3/4 cents at $5.45 1/4 today. Prices closed near the session low again today and hit a fresh seven-month low. Prices are in a steep five-week-old downtrend on the daily bar chart. Wheat bears still have the solid near-term technical advantage.
LIVESTOCK http://quotes.ino.com/exchanges/?c=livestock

LIVESTOCK: October live cattle closed down $0.40 at $89.82 today. Prices closed near mid-range. The key "outside markets" were mostly bearish for cattle futures today, crude oil prices were sharply lower and the U.S. dollar was firmer. Lingering U.S. economic worries also weighed on the cattle futures market today.
August feeder cattle closed up $0.35 at $103.80 today. Prices closed nearer the session low after hitting a fresh nine-month high early on today. The bulls still have the solid near-term technical advantage. Prices are in a steep four-week-old uptrend on the daily bar chart.
October lean hogs closed up $0.77 at $57.95 at midday today. Prices closed near mid-range today and hit a fresh two-week high on short covering in a bear market. Prices are still in a seven-month-old downtrend on the daily bar chart. The hog bears still have the near-term technical advantage. However, bulls have recently gained some fresh upside near-term technical momentum, but need to show more power soon.
August pork bellies closed up $1.35 at $55.25 today. Prices closed near the session high on short covering in a bear market. Bears still have the solid near-term technical advantage.
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