Mar 14 gapped 69 points lower on the opening bell Sun evening, but managed to cover the entire gap before finally losing 20 points on the day to settle at 82.89.
The US nearby stocks situation remains tight, and ICE certificated stocks continue to work marginally lower DOD. This will most likely weigh on trader’s thoughts as they read the US export report, scheduled for release at 8:30 AM, US EST tomorrow morning.
For tomorrow, our directional call for Mar 14 is…
Mar 14 gained 94 points today, settling at 83.18. Mar 14 traded at or higher than its previous settlement of 82.24 until the post settlement period; Mar 14 surged during the settlement minute to its intraday high only to trade at its intraday low mid-way through the post-settlement period.
For tomorrow, our directional call for Mar 14 is for…
Happy holidays from all of us at “The Rose Report”.
Today’s report and forecast for Thursday, Dec 26 will be released tomorrow morning.
ICE futures trading will commence again on Thursday, Dec 26 at 8:00 AM, US EST.
Mar 14 gained 94 points today to settle at 83.18, which was not per our expectations. Trading in the settlement minute produced the daily high of 83.40,just minutes before Mar 14 traded 128 points off the settlement to the daily low at 81.90. The final trade for the day was at 82.19, five points off of yesterday’s settlement. While volatile trading is not terribly uncommon during the holiday season, today’s final offer was at 82.67, 51 points off of the daily settlement, which signals a likely gap lower on Thursday morning.
Mar 14 gapped 15 points lower on the open, only recovering 6 of those points during today’s trading action, to finally settle 91 points lower on the day. Mar 14 recovered approximately 50% of its intraday loss of 173 points by the settlement period.
Although Mar 14 is technically strong, there are significant signs that it is overbought; the announcement today that a judge has refused to dismiss market manipulation allegations against Allenberg Cotton Company, a subsidiary of Louis Dreyfus Commodities, may have helped Mar 14 to work lower and hit sell-stop orders. However, the US nearby stocks situation remains tight.
For tomorrow, our directional call for Mar 14 is for…
For all practical purposes, Mar 14 was unchanged on the week, losing 7 points while trading within an extremely tight 151 point range. A weekly range has not been this tight since the week ending Dec 21, 2012, when Mar 13 traded a scant 128 point range for the week.
The more interesting analysis for producers is that pertaining to Dec 14, the physical delivery month. Many analysts are quite bearish Dec 14, but we are not. July 14 has been inverted over Dec 14 at 500+ points …
