Gold futures in the December contract settled last Friday in New York at 1,304 an ounce while currently trading at 1,285 down about $20 for the week continuing its flip-flop trend as I am advising clients to avoid this commodity at the present time as it remains extremely choppy and I think that will continue for the rest of 2017.
Cocoa futures hit their highest in nearly seven months, as strong processing data from Asia, and talk of short-covering by speculators, more than offset disappointment at North American grind statistics.
STOCK INDICES remain bullish and have shown no signs of anything more than 2 - 4 week or 1-2 month peaks in 2017. From a pattern perspective, the highs are nearing the upper trendline of a developing ascending triangle (sometimes called a bear wedge) in the NASDAQ 100.
In light of the 30-year anniversary of the Black Monday Crash in 1987 (when the Dow lost more than 20% in "one day", we should be reminded that investor anxiety usually increases when markets get to extremes.
Soybean meal futures in the December contract are unchanged this Thursday afternoon in Chicago as the volatility in the grain market & many of the commodity sectors across the board have come to a crawl as I don't see this lasting much longer as harvest should be wrapped up in the next several weeks sending volatility back into this market.