This Father’s Day weekend, give dear ole dad a gift he can actually use, unlike -- say -- a singing necktie. My suggestion: Elliott Wave International’s Senior Commodity Analyst Jeffrey Kennedy’s just published June 2008 Monthly Futures Junctures. Here’s a sneak peak at what’s in store:
Before CORN Was King: One year ago, corn prices were getting creamed, having plunged 25% from their February peak to a five-month low. And, as far as the mainstream experts could see, this grain’s pain was not about to end. “Corn’s bear market may persist as US farmers prepare their biggest crop since World War II. There’s no way to describe it.” (Bloomberg. April 2007)
“Describing” an altogether different (i.e. bullish) scenario was exactly what Jeffrey did in the “Featured Market” segment of the May 2007 Monthly Futures Junctures. In his own words: Once a test of the 312 ¾ region is complete, “wave patterns across multiple time frames strongly suggest a further rally to well beyond the February peak.”
Prices did just that with gusto. In the January 2008 Monthly Futures Junctures, Jeffrey revisited CORN to build onto his original bullish outlook. There, Jeffrey wrote: “Now and far into the future, the advance will continue to beyond the July 1996 [all-time] extreme. I stand by my forecast…” Flash ahead to today and corn prices have rocketed 80% from their June 2007 low to a fresh, all-time record.
(Will the Winning Reign In Grains Continue? In the June 2008 Monthly Futures Junctures, Jeffrey shines his “Featured Market” spotlight on all THREE ruling grain Markets: Corn, Soybeans, and Wheat. Get the full story today.)
Next up is MFJ’s “Wave Watch.” In this section, Jeffrey provides two labeled snapshots per 12 markets -- each of which include clearly marked trendlines, up/downside objectives, support/resistance levels, and bold arrows pointing prices in their next likely direction. Off the top are these familiar favorites:
Cocoa: Million “Dollar” Question According to popular wisdom, cocoa fills the opposite seat on a seesaw with the U.S. Dollar. If that, then how this: From its mid-March bottom, the greenback has rallied to a three-month high. All the while, cocoa has enjoyed an uninterrupted winning streak to a near thirty-year peak.
The June Monthly Futures Junctures’ close-ups of cocoa set the record straight.
Sticking To Sugar: In the April ’08 Monthly Futures Junctures (published April 11), Jeffrey’s “Featured Market” commentary on sugar was loud and clear: “Sugar’s Sour Wave,” began Jeffrey. “I expect the larger downtrend to resume. If you are a sugar bull, then the next few weeks, maybe months will be sour.”
Now, with prices at a three-week high, the June MFJ shows whether the 40% springtime sell-off has finally ended.
Speaking Of Soybeans: In the March ’08 Monthly Futures Junctures “Featured Market” Jeffrey wrote: “I have labeled the recent peak as the termination point of wave (3), thereby setting the stage for a wave (4) decline… Once complete, I fully expect the recent uptrend to continue to much higher levels.” From a four-month low to a three-month high, the June MFJ shows where beans are headed next.
Believe it or not, we’re just getting started. The June Monthly Futures Junctures includes intricately labeled price charts for the biggest names in softs, grains, and livestocks -- not to mention a "Trader’s Classroom" segment in which Jeffrey teaches newbies how to use the Japanese Candlestick single-bar pattern to light the way to opportunity.
The Gift that Keeps on Giving Begins Here.