No matter what part of the globe you live on, or whichever season is at hand, one thing is certain: In the hemisphere of commodities, summer has officially arrived.
And, in the just-published June 2009 Monthly Futures Junctures (MFJ), long-time editor and Elliott Wave International's chief commodity expert Jeffrey Kennedy reveals which patterns are warm, which trends are ripe, and which opportunities are in full bloom:
"Monthly Feature" on Grains: In the March 2009 MFJ, Jeffrey foresaw the bullish winds of change coming to "cool off" the January selloffs. There, he presented the following insights for each of the top three grain markets:
- Corn: "The stage is now set for a rally."
- Wheat: "Ideally, closing price action will clear the way for higher prices."
- Soybeans: "Wave patterns are also shaping up in such a manner that a test of the January extreme seems imminent."
The synchronized surge that followed fulfilled Jeffrey's forecast to a T -- and then some. Now, in the June MFJ "Feature,"Jeffrey revisits the sector to reveal whether the next big move for grains is gain or pain. (You also get 7 charts and 4 pages of commentary.)
Next up is MFJ’s “Wave Watch.” Here, Jeffrey provides two labeled snapshots per 11 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:
Coffee: As prices stood at an eight-month high in early June, the usual experts saw no end to java's upside jolt. To wit:
"From a fundamental point of view, we see... a clear sign that prices will strengthen. There are few people out there who would like to be friendly with the market down at these levels." (June 1 Reuters)
YET -- "Down" is exactly what prices did next, all the way to a two-month low. The June MJF sticks to the FACTS.
Cocoa: Ask the mainstream experts, and the future course is both HOT and COLD. The 2008-2009 supply deficit was greater than last year, but narrower than last month. AND, while cocoa is long thought to be a "recession-proof commodity," many see the market "bogged down by weaker demand." Any questions?
The June MFJ "Wave Watch" picture gives you a cut-and-dry forecast.
Cotton: Despite a bullish US Department of Agriculture report -- it saw a decline in global production combined with a rise in world consumption -- the May 2009 MFJ "Wave Watch" drew a bold arrow pointing down. Now the June picture grabs the baton.
Orange Juice: In the May 2009 "Wave Watch," Jeffrey used the Elliott Wave guideline of fourth wave retracements to calculate a likely end point for the rally. His chart showed prices soaring above 98.00 and then reversing sharply down. With O.J. prices at a three-month low, the June MJF steps in.
Lean Hog prices get butchered: The May 2009 "Feature" on hogs wrote: "We know that a highly traditional technical chart pattern calls for a continuing decline." Now, one news service cites a "black hole" in hogs as prices plunge to a new contract low. The June "Wave Watch" sets the stage.
Believe it or not, that's just the tip of the topsoil. Get the complete June
Monthly Futures Junctures, in addition to its near-term sister publication
Daily Futures Junctures today --absolutely risk-free.
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