December 14, 2009
Matthew Bradbard submits:
Same old story in Crude, prices slightly lower on today’s session. We think Crude is a buy and have advised clients to buy March $5 call spreads. In the January contract we feel a move to $76 is possible in the coming weeks. Continued cold weather and a mega energy deal today helped natural gas move 3% higher today. Immediate support is seen at $5.10 and then $4.80 in the January contract with resistance at $5.40 and then $5.50. We will be looking at buying a 40-60 cent dip for clients.
Sugar is higher by an additional 5% today; that marks a 3 day run of over 13%. Ideally you heeded our advice and bought the break-out. We expect a challenge of the September highs about 1 penny higher in the March contract. Big moves in the OJ and coffee markets as well; OJ traded to a 15 month high and coffee appreciated by 2.25%. Soft commodities could be the surprise bullish sector in 2010.
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