04/16/10: The currencies remain little changed this week in the face of a daily top in the US dollar. The posted upside target for the greenback was hit and it remains to be seen whether this short term top will turn into a weekly top. While this going on, gold has moved up to break its weekly top suggesting prices have found a good deal of buying interest just above $1000. Elsewhere, the soy complex is starting to show signs of strength as we head out of the seasonally 'demand' driven market and head into the 'supply' driven market. Please refer to CTS blog for more on that...
Soybeans: Basically reiterating what I wrote on the chart. Massive weekly wedge appears to have broken to the upside. We are finishing up the 2009-2010 crop with a base in and around 900. Should there be any fears of flood or drought price could move higher in earnest. Regardless, the current weekly 50% and the highs from late 2009 sit in and around the 1085 area, so that shall be my initial upside target as we head into the spring planting season.
That's all for this issue of the CTS Spotlight,
Brian Beamish FCSI
the_rational_investor@yahoo.com
http://www.the-rational-investor.com
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