News Affecting Markets
Today's Report Overview
Tomorrow's Calendar Reports
Tomorrow's Expiration & Notice Dates
Energies started off hot but have cooled of after a 3 day strong rally, I have not been able to find much news on why price has been dropping. The reasons we took the trade still apply, increasing demand as we go into summer driving season and the "Grand Reopening" combined with the fact that OPEC cut production at the beginning of the year to force price up and they do not intend to increase production through April. All of this lining up perfectly with the start of a new daily cycle. In the chart below you can see the February 25th high has formed a support to price that crude was not able to break below today, that is good news. We will keep stops below the 10 DMA at $61 for now.
Sugar has been a stubborn trade. It ended up forming a support level at 1600 which it was able to break yesterday and close below, but traded around all day today before closing slightly below it at 15.98. Once we get a clear break below the 1600 support level this trade should be off to the races.
Stocks have been great since we got in. Stimulus being passed today was a good driver for a nearly 2% increase in the Russell and also good CPI data calming people nerves about the rate of inflation. We should hopefully break into new all time highs by the end of the week. I tightened stops to our break even point at 2200 today below the 10 DMA.
Platinum is off to the races. Today it blew through the 10 DMA and closed above 1200 ending the day up over 2.5%. I am placing stops at our break even point at 1150. We expect this rally to carry us right back up to the all time high at 1350, with no resistance level in the way. Another plus to platinum is Biden's $2.5 trillion infrastructure plan... Sounds like they will need a lot of platinum.