The oil market appears to be locked in a sideways continuation pattern, however, the timing of a potential breakout may still hinge upon the trading floors opening for normal operations. The CME said late yesterday that Nymex floor trading would resume only when the city lifts its evacuation order for Zone A.
Investors Alert – Market Status
Grains Commentary – Published Monday morning, 10/29/12 The effects of Sandy are creating havoc across the entire East Coast and could have effects for the next 72 hours if not longer, in the meantime the grain markets are open and it appears that $ flow is leaving the soy markets and shifting back to grains with corn trading +3-4, wheat has gained 4-5, while beans are down 12-14, meal
Today’s session will likely be muted again by the closure of trading pits in New York, but we expect moderate pressure to remain in place. The market may be setting up for weakness through tomorrow, when many hedge funds are expected to close their books for the year.
October 29, 2012 U.S. Stock markets – All exchanges will be closed do to hurricane Sandy
The overnight markets have continued where yesterday left off with gains being posted in nearly every market. The grain market seem to be gaining some interest again as the equity markets have lost nearly 4% in the past week, this lowers the overall bench market of returns for the year and gives some more runway to trade and place risk back on knowing that the equity benchmark is now up 11% rather than 15%.
This week’s trade in the oil market may witness bottoming action take place, as the U.S. election begins to move to center stage. There may also be an exit from the markets by hedge funds that close their books on Oct 31st, but the impact they actually exert may be somewhat limited in the near-term as their long positioning has already been reduced.
The oil market stabilized its short-term selloff yesterday and rebounded slightly, but evidence is unclear as to whether a bottom has been formed. The action was not typical of a bottom, as volumes appeared to be light and fresh economic data was mixed.
Breaking News – Pending Home Sales
Cotton Ginnings ISSN: 1948-9021 Released October 25, 2012, by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department of Agriculture (USDA). Running Bales Ginned by Crop – States and United States: October 15, 2009-2012 [Excluding linters. Blank cells indicate estimation period has not yet begun]
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