Dear Members,
Once again, metals remained uncertain on Tuesday, and we are still waiting with no hurry to buy. At the moment we are short-term sellers on rising, waiting for the right time to enter into buying positions. Indications are that today’s trend will remain on both sides. Side metals should trade with gold trend.
Oil was weak on Tuesday and should remain weak on Wednesday as well, so I recommend selling.
The stock market should remain weak today and one can therefore sell S&P and look for a around 9 points gain.
GRAINS - We booked profit on Monday and looking to buy back, which we should do by a small portion on today electronic market as well as Wednesday opening. We shall wait for Thursday, since if grains close up this Thursday, then we should expect a rise of more than twenty five percent from here in wheat and corn. Soybean and meal have entered into a long-term bull market, and will slowly but surely start trading up.
The dollar is marching ahead and there could be a powerful wave in the next three days, compelling short sellers to cover their positions, which indeed they should before it is too late.
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Thanks & God Bless
Sharma Mahendra, Tuesday, 21.30 Santa Barbara