Sorry forgot to post how everything turned out today.
Coffee closed at 133.25. Not much to say other than that guys took a little money and covered some shorts. Im really suprised to see coffee staying so strong. Anyway we will just have to see what next week brings.
OJ closed at 144.15. Weather shows above normal temps and a few light showers on sunday and monday (the trees are a little dry and could use some moisture). Then on tuesday and wednesday a cold air mass may lead to frost and light freeze conditions. I don't see that as much of a threat. Remember there are two different types of freezes that we need to discuss. A hard freeze is a major freeze that causes extreme damage to the fruit and stunts the tree growth/productivity for years to come. A soft freeze is a freeze that damages the "meat" of the orange which doesn't make it suitable for selling as a whole orange. What it does make it suitable for is squeezing into juice. So actually a soft freeze creates more orange juice because so many oranges were damaged just enough that they could not sell them whole so they sell them to make oj. This is actually a bearish freeze if you can imagine that!
I think we are coming up on a major top in the crude oil market. Thursday's inventories came out and said we had a 3.3 million barrel draw in crude. 2.8 million barrel draw in distillate fuel and a bullish 700,000 barrel build in gasoline. But a funny thing I noticed when going back over the report was that refineries used less oil in the previous week but at the same time more imports reached the shore. So how could the gulf coast see a 3.3 million barrel drop? Granted there was a little fog in the houston shipping channel. EIA says that crude imports averaged 9.8 million barrels per day last week. Thats up almost 700,000 barrels per day from last week. Over the last 4 weeks they said imports have averaged 9.6 million barrels a day. I want to say that next weeks inventories report will be a huge build but on the other hand I could also see them saying there was still fog in the houston channel even though there really wasn't but they want to keep all of that oil on the ships until the new year for tax purposes. This could mean another draw in crude when there really shouldn't be.
We look toppy on a chart and im keeping a bearish bias on crude this week. Might try to make a few short sales this week.
Coffee closed at 133.25. Not much to say other than that guys took a little money and covered some shorts. Im really suprised to see coffee staying so strong. Anyway we will just have to see what next week brings.
OJ closed at 144.15. Weather shows above normal temps and a few light showers on sunday and monday (the trees are a little dry and could use some moisture). Then on tuesday and wednesday a cold air mass may lead to frost and light freeze conditions. I don't see that as much of a threat. Remember there are two different types of freezes that we need to discuss. A hard freeze is a major freeze that causes extreme damage to the fruit and stunts the tree growth/productivity for years to come. A soft freeze is a freeze that damages the "meat" of the orange which doesn't make it suitable for selling as a whole orange. What it does make it suitable for is squeezing into juice. So actually a soft freeze creates more orange juice because so many oranges were damaged just enough that they could not sell them whole so they sell them to make oj. This is actually a bearish freeze if you can imagine that!
I think we are coming up on a major top in the crude oil market. Thursday's inventories came out and said we had a 3.3 million barrel draw in crude. 2.8 million barrel draw in distillate fuel and a bullish 700,000 barrel build in gasoline. But a funny thing I noticed when going back over the report was that refineries used less oil in the previous week but at the same time more imports reached the shore. So how could the gulf coast see a 3.3 million barrel drop? Granted there was a little fog in the houston shipping channel. EIA says that crude imports averaged 9.8 million barrels per day last week. Thats up almost 700,000 barrels per day from last week. Over the last 4 weeks they said imports have averaged 9.6 million barrels a day. I want to say that next weeks inventories report will be a huge build but on the other hand I could also see them saying there was still fog in the houston channel even though there really wasn't but they want to keep all of that oil on the ships until the new year for tax purposes. This could mean another draw in crude when there really shouldn't be.
We look toppy on a chart and im keeping a bearish bias on crude this week. Might try to make a few short sales this week.
) is to turn my account of $27,000 into $100,000 by the end of the year. I know what your all thinking, hes an alright kid but what a dumbass to think he can make over 350% in a year???!!! Well I have been called a dumbass for worse things lol! But anyway thats my goal and if all goes well I honestly think I can achieve it.