Paul McCartney: "One night during this tense time I had a dream I saw my mum, who'd been dead 10 years or so. And it was so great to see her because that's a wonderful thing about dreams: you actually are reunited with that person for a second; there they are and you appear to both be physically together again. It was so wonderful for me and she was very reassuring. In the dream she said, 'It'll be all right.' I'm not sure if she used the words 'Let it be' but that was the gist of her advice, it was, 'Don't worry too much, it will turn out OK.' It was such a sweet dream I woke up thinking, Oh, it was really great to visit with her again. I felt very blessed to have that dream. So that got me writing the song "Let It Be." I literally started off 'Mother Mary', which was her name, 'When I find myself in times of trouble', which I certainly found myself in. The song was based on that dream."
Commentary
Today is cut to the chase day. Look at the US dollar chart directly below. The US$ has been vertical since February 1, and the commodity world has basically been going down since the same date. The first of the month trend change for the US$, which is almost a certainty because of its past reliability, should come Thursday-Friday or Monday. That should co-inside with after first notice day low for grains this Thursday for the March contracts. All the moisture for wheat and negative news for corn and beans should be old hat by then with the end of the February bears. And insurance for the month of February set.
US Dollar Daily Chart
Corn
Cash corn in Central Illinois, where according to the USDA there should be plenty of corn, you can get over 50 cents above the futures market. The delivery process, if it still works, should at minimum support corn at weekly chart support in the 675-680 area. May corn should be supported in this area.
Corn Weekly Chart
Beans
China and South America came back to work last week and beans came back alive. The gap from last week was challenged and held today. If beans can hold during the evening session above 1410, then another round of buying should send beans to new highs again.
May Bean Daily Chart
Wheat
Wheat continues the relentless selling since the January rally to 799.6 and has now dropped a $1.00. Massive weekly chart support is not far away for first of the month change in trend. 670-680 is support if challenged.
Chicago Wheat Daily Continuion Chart
Live Cattle and Feeder Cattle
Friday's Cattle On Feed report was a neutral non-event (On feed 94% vs. average estimates of 94%, Placements 102 vs. 100.5, Marketed 106 vs. 105). The fundamental focus today providing support for front end live cattle is the winter storm down south which is causing acute stress to feedlot cattle. The moisture from the storm is also giving the feeder cattle bulls some hope, putting a bid under the market. If you still have cattle to sell, get some put option protection in place. If you're a cow/calf operator, you should do okay this coming fall....but don't get greedy. Even though deferred feeder prices are 7 bucks off their highs, they still might be pricing themselves way out of the game. Both packers and feedlots have been losing money for months. Don't get all lathered up while you're reading about and hearing about historically low supplies. It's NEVER that simple....and there are ALWAYS more factors in the equation. If we can't get retailers and consumers to pay $200+ for choice beef cutouts (now $183).... and keep them paying for it, the price structure in the industry will have to totally re-align itself.
Live Cattle Weekly Chart
April Feeder Cattle Daily Chart
Gold
We warned of the breakdown in gold that could occur if it could not get back above 1660 and the sell off was rapid. Massive support you can see on the weekly chart at 1530-1535. Last week's drop to 1552 may be it, but the first bounce off of a low is always suspect. February is a price turn month through the years for gold. This year it could be a low.
Weekly Gold Daily Chart
Crude
Diesel stalled at the resistance we sighted at 3.26 and is now back down to the breakout price of 3.10. Trend line support is at 307.50-3.08.
Continuation Diesel Daily Chart
02-11-13
Link (in blue) below to view the latest market prediction interview on KFYR - TV:
NOTE: With the exception of livestock, all trades will be entered in the electronic markets unless otherwise noted. Hedge recommendations and Trade recommendations are totally separate, and may sometimes conflict with one another. It is strongly suggested that Spec trades and Hedge trades be done in separate accounts.
Heartland Advantage
Ask about our State-of-the-art order entry software with LIVE quotes and charts!
Free to all active clients of Heartland Investor Capital Management, Inc.
A word to the Wise
This material has been prepared by a sales or trading employee or agent o Heartland Investor Capital and is, or is in the nature of, a solicitation. This material is not a research report prepared by Heartland Investor Capital Research Department. By accepting this communication, you agree that you are an experienced user ofthe futures markets, capable of making independent trading decisions, and agree that you are not, and will not, rely solely on this communication in making trading decisions.
DISTRIBUTION IN SOME JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS COMMUNICATION INDIRECTLY SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. TO THE EXTENT THAT YOU HAVE RECEIVED THIS COMMUNICATION INDIRECTLY AND SOLICITATIONS ARE PROHIBITED IN YOUR JURISDICTION WITHOUT REGISTRATION, THE MARKET COMMENTARY IN THIS
COMMUNICATION SHOULD NOT BE CONSIDERED A SOLICITATION.
The risk of loss in trading futures and/or options is substantial and each investor and/or trader
must consider whether this is a suitable investment. Past performance, whether actual or
indicated by simulated historical tests of strategies, is not indicative of future results. Trading
advice is based on information taken from trades and statistical services and other sources that Heartland Investor Capital believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades.
Newsletter provided by Heartland Investor Capital Management, Inc. a registered CTA with the NFA, of which Eugene Graner is principal. This entity is a separate legal entity from the Introducing Broker Heartland Investor Services.
Printer Friendly Version
