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Commodities' Special: A Publication Is Born
At last, the most highly anticipated birth around has finally taken place -- and no, I’m not talking about Brangelina’s twins (born: July 13). Elliott Wave International’s senior commodity analyst Jeffrey Kennedy has just delivered the brand-new July 2008 Monthly Futures Junctures -- a 12-page, hale and hearty publication that screams “Opportunity” into these and many more markets:
Heading out first is MFJ’s “Featured Market” segment. Here, Jeffrey picks one market out of crowd whose wave patterns are clearly ripe for a meaningful move; in this case: Coffee. With four compelling price charts and three pages of in-depth analysis, Jeffrey reveals whether java is set to perk up in the weeks ahead.
Next up is MFJ’s “Wave Watch.” In this section, Jeffrey provides two labeled snapshots per 12 markets -- each of which include clearly marked trendlines, up/downside objectives, support/resistance levels, and bold arrows pointing prices in their next likely direction. Off the top are these familiar favorites:
Cocoa Comes Down: When prices sweetened to a 28-year high in late June, the mainstream experts agreed: Fundamentals of supply and demand could have “cocoa going to the moon.” In the June 2008 MFJ “Wave Watch,” however, our chart showed prices dropping back to earth via a bold arrow pointing down. Find out whether cocoa’s recent fall to a five-week low marks the end of the souring trend.
Sugar’s “Crude” Connection: On July 11, sugar soared to a four-month high. And, according to the usual suspects, “Surging oil prices drove up the soft commodity complex.” One problem: From March 1 to early June, sugar endured a severe 40% sell-off even as crude continued to rally to new records. The July MFJ sets the sugar record straight.
The Surge In Soybeans: In the March 2008 Monthly Futures Junctures “Featured Market” Jeffrey wrote: “I have labeled the recent peak as the termination point of wave (3), thereby setting the stage for a wave (4) decline… Once complete, I fully expect the recent uptrend to continue to much higher levels.” From a four-month low to a new, lifetime high, the July MFJ shows where beans are headed next.
Picking Corn: In the January 2008 Monthly Futures Junctures, Jeffrey paved the long-term way and wrote: “Now and far into the future, the advance will continue to beyond the July 1996 extreme.” Unlike the other grains, though, corn’s winning streak stopped at its late June, all-time high: Prices reversed and now stand at a one-month low.A brief blip OR sign of things to come?
Live Cattle Getting Butchered: Last month, the June MFJ “Wave Watch” chart showed prices rallying toward a Fibonacci-calculated upside target AND then, reversing down. Meaning: The market’s fall to a five-week low came BEFORE the “bearish” July 11 US Department of Agriculture boxed beef report. MFJ stays away from the herd.
Believe it or not, that’s just the top-half of the brand new July 2008 Monthly Futures Junctures -- which includes detailed close-ups of SEVEN other markets, and an illuminating Traders Classroom lesson on how to find the best chart format for your style. Get instant access to the complete publication today.