AUGUST COMMENTS
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Comment numbers for 20060810 286
GENERAL COMMENTS
"It would indeed be ironic if,
in the name of national defense,
we would sanction the subversion of one of the liberties . . .
which makes the defense of the Nation worthwhile."
- United States v. Robel, 389 US 258, 264 (1967)
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1. We always want to be aware of those projected turning points on page 376 of "The 2006 $upertrader's Almanac - 2nd Half Edition".
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CURRENT COMMENTS
"Justice is the end of government. UPDATED 20060810
COMMENT #286
CHART #s 571-581
(Post-close COMMENT)
1. It's really hot in Tulsa and elsewhere in the United States.
2. Nationally, July, at an average temperature of 77.2 degrees, trailed only the 77.5 degree reading of the dust bowl days of 1936 and replaced the 1934 reading.
3. Temperatures for the country for the first seven months of the year are the hottest since records began to be kept in 1895.
4. CHART #571 shows weekly prices for the continuous spot futures contract of a market that should clearly be shooting upwards in price and benefiting from this heatwave and dry spell.
5. We can see how price has returned to the bottom of the ascending red channel.
6. In the bottom box, the spread between large speculative traders (blue line) and commercial interests (red line) can be seen as being the most negative over the last several years and just the opposite of that when price was perceived to be at undervalued levels in early 2002.
7. The paucity of the rally over the last few weeks in the face of what should be extremely good fundamental news thus suggests that this market remains in very weak hands (see pages 171-84 of "The $upertrader's Reference Manual").
8. The last time we reviewed this market was in the following CHART late last year.
9. Although the price was at a temporary high, it was not quite at the final high even though other markets in the complex were.
10. Today's CHART #572 shows daily prices for the continuous spot futures contract.
11. The high shown in the CHART this month occurred 232 calendar days after the high of late last year (FIBONACCI #=233).
12. From the May low, the market appears to have unfolded in the blue a-b-c sequence shown (see pages 283-92 of "The $upertrader's Reference Manual").
13. CHART #573 shows hourly prices for the December contract.
14. The blue Wave C high in the #573 CHART of hourly prices is equivalent to the high earlier this month seen in the above #572 CHART of daily prices.
15. What this all seeming seems to do is to bring the very bearish net short position of the commercial interests into alignment with other markets in the complex.
16. Without belaboring, recent CHARTS regarding those markets are updated and shown through the close of trading today as follows:
2. We always want to be aware of those "Inversion Cycle Indexes" in the weekly pages of the April through September edition of "The 2006 $upertrader's Book of Linear Time Cycles" which is available in an easy-to-use electronic format. A sample of the format for the charting file may be seen in the NOTICE posted here. Ordering information here!
3. The initial issue of the free "Trading on the Edge" E-Zine was released 20001021. Archived copies are available here. Subscription information here.
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It is the end of civil society.
It ever has been and ever will be pursued
until it be obtained,
or until liberty be lost in the pursuit."
--James Madison
