INO Evening Market Comments
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Started by tallpine - Aug. 6, 2019, 4:48 p.m.

KEY EVENTS TO WATCH FOR:



Wednesday, August 7, 2019 



7:00 AM ET. MBA Weekly Mortgage Applications Survey



                       Composite Idx (previous 484.0)



                       Composite Idx, W/W% (previous -1.4%)



                       Purchase Idx-SA (previous 253.0)



                       Purchase Idx-SA, W/W% (previous -3.0%)



                       Refinance Idx (previous 1791.2)



                       Refinance Idx, W/W% (previous +0.1%)



10:30 AM ET. EIA Weekly Petroleum Status Report



                       Crude Oil Stocks (Bbl) (previous 436.545M)



                       Crude Oil Stocks, Net Chg (Bbl) (previous -8.496M)



                       Gasoline Stocks (Bbl) (previous 230.735M)



                       Gasoline Stocks, Net Chg (Bbl) (previous -1.791M)



                       Distillate Stocks (Bbl) (previous 135.922M)



                       Distillate Stocks, Net Chg (Bbl) (previous -0.894M)



                       Refinery Usage (previous 93.0%)



                       Total Prod Supplied (Bbl/day) (previous 21.296M)



                       Total Prod Supplied, Net Chg (Bbl/day) (previous -0.287M)

                       

3:00 PM ET. June Consumer Credit



                       Consumer Credit Net Chg (USD) (previous +17.09B)



Thursday, August 8, 2019 



8:30 AM ET. Unemployment Insurance Weekly Claims Report - Initial Claims



                       Jobless Claims (previous 215K)



                       Jobless Claims, Net Chg (previous +8K)



                       Continuing Claims (previous 1699000)



                       Continuing Claims, Net Chg (previous +22K)



8:30 AM ET. U.S. Weekly Export Sales



                       Corn (Metric Tons) (previous 272.7K)



                       Soybeans (Metric Tons) (previous 448.6K)



                       Wheat (Metric Tons) (previous 383.1K)



9:45 AM ET. Bloomberg Consumer Comfort Index



10:00 AM ET. June Monthly Wholesale Trade



                       Inventories, M/M% (previous +0.4%)



10:30 AM ET. EIA Weekly Natural Gas Storage Report



                       Working Gas In Storage (Cbf) (previous 2634B)



                       Working Gas In Storage, Net Chg (Cbf) (previous +65B)

                       

12:00 PM ET. July Monthly U.S. Retail Chain Store Sales Index



4:30 PM ET. Money Stock Measures



4:30 PM ET. Federal Discount Window Borrowings



4:30 PM ET. Foreign Central Bank Holdings



Friday, August 9, 2019 



8:30 AM ET. July PPI



                       PPI, M/M% (expected +0.2%; previous +0.1%)



                       Ex-Food & Energy PPI, M/M% (expected +0.1%; previous +0.3%)



                       Personal Consumption (previous +0.2%)



Monday, August 12, 2019 



12:00 AM ET. World Agricultural Supply & Demand Estimates (WASDE)



                       Corn, End Stocks (Bushels)



                       Soybeans, End Stocks (Bushels)



                       Wheat, End Stocks (Bushels)



                       Cotton, End Stocks (Bales)



2:00 PM ET. July Monthly Treasury Statement of Receipts & Outlays of the U.S. Govt



  N/A              U.S: Victory Day in Rhode Island



The STOCK INDEXES? http://quotes.ino.com/ex?changes/?c=indexes ""



The September NASDAQ 100 closed sharply higher on Tuesday after testing the 75% retracement level of the June-July-rally crossing at 7237.04.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are poised to turn neutral to bullish with additional strength thereby signaling that a short-term low has likely been posted. If September extends the decline off July's high, the 87% retracement level of the June-July-rally crossing at 7107.06 is the next downside target. Closes above the 50-day moving average crossing at 7684.89 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 7684.89. Second resistance is the 20-day moving average crossing at 7872.61. First support isthe 75% retracement level of the June-July-rally crossing at 7237.04. Second support is the 87% retracement level of the June-July-rally crossing at 7107.06. 



The September S&P 500 closed sharply higher on Tuesday after testing the 87% retracement level of the June-July-rally crossing at 2774.78.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are turning neutral to bullish signaling that a short-term low might be in or is near. If September extends the decline off July's high, June's low crossing at 2737.00 is the next downside target. Closes above the 50-day moving average crossing at 2932.06 would confirm that a short-term low has been posted. First resistance is broken support marked by the 50-day moving average crossing at 2932.06. Second resistance is the 20-day moving average crossing at 2981.79. First support is the 87% retracement level of the June-July-rally crossing at 2774.78. Second support is June's low crossing at 2737.00.  



The Dow posted an inside day with a short covering rally on Tuesday as it consolidates some of Monday's sharp decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but are poised to turn neutral to bullish with additional strength that would signal that a low has likely been posted. If the Dow extends the decline off July's high, the 75% retracement level of the June-July-rally crossing at 25,362.34 is the next downside target. Closes above the 50-day moving average crossing at 26,487.85 would confirm that a short-term low has been posted. First resistance is broken support marked by the 50-day moving average crossing at 26,487.85. Second resistance is the 20-day moving average crossing at 26,987.03. First support is the 75% retracement level of the June-July-rally crossing at 25,362.34. Second support is the 87% retracement level of the June-July-rally crossing at 25,034.74.



INTEREST RATES? http://quotes.ino.com/ex?changes/?c=interest ""



September T-bonds closed up 9/32's at 161-18.



September T-bonds closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July's low, weekly resistance crossing at 167-06 is the next upside target. Closes below the 50-day moving average crossing at 154-29 would confirm that a short-term top has been posted. First resistance is today's high crossing at 161-31. Second resistance is weekly resistance crossing at 167-06. First support is the 10-day moving average crossing at 156-25. Second support is the 50-day moving average crossing at 154-29.          



September T-notes closed up 10-pts. At 129.300.



September T-notes closed higher on Tuesday as it consolidates some of this year's rally. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, weekly resistance crossing at 131.000 is the next upside target. Closes below the 50-day moving average crossing at 127.150 would confirm that a short-term top has been posted. First resistance is today's high crossing at 130.105. Second resistance is weekly resistance crossing at 131.000. First support is the 10-day moving average crossing at 128.058. Second support is the 50-day moving average crossing at 127.150.        



ENERGY MARKETS? http://quotes.ino.com/ex?changes/?c=energy ""



September crude oil closed lower on Tuesday as questions persisted over global demand for energy, uncertainty that’s tied to U.S. tensions with major trade partners. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off last-Wednesday's high, June's low crossing at 50.91 is the next downside target. Closes above the 20-day moving average crossing at 56.99 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 58.82. Second resistance is July's high crossing at 61.02. First support is today's low crossing at 53.43. Second support is June's low crossing at 50.91.  



September heating oil closed lower on Tuesday as it extended the decline off July's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night trading session begins. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, the reaction low crossing at 179.49 is the next downside target. Closes above the 20-day moving average crossing at 191.89 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 197.47. Second resistance is July's high crossing at  202.40. First support is today's low crossing at 182.03. Second support is the reaction low crossing at 179.49. 



September unleaded gas closed lower on Tuesday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the 87% retracement level of the June-July-rally crossing at 165.23 is the next downside target. Closes above the 20-day moving average crossing at 182.42 would confirm that a short-term low has been posted. First resistance is last-Wednesday's high crossing at 187.70. Second resistance is July's high crossing at 197.13. First support is today's low crossing at 168.32. Second support is the 87% retracement level of the June-July-rally crossing at 165.23.



September Henry natural gas closed higher on Tuesday.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are diverging but are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, weekly support crossing at 1.909 is the next downside target. Closes above the 50-day moving average crossing at 2.302 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 2.302. Second resistance is July's high crossing at 2.476. First support is Monday's low crossing at 2.029. Second support is weekly support crossing at 1.909.        



CURRENCIES? http://quotes.ino.com/ex?changes/?c=currencies ""



The September Dollar closed higher on Tuesday as it consolidated some of the decline off last-Thursday's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 97.26 would confirm that a short-term top has been posted. If September renews the rally off June's low, weekly resistance on the continuation chart crossing at 99.90 is the next upside target. First resistance is last-Thursday's high crossing at crossing at 98.70. Second resistance is weekly resistance on the continuation chart crossing at 99.90. First support is the 20-day moving average crossing at 97.26. Second support is the 50-day moving averagecrossing at 96.79.



The September Euro closed slightly lower on Tuesday. The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off last-Thursday's low, the 50-day moving average crossing at 113.02 is the next upside target. If September renews the decline off June's high, monthly support crossing at 109.21 is the next downside target. First resistance is today's high crossing at 112.85. Second resistance is the 50-day moving average crossing at 113.02. First support is last-Thursday's low crossing at 110.65. Second support is monthly support crossing at 109.21.



The September British Pound closed higher on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off June's high, monthly support crossing at 1.2001 is the next downside target. Closes above the 20-day moving average crossing at 1.2399 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 1.2271. Second resistance is the 20-day moving average crossing at 1.2399. First support is last-Thursday's low crossing at 1.2104. Second support is monthly support crossing at 1.2001.  



The September Swiss Franc closed lower on Tuesday as it consolidated some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends the aforementioned rally, June's high crossing at 1.0392 is the next upside target. Closes below the 10-day moving average crossing at 1.0177 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1.0343. Second resistance is June's high crossing at 1.0392. First support is last-Thursday's low crossing at 1.0064. Second support is the 75% retracement level of the May-June-rally crossing at 1.0024.



The September Canadian Dollar closed lower on Tuesday as it extends the decline off July's low. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, the 62% retracement level of the June-July-rally crossing at 75.08 is the next downside target. Closes above the 20-day moving average crossing at 76.25 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 76.25. Second resistance is July's high crossing at 76.81. First support is the 62% retracement level of the June-July-rally crossing at 75.08. Second support is the 75% retracement level of the June-July-rally crossing at 74.68.   



The September Japanese Yen posted a key reversal down on Tuesday as it consolidated some of the rally off last-Thursday's low. The low-range close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this week's rally, the 62% retracement level of the 2018-2019-decline crossing at 0.0960 is the next upside target. Closes below the 20-day moving average crossing at 0.0930 would confirm that a short-term top has been posted. First resistance is the December 2018 high crossing at 0.0948. Second resistance is the 62% retracement level of the 2018-2019-decline crossing at 0.0960. First support is the 20-day moving average crossing 930. Second support is last-Thursday's low crossing at 0.0918.  



PRECIOUS METALS? http://quotes.ino.com/ex?changes/?c=metals ""



October gold closed higher on Tuesday as it extended the rally off May's low.The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If October extends the rally off May's low, the 50% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1484.50 is the next upside target. Closes below last-Thursday's low crossing at 1406.40 would confirm that a short-term top has been posted. First resistance is today's high crossing at 1480.90. Second resistance is the 50% retracement level of the 2011-2015-decline on the weekly continuation chart crossing at 1484.50. First support is last-Thursday's low crossing at 1406.40. Second support is July's low crossing at 1390.90.



September silver closed higher on Tuesday. The mid-range close set the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at 16.116 are needed to confirm that a short-term top has been posted. If September resumes the rally off May's low, the 62% retracement level of 2018's decline crossing at 16.858 is the next upside target. First resistance is July's high crossing at 16.685. Second resistance is the 62% retracement level of 2018's decline crossing at 16.858. First support is the 20-day moving average crossing at 16.116. Second support is the 50-day moving average crossing at 15.467.          



September copper closed higher on Tuesday as it consolidated some of this year's decline. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remains neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the aforementioned decline, weekly support crossing at 252.64 is the next downside target. Closes above the 20-day moving average crossing at 267.69 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 267.69. Second resistance is July's high crossing at 280.30. First support is Monday's low crossing at 253.15. Second support is weekly support crossing at 252.64.  



GRAINS? http://quotes.ino.com/ex?changes/?c=grains "



December Corn closed up 2 1/4-cents at 4.12 1/2. 



December corn closed lower on Tuesday.The mid-range close sets the stage for a steady to lower opening when Wednesday's night sessions begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 4.29 would confirm that a short-term low has been posted. If December resumes the decline off July's high, the 75% retracement level of the May-June-rally crossing at 3.91 is the next downside target. First resistance is the 10-day moving average crossing at 4.17 3/4. Second resistance is the 20-day moving average crossing at 4.29. First support is last-Thursday's low crossing at 3.97 1/4. Second support is the 75% retracement level of the May-June-rally crossing at 3.91.   



December wheat closed down 7-cents at 4.87 3/4. 



December wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Closes above the 20-day moving average crossing at 5.06 3/4 would confirm that a short-term low has been posted. If December renews the decline off June's high, the 75% retracement level of the May-June-rally crossing at 4.73 1/4 is the next downside target. First resistance is the 20-day moving average crossing at 5.06 3/4. Second resistance is the 50-day moving average crossing at 5.23. First support is the 75% retracement level of the May-June-rally crossing at 4.73 1/4. Second support is the reaction low crossing at 4.67 1/2.     



December Kansas City Wheat closed down 8 1/2-cents at 4.34 3/4.

 

December Kansas City wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. Multiple closes above the 20-day moving average crossing at 4.54 3/4 are needed to confirm that a short-term low has been posted. If December renews the decline off June's high, May's low crossing at 4.14 is the next downside target. First resistance is the 20-day moving average crossing at 4.54 3/4. Second resistance is the 50-day moving average crossing at 4.76. First support is last-Thursday's low crossing at 4.28. Second support is May's low crossing at 4.14.  



December Minneapolis wheat closed down 3 1/2-cents at 5.32 3/4. 



December Minneapolis wheat closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to lower prices are possible near-term. Closes above the 20-day moving average crossing at 5.39 3/4 are needed to confirm that a short-term low has been posted. If December extends the decline off June's high, psychological support crossing at 5.25 is the next downside target. First resistance is the 20-day moving average crossing at 5.39 3/4. Second resistance is the 50-day moving average crossing at 5.58 1/4. First support is last-Thursday's low crossing at 5.28. Second support is psychological support crossing at 5.25.    



SOYBEAN COMPLEX? http://quotes.ino.com/ex?changes/?c=grains "



November soybeans closed down 2 3/4-cents at 8.66.



November soybeans closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If November extends the aforementioned decline, the 75% retracement level of the May-June-rally crossing at 8.48 1/2 is the next downside target. Closes above the 20-day moving average crossing at 8.98 1/4 are needed to confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 8.98 1/4. Second resistance is July's high crossing at 9.36 1/2. First support is the 75% retracement level of the May-June-rally crossing at 8.48 1/2. Second support is the 87% retracement level of the May-June-rally crossing at 8.32 1/2.  



December soybean meal closed up $0.20 at 302.50. 



December soybean meal closed slightly higher on Tuesday as it consolidated some of the decline off June's high. The high-range close sets the stage for a steady to higher opening when Wednesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that a low might be in or is near. Closes above the 20-day moving average crossing at 310.90 would confirm that a short-term low has been posted. If December extends the decline off June's high, May's low crossing at 291.60 is the next downside target. First resistance is the 20-day moving average crossing at 310.90. Second resistance is the 50-day moving average crossing at 318.50. First support is the 87% retracement level of the May-June-rally crossing at 297.10. Second support is May's low crossing at 291.60.  



December soybean oil closed down 32-pts at 27.94. 



December soybean oil closed lower on Tuesday. The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends the decline off July's high, July's low crossing at 27.87 is the next downside target. If December renews the rally off July's low, the 50% retracement level of the February-May-decline crossing at 28.91 is the next upside target. First resistance is June's high crossing at 29.32. Second resistance is the 50% retracement level of the February-May-decline crossing at 29.50. First support is July's low crossing at crossing at 27.87. Second support is June's low crossing at 27.60.     

 

LIVESTOCKhttp://quotes.ino.com/exchanges/?c=livestock 



October hogs closed down $2.83 at $64.60. 



October hogs closed lower on Tuesday as it extends the decline off July's high.The low-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off July's high, the July-2018 low crossing at 58.20 is the next downside target. Closes above the 50-day moving average crossing at 75.03 would confirm that a short-term low has been posted. First resistance is the 50-day moving average crossing at 75.03. Second resistance is July's high crossing at 81.98. First support is Monday's low crossing at 61.50. Second support the July-2018 low crossing at 58.20.  



October cattle closed down $1.17 at 106.22. 



October cattle closed lower on Tuesday. Today's close below the 50-day moving average crossing at 107.19 confirms that a short-term top has been posted. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends today's decline, June's low crossing at 103.27 is the next downside target. If October renews the rally off June's low, the 50% retracement level of the March-July-decline crossing at 112.39 is the next upside target. First resistance is the 38% retracement level of the March-July-decline crossing at 110.20. Second resistance is the 50% retracement level of the March-July-decline crossing at 112.39. First support is Monday's low crossing at 104.85. Second support is June's low crossing at 103.27. 

 

October Feeder cattle closed up $0.23 at $138.65. 



October Feeder cattle closed higher on Tuesday. The mid-range close sets the stage for a steady to higher opening when Wednesday's session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends the decline off July's high, June's low crossing at 131.95 is the next downside target. If October renews the rally off June's low, the 50% retracement level of the April-June-decline crossing at 147.45 is the next upside target. First resistance is last-Tuesday's high crossing at 144.43. Second resistance is the 50% retracement level of the April-June-decline crossing at 147.45. First support is Monday's low crossing at 134.57. Second support is June's low crossing at 131.95.    



FOOD & FIBERhttp://quotes.ino.com/ex changes/?c=food 



September coffee closed higher on Tuesday as it consolidates some of the decline off July's high. The mid-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If September extends the decline off July's high, May's low crossing at 9.05 is the next downside target. Closes above the 20-day moving average crossing at 10.26 would confirm that a short-term low has been posted. 



September cocoa closed lower on Tuesday as it extends the decline off July's high. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling sideways to lower prices are possible near-term. If September extends the decline off July's high, May's low crossing at 22.28 is the next downside target. Closes above the 20-day moving average crossing at 24.14 would confirm that a short-term low has been posted. 



October sugar closed lower on Tuesday. The low-range close set the stage for a steady to lower opening on Wednesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If October extends this week's decline, July's low crossing at 11.39 is the next downside target. Closes above the 50-day moving average crossing at 12.34 would renew the rally off July's low.



December cotton closed higher on Tuesday. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If December extends this year's decline, monthly support crossing at 54.38 is the next downside target. Closes above the 20-day moving average crossing at 62.72 are needed to open the door for a possible test of July's high crossing at 68.35.  

Comments
By metmike - Aug. 7, 2019, 1:52 a.m.
Like Reply

Thanks tallpine!

The week 2 rains that have been in week 2 for a week.................have finally moved up to week one. See them below.

However, they look to last only a few days, then we may turn hot and drier, so we better get those huge rains or the dry spots will really be hurting when the "potential"  heat ridge moves in later this month.

As expected, rains this week are falling far short of whats needed in the dry spots.

Days 6-7 below:

http://www.wpc.ncep.noaa.gov/qpf/97ep48iwbg_fill.gif?1526306162

http://www.wpc.ncep.noaa.gov/qpf/97ep48iwbg_fill.gif?1531339379

TX cotton needs a rain badly after being pretty dry the last 2 months.

Natural gas is having a hard time going much  higher with increasing heat in the extended because fundamentals are VERY bearish.