Trends in Futures - Commentary for Week 12/01/08 March Corn
Monday, December 01, 2008
by Howard Tyllas of www.futuresflight.com
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Trends in Futures - Commentary for Week 12/01/08 March Corn Bear market chart in corrective mode now after making new contract lows. Needs to close above $3.78 to get friendly this chart. 
Corn outlook is bleak with crude under $50; a rally in crude oil would help underpin corn. Chart is bearish but hit objective for now. I looked for a corrective week and got it. A Thanksgiving rally for corn produced a $.11 ½ rally for the week in spite of bearish fundamentals. Rains in S.A., lower broiler placements/eggs sets, depressed crude oil values, large deliveries, new low in Baltic freight, and rebounding strength in the $ weighed on prices. Export sales are lackluster in this new marketing year. Most of the charts I use in the weekly & daily service are a continuation from the prior week, with a new line added when needed. This way you can observe the progression. In this corn chart, the exact same lines were used. ****************************************************************************
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About the author
Currently a member of The Chicago Board of Trade (CBOT) and registered with the Commodity Futures Trading Commission (CFTC) as a floor broker and as a Commodity Trading Advisor (CTA). I am the President of Futures Flight, an Introducing Broker (IB) for MF Global, and a member of the National Futures Association (NFA). I started my career in 1973 on The Chicago Mercantile Exchange trading floor working for a major firm. Three years later I purchased my first membership and began what would become a thirteen-year commitment to trading soybeans for my own account on the trading floor. I began trading options on futures since their inception in Chicago about twenty years ago; doing so, I traded in various pits on the trade floor. I day traded from 2000-2002 for Schoenfeld Securities (a major proprietary trade firm), and then continued to trade at Sheppard Int. for Jump Trading, LLC. I concentrated on the emini S&P and NASDAQ, trading them “upstairs” on a screen. One of the major lessons that I have learned from all my years of experience is that knowledge is an important condition for the possibility of successful trading. Knowledge gives you a better chance to succeed by eliminating obvious mistakes: with it, you will never find yourself shamefully uttering, “If I only took the time to learn”.
I want to save you from such regrets by teaching you where the danger is, what it looks like, and how to go around it, while still keeping an eye on your destination of success. In short, I will teach you how to combat error with knowledge.
My mission is to educate you, giving you my 34 years experience, wisdom, and knowledge from which you will then be able to use and benefit from at will. For you, I will be a personal trainer, coach, mentor, overseer, market strategist, consultant, and advisor. I know what will help you make money, and I know what will insure failure. Use my services and prevent, “If I only knew”.
Howard Tyllas Futures trading involves the substantial risk of loss and may not be suitable for all investors. Past performance does not mean future results. If you have a question, or comment, email me howardtyllas@howardtyllas.com Visit my website http://www.howardtyllas.com http://www.futuresflight.com
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