Nikkei Explodes on Stimulus
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We believe the key level to watch on the Nikkei is 12,500. Today, the market blasted up through that level all the way to 13,000. We could see a slight retracement to the high 12,000′s, but we believe that with the BOJ blatantly stating they will be buying Japanese bonds and assets, the Nikkei seems to be in a very bullish environment, mainly due to the BOJ's actions.
RBOB Gasoline is also down again today after a big down day yesterday. Today this market is down $.02 to $2.90. The Energy Information Administration changed the market's positions by reporting a big uptick in oil supplies and refinery runs. Our first key resistance level is at around $3.03. If this market can stay below $2.90, we would not be surprised to see more big selling to the low $2.80′s, especially considering a potential US dollar rally continuing.
Other key commodities are down today, such as: gold, silver, corn, soybeans, & crude oil. We believe the US dollar rally is having a very bearish impact on commodities and we also believe this trend will continue.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. TRADING COMMODITY FUTURES AND OPTIONS IS SPECULATIVE, INVOLVES RISK OF LOSS, AND IS NOT SUITABLE FOR ALL INVESTORS.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.