Market Price Considerations Week Beginning June 5, 2017

Transcription

1 Market Price Considerations Week Beginning June 5, 2017 DISCLAIMER-FOR-EDUCATIONAL-PURPOSES-ONLY Bobby Coats, Ph.D. Professor Economics Department of Agricultural Economics and Agribusiness Division of Agriculture University of Arkansas System 1

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6 Commodity ETFs, Percent Change by 1 Week, 1 Month, 3 Months, 6 Month, & 1 Year Sorted by One Week Percent Change ETF Commodity One Week One Month Three Month Six Month One Year Symbol % Change % Change % Change % Change % Change Commodity ETFs Charts PALL Physical Palladium Shares 6.09% 2.39% 9.21% 12.92% 56.43% NIB Cocoa Bloomberg Subindex 4.85% 12.12% 3.56% 19.85% 36.47% COW Livestock Bloomberg Subindex 4.51% 6.17% 17.93% 32.95% 7.53% SLV Silver Trust 1.16% 4.14% 1.25% 4.80% 9.00% GLD Gold Trust 0.89% 1.64% 3.43% 8.44% 5.14% DBP Precious Metals Fund 0.79% 2.02% 2.12% 7.16% 4.29% JJC Copper Bloomberg SubIndex 0.41% 2.70% 5.13% 3.57% 23.61% DBA Agriculture Fund 0.35% 0.75% 2.07% 1.12% 8.42% SOYB Soybeans Fund 0.06% 3.44% 9.67% 10.45% 13.26% LIT Lithium 0.03% 4.27% 13.63% 24.25% 25.58% LD Lead Bloomberg SubIndex 0.00% 0.00% 4.78% 5.92% 25.36% CORN Corn Fund 0.32% 0.16% 3.58% 1.77% 15.83% BAL Cotton Bloomberg Subindex 0.68% 3.37% 2.45% 4.20% 16.30% PPLT Physical Platinum Shares 0.71% 2.57% 3.61% 2.08% 1.02% JJG Grains Bloomberg Subindex 0.93% 3.23% 8.32% 3.85% 22.93% DBB Base Metals Fund 1.63% 2.37% 3.69% 1.42% 24.35% WEAT Wheat Fund 1.88% 5.03% 7.74% 1.02% 24.64% JJU Aluminum Bloomberg SubIndex 2.07% 0.53% 0.99% 14.64% 24.93% DJP Commodity Bloomberg Index 2.21% 2.08% 6.00% 6.27% 5.76% JJN Nickel Bloomberg SubIndex 2.32% 8.25% 20.37% 26.28% 4.95% UGA Gasoline Fund 2.93% 4.22% 5.58% 14.61% 11.05% DBC Commodity Tracking Fund 3.03% 1.70% 7.21% 7.56% 3.16% USL Oil Fund 12 Month Fund 3.25% 0.69% 10.51% 12.42% 10.51% GSP GSCI Commodity Total Return 3.37% 1.06% 8.20% 9.21% 11.19% USO Oil Fund 3 Month Fund 4.09% 0.60% 11.73% 14.11% 16.86% DBE Energy Fund 4.23% 0.93% 7.82% 11.56% 5.00% JO Coffee Bloomberg Subindex 4.44% 8.69% 16.03% 18.53% 8.49% BNO Oil Brent Fund 4.70% 1.18% 10.81% 11.92% 11.34% UNG Natural Gas Fund 9.01% 8.02% 0.44% 22.18% 6.62% SGG Sugar Bloomberg Subindex 9.77% 15.11% 32.42% 31.23% 29.87% GAZ Natural Gas 13.75% 13.60% 23.90% 41.62% 20.45% 125

7 Commodity ETFs, Percent Change by 1 Week, 1 Month, 3 Months, 6 Month, & 1 Year Sorted by 1 Month Percent Change ETF Commodity One Week One Month Three Month Six Month One Year Symbol % Change % Change % Change % Change % Change Commodity ETFs Charts NIB Cocoa Bloomberg Subindex 4.85% 12.12% 3.56% 19.85% 36.47% COW Livestock Bloomberg Subindex 4.51% 6.17% 17.93% 32.95% 7.53% LIT Lithium 0.03% 4.27% 13.63% 24.25% 25.58% UGA Gasoline Fund 2.93% 4.22% 5.58% 14.61% 11.05% SLV Silver Trust 1.16% 4.14% 1.25% 4.80% 9.00% PPLT Physical Platinum Shares 0.71% 2.57% 3.61% 2.08% 1.02% PALL Physical Palladium Shares 6.09% 2.39% 9.21% 12.92% 56.43% DBP Precious Metals Fund 0.79% 2.02% 2.12% 7.16% 4.29% GLD Gold Trust 0.89% 1.64% 3.43% 8.44% 5.14% JJU Aluminum Bloomberg SubIndex 2.07% 0.53% 0.99% 14.64% 24.93% LD Lead Bloomberg SubIndex 0.00% 0.00% 4.78% 5.92% 25.36% CORN Corn Fund 0.32% 0.16% 3.58% 1.77% 15.83% USO Oil Fund 3 Month Fund 4.09% 0.60% 11.73% 14.11% 16.86% USL Oil Fund 12 Month Fund 3.25% 0.69% 10.51% 12.42% 10.51% DBA Agriculture Fund 0.35% 0.75% 2.07% 1.12% 8.42% DBE Energy Fund 4.23% 0.93% 7.82% 11.56% 5.00% GSP GSCI Commodity Total Return 3.37% 1.06% 8.20% 9.21% 11.19% BNO Oil Brent Fund 4.70% 1.18% 10.81% 11.92% 11.34% DBC Commodity Tracking Fund 3.03% 1.70% 7.21% 7.56% 3.16% DJP Commodity Bloomberg Index 2.21% 2.08% 6.00% 6.27% 5.76% DBB Base Metals Fund 1.63% 2.37% 3.69% 1.42% 24.35% JJC Copper Bloomberg SubIndex 0.41% 2.70% 5.13% 3.57% 23.61% JJG Grains Bloomberg Subindex 0.93% 3.23% 8.32% 3.85% 22.93% BAL Cotton Bloomberg Subindex 0.68% 3.37% 2.45% 4.20% 16.30% SOYB Soybeans Fund 0.06% 3.44% 9.67% 10.45% 13.26% WEAT Wheat Fund 1.88% 5.03% 7.74% 1.02% 24.64% UNG Natural Gas Fund 9.01% 8.02% 0.44% 22.18% 6.62% JJN Nickel Bloomberg SubIndex 2.32% 8.25% 20.37% 26.28% 4.95% JO Coffee Bloomberg Subindex 4.44% 8.69% 16.03% 18.53% 8.49% GAZ Natural Gas 13.75% 13.60% 23.90% 41.62% 20.45% SGG Sugar Bloomberg Subindex 9.77% 15.11% 32.42% 31.23% 29.87% 126

8 Commodity ETFs, Percent Change by 1 Week, 1 Month, 3 Months, 6 Month, & 1 Year Sorted by 3 Month Percent Change ETF Commodity One Week One Month Three Month Six Month One Year Symbol % Change % Change % Change % Change % Change Commodity ETFs Charts COW Livestock Bloomberg Subindex 4.51% 6.17% 17.93% 32.95% 7.53% LIT Lithium 0.03% 4.27% 13.63% 24.25% 25.58% PALL Physical Palladium Shares 6.09% 2.39% 9.21% 12.92% 56.43% NIB Cocoa Bloomberg Subindex 4.85% 12.12% 3.56% 19.85% 36.47% GLD Gold Trust 0.89% 1.64% 3.43% 8.44% 5.14% DBP Precious Metals Fund 0.79% 2.02% 2.12% 7.16% 4.29% UNG Natural Gas Fund 9.01% 8.02% 0.44% 22.18% 6.62% JJU Aluminum Bloomberg SubIndex 2.07% 0.53% 0.99% 14.64% 24.93% SLV Silver Trust 1.16% 4.14% 1.25% 4.80% 9.00% DBA Agriculture Fund 0.35% 0.75% 2.07% 1.12% 8.42% BAL Cotton Bloomberg Subindex 0.68% 3.37% 2.45% 4.20% 16.30% CORN Corn Fund 0.32% 0.16% 3.58% 1.77% 15.83% PPLT Physical Platinum Shares 0.71% 2.57% 3.61% 2.08% 1.02% DBB Base Metals Fund 1.63% 2.37% 3.69% 1.42% 24.35% LD Lead Bloomberg SubIndex 0.00% 0.00% 4.78% 5.92% 25.36% JJC Copper Bloomberg SubIndex 0.41% 2.70% 5.13% 3.57% 23.61% UGA Gasoline Fund 2.93% 4.22% 5.58% 14.61% 11.05% DJP Commodity Bloomberg Index 2.21% 2.08% 6.00% 6.27% 5.76% DBC Commodity Tracking Fund 3.03% 1.70% 7.21% 7.56% 3.16% WEAT Wheat Fund 1.88% 5.03% 7.74% 1.02% 24.64% DBE Energy Fund 4.23% 0.93% 7.82% 11.56% 5.00% GSP GSCI Commodity Total Return 3.37% 1.06% 8.20% 9.21% 11.19% JJG Grains Bloomberg Subindex 0.93% 3.23% 8.32% 3.85% 22.93% SOYB Soybeans Fund 0.06% 3.44% 9.67% 10.45% 13.26% USL Oil Fund 12 Month Fund 3.25% 0.69% 10.51% 12.42% 10.51% BNO Oil Brent Fund 4.70% 1.18% 10.81% 11.92% 11.34% USO Oil Fund 3 Month Fund 4.09% 0.60% 11.73% 14.11% 16.86% JO Coffee Bloomberg Subindex 4.44% 8.69% 16.03% 18.53% 8.49% JJN Nickel Bloomberg SubIndex 2.32% 8.25% 20.37% 26.28% 4.95% GAZ Natural Gas 13.75% 13.60% 23.90% 41.62% 20.45% SGG Sugar Bloomberg Subindex 9.77% 15.11% 32.42% 31.23% 29.87% 127

9 Commodity ETFs, Percent Change by 1 Week, 1 Month, 3 Months, 6 Month, & 1 Year Sorted by 6 Month Percent Change ETF Commodity One Week One Month Three Month Six Month One Year Symbol % Change % Change % Change % Change % Change Commodity ETFs Charts COW Livestock Bloomberg Subindex 4.51% 6.17% 17.93% 32.95% 7.53% LIT Lithium 0.03% 4.27% 13.63% 24.25% 25.58% JJU Aluminum Bloomberg SubIndex 2.07% 0.53% 0.99% 14.64% 24.93% PALL Physical Palladium Shares 6.09% 2.39% 9.21% 12.92% 56.43% GLD Gold Trust 0.89% 1.64% 3.43% 8.44% 5.14% DBP Precious Metals Fund 0.79% 2.02% 2.12% 7.16% 4.29% LD Lead Bloomberg SubIndex 0.00% 0.00% 4.78% 5.92% 25.36% SLV Silver Trust 1.16% 4.14% 1.25% 4.80% 9.00% BAL Cotton Bloomberg Subindex 0.68% 3.37% 2.45% 4.20% 16.30% PPLT Physical Platinum Shares 0.71% 2.57% 3.61% 2.08% 1.02% CORN Corn Fund 0.32% 0.16% 3.58% 1.77% 15.83% DBB Base Metals Fund 1.63% 2.37% 3.69% 1.42% 24.35% DBA Agriculture Fund 0.35% 0.75% 2.07% 1.12% 8.42% WEAT Wheat Fund 1.88% 5.03% 7.74% 1.02% 24.64% JJC Copper Bloomberg SubIndex 0.41% 2.70% 5.13% 3.57% 23.61% JJG Grains Bloomberg Subindex 0.93% 3.23% 8.32% 3.85% 22.93% DJP Commodity Bloomberg Index 2.21% 2.08% 6.00% 6.27% 5.76% DBC Commodity Tracking Fund 3.03% 1.70% 7.21% 7.56% 3.16% GSP GSCI Commodity Total Return 3.37% 1.06% 8.20% 9.21% 11.19% SOYB Soybeans Fund 0.06% 3.44% 9.67% 10.45% 13.26% DBE Energy Fund 4.23% 0.93% 7.82% 11.56% 5.00% BNO Oil Brent Fund 4.70% 1.18% 10.81% 11.92% 11.34% USL Oil Fund 12 Month Fund 3.25% 0.69% 10.51% 12.42% 10.51% USO Oil Fund 3 Month Fund 4.09% 0.60% 11.73% 14.11% 16.86% UGA Gasoline Fund 2.93% 4.22% 5.58% 14.61% 11.05% JO Coffee Bloomberg Subindex 4.44% 8.69% 16.03% 18.53% 8.49% NIB Cocoa Bloomberg Subindex 4.85% 12.12% 3.56% 19.85% 36.47% UNG Natural Gas Fund 9.01% 8.02% 0.44% 22.18% 6.62% JJN Nickel Bloomberg SubIndex 2.32% 8.25% 20.37% 26.28% 4.95% SGG Sugar Bloomberg Subindex 9.77% 15.11% 32.42% 31.23% 29.87% GAZ Natural Gas 13.75% 13.60% 23.90% 41.62% 20.45% 128

10 Commodity ETFs, Percent Change by 1 Week, 1 Month, 3 Months, 6 Month, & 1 Year Sorted by 1 Year Percent Change ETF Commodity One Week One Month Three Month Six Month One Year Symbol % Change % Change % Change % Change % Change Commodity ETFs Charts PALL Physical Palladium Shares 6.09% 2.39% 9.21% 12.92% 56.43% LIT Lithium 0.03% 4.27% 13.63% 24.25% 25.58% LD Lead Bloomberg SubIndex 0.00% 0.00% 4.78% 5.92% 25.36% JJU Aluminum Bloomberg SubIndex 2.07% 0.53% 0.99% 14.64% 24.93% DBB Base Metals Fund 1.63% 2.37% 3.69% 1.42% 24.35% JJC Copper Bloomberg SubIndex 0.41% 2.70% 5.13% 3.57% 23.61% BAL Cotton Bloomberg Subindex 0.68% 3.37% 2.45% 4.20% 16.30% SLV Silver Trust 1.16% 4.14% 1.25% 4.80% 9.00% COW Livestock Bloomberg Subindex 4.51% 6.17% 17.93% 32.95% 7.53% GLD Gold Trust 0.89% 1.64% 3.43% 8.44% 5.14% JJN Nickel Bloomberg SubIndex 2.32% 8.25% 20.37% 26.28% 4.95% DBP Precious Metals Fund 0.79% 2.02% 2.12% 7.16% 4.29% PPLT Physical Platinum Shares 0.71% 2.57% 3.61% 2.08% 1.02% DBC Commodity Tracking Fund 3.03% 1.70% 7.21% 7.56% 3.16% DBE Energy Fund 4.23% 0.93% 7.82% 11.56% 5.00% DJP Commodity Bloomberg Index 2.21% 2.08% 6.00% 6.27% 5.76% UNG Natural Gas Fund 9.01% 8.02% 0.44% 22.18% 6.62% DBA Agriculture Fund 0.35% 0.75% 2.07% 1.12% 8.42% JO Coffee Bloomberg Subindex 4.44% 8.69% 16.03% 18.53% 8.49% USL Oil Fund 12 Month Fund 3.25% 0.69% 10.51% 12.42% 10.51% UGA Gasoline Fund 2.93% 4.22% 5.58% 14.61% 11.05% GSP GSCI Commodity Total Return 3.37% 1.06% 8.20% 9.21% 11.19% BNO Oil Brent Fund 4.70% 1.18% 10.81% 11.92% 11.34% SOYB Soybeans Fund 0.06% 3.44% 9.67% 10.45% 13.26% CORN Corn Fund 0.32% 0.16% 3.58% 1.77% 15.83% USO Oil Fund 3 Month Fund 4.09% 0.60% 11.73% 14.11% 16.86% GAZ Natural Gas 13.75% 13.60% 23.90% 41.62% 20.45% JJG Grains Bloomberg Subindex 0.93% 3.23% 8.32% 3.85% 22.93% WEAT Wheat Fund 1.88% 5.03% 7.74% 1.02% 24.64% SGG Sugar Bloomberg Subindex 9.77% 15.11% 32.42% 31.23% 29.87% NIB Cocoa Bloomberg Subindex 4.85% 12.12% 3.56% 19.85% 36.47% 129

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15 Commodity ETFs Continued Next Slide

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18 $UST10Y 10 Year US Treasury Yield Weekly, Daily and Monthly Charts This Week Primary Consideration: We enter the week bullish with a potentially lower yield Economic Weakness, Event Risk Concerns, or Other Market Concerns/Factors will likely take yields lower to 2 or below before moving higher As global events unfold (economic, social, political, etc.) chart activity will provide guidance Potential trading range over the next one plus years given Global Government and Central Bank intervention and unfolding global events defining potential upside of 3 to 3.25 possibly higher and bottom in the coming months of a yield of 2 or lower Present market structure suggests financial institutions and borrowers remain winners at these levels Some suggest the 35 year bull bond market will be over with a yield that holds above 2.6, others at 3.0; Actually, global fiscal, monetary, trade, and regulatory policy market intervention likely make picking these points very premature This is a market that likely moves sideways for a few years and even revisits the previous low or lower

19 Chart 1. $UST10Y 10 Year US Treasury Yield, Weekly Chart, 2014 June 2, 2017

20 Chart 2. $UST10Y 10 Year US Treasury Yield, Daily Chart, August 2016 June 2, 2017

21 Chart 3. $UST10Y 10 Year US Treasury Yield, Daily Chart, 2004 June 2, 2017

22 US Dollar Index Weekly, Daily and Monthly Charts This Week Primary Considerations: Remains Bearish: For a period the dollar should have more weakness than strength especially against the Euro Big Picture: The dollar has a bullish bias given global economic, social, political and military challenges Unless Middle East, North Korean, European, other anomaly events start to dominate market participant decisions for a period, then we are still DEFINING a trading range Longer Term there is no question the dollar is bullish

23 Chart 4. U.S. Dollar Index, Weekly Chart, 2014 June 2, 2017

24 Chart 5. US Dollar Index, Daily Chart, November 2016 June 2, 2017

25 Chart 6. US Dollar Index, Monthly Chart, 1997 June 2, 2017

26 Select Currency Charts Monthly Charts

27 Chart 7. EURO Monthly Chart, 1997 June 2, 2017 Sideways to up More strength than weakness for a yet to be defined period A move through 115 and holding would be positive

28 Chart 8. Australian Dollar Monthly Chart, 1997 June 2, 2017 Caution advised as market corrects Global commodity price weakness problematic

29 Chart 9. Canadian Dollar Monthly Chart 1997 June 2, 2017 Correction possibly completing, remain concerned about Canadian economic inefficiencies and soft global commodity prices overriding potential strength

30 Chart 10. Japanese Yen Monthly Chart 1997 June 2, 2017 Presently bullish Larger trend remains down

31 Chart 11. British Pound, Monthly Chart 1997 June 2, 2017 Weakness remains dominant trend, which remains positive for their equity market

32 Select Equity and Transportation Charts Monthly Charts

33 Chart 12. Dow Jones, Monthly Chart, 1997 June 2, 2017 Cautionary period Allow price action to unfold Larger trend remains up

34 Chart 13. Dow Transports Monthly Chart, 1997 June 2, 2017 Cautionary period Allow price action to unfold Larger trend remains up

35 Chart 14. S&P 500 Large Caps Monthly Chart, 1997 June 2, 2017 Cautionary period Allow price action to unfold Larger trend remains up

36 Chart 15. Nasdaq Composite, Monthly Chart, 1997 June 2, 2017 Momentum driven by a select few technology stocks Allow price action to unfold Larger trend remains up

37 Select Global Equity Charts

38 Chart 16. World less U.S. & Canada Weekly Chart, 2001 June 2, 2017 Trend remains up

39 Chart 17. Emerging Markets Monthly Chart, 1997 June 2, 2017 Entering a cautionary period Trend remains up

40 Chart 18. Australia Monthly Chart, 1997 June 2, 2017 Cautionary period as gains consolidate Watch global commodity demand Trend Remains Up

41 Chart 19. Brazil Monthly Chart 2000 June 2, 2017 Caution is advised due to political uncertainty Losing momentum

42 Chart 20. Canada Monthly Chart 1997 June 2, 2017 Consolidating gains Commodity softness weighing heavy on this market

43 Chart 21. China Monthly Chart, 2004 June 2, 2017 Economic momentum remains positive Be extremely cautious given Chinese response unknowns to unfolding economic and geopolitical events

44 Chart 22. Mexico Monthly Chart 1997 June 2, 2017 Building momentum

45 Chart 23. Japan, Monthly Chart 1997 June 2, 2017 Trend remains up

46 Chart 24. Russia Monthly Chart 2005 June 2, 2017 Global economic, social and political events and military friction weighing heavy on this market Losing momentum

47 Chart 25. India Monthly Chart 2005 June 2, 2017 Trend remains up

48 CRB Commodity Index Weekly, Daily and Monthly Charts This Week Primary consideration: Global economic uncertainties has this index dangerous weak, an additional leg down should be expected before bottom is in place Between Fed off again and on again accommodation and/or verbal guidance, building uncertainties surrounding fiscal, trade and regulatory policy simulative activities, the $CRB Commodity Index a key economic indicator has struggled Bigger Picture: Though spastic global macro forces in general remain supportive of the commodity sector For the CRB Commodity Index to breakout will likely be a function of oil price leadership and/or broad commodity support, a reasonably stable to weaker dollar and belief and confidence in global fiscal, monetary, trade and regulatory policy leadership

49 Chart 26. $CRB Reuters/Jefferies CRB Index, Weekly Chart, 2014 June 2, 2017

50 Chart 27. $CRB Reuters/Jefferies CRB Index, Daily Chart, November 2016 June 2, 2017

51 Chart 28. $CRB Reuters/Jefferies CRB Index, Monthly Chart, 2007 June 2, 2017

52 $WTIC Light Crude Oil Weekly, Daily and Monthly Charts This Week Primary Consideration: Near term prices remain in 45 to 55 dollar trading range Additional price weakness will likely be problematic for the $CRB Index and commodity sector Sustained oil prices below $50 presents macro challenges and raises global economic momentum concerns 2017 Likely primary range $40 to $60 with possible high in $72 area Saudi Arabia, OPEC and other oil producers have major role in limiting downside 2017 price floor As always, remain focused on the bigger Geopolitical Picture and Building Military Friction Light Crude Oil prices likely supported by Syrian, Middle East, and North Korean uncertainties and building Russian and U.S. military friction, Chinese positioning, Venezuela crisis, OPEC verbal guidance and global reflation Bigger Picture: Global economic, social, political and military uncertainties remain supportive of prices Washington Leadership likely bullish U.S. production

53 Chart 29. $WTIC, Weekly Chart, 2014 June 2, 2017

54 Chart 30. $WTIC, Daily Chart, August 2016 May 12, 2017

55 Chart 31. $WTIC, Monthly Chart, 2007 June 2, 2017

56 Soybeans Weekly, Daily and Monthly Charts This Week Primary Consideration: In search of a bottom at $9.06 or possibly $8.35 A resumption of commodity index weakness, a likely function of fundamentals and Fiscal and Monetary Policy and Global Economic Uncertainties, could translate into a final price low at $8.35 or lower Simply stated watch the price action to define soybean price dynamics

57 Chart 32. Soybeans, Weekly Chart, 2014 June 2, 2017

58 Chart 33. Soybeans, Daily Chart, 2016 June 2, 2017

59 Chart 34. Soybeans, Monthly Chart, 2007 June 2, 2017

60 Corn Weekly, Daily and Monthly Charts Near Term Primary consideration: Basing period underway followed by upward price momentum Cautionary Note: A resumption of oil price weakness could possibly be problematic for corn prices

61 Chart 35. Corn, Weekly Chart, 2014 June 2, 2017

62 Chart 36. Corn, Daily Chart, November 2016 June 2, 2017

63 Chart 37. Corn, Monthly Chart, 2007 June 2, 2017

64 Rice Quarterly and Daily Charts Near Term Primary consideration: Slight bullish bias remains due to U.S. long grain 2017 acreage and production uncertainty, but slowly losing momentum This is a highly complex market with an array of factors impacting price from 2016/2017 fundamentals; 2017 acreage, production and quality uncertainties; present underlying aggregate commodity sector dynamics; problematic global economic momentum, geopolitical uncertainties, and/or global agronomic outlook

65 Chart 38. Rough Rice Weekly Chart June 2015 June 2, 2017

66 Chart 39. Rough Rice Daily Chart June 2016 June 2, 2017

67 Cotton Weekly, Daily and Monthly Charts Near Term Primary Consideration: With the 84-cent price objective achieved now we wait on price action to determine if additional price strength exists

68 Chart 40. Cotton, Weekly Chart, 2014 June 2, 2017

69 Chart 41. Cotton, Daily Chart, September 2016 June 2, 2017

70 Chart 42. Cotton, Monthly Chart, 1997 June 2, 2017

71 Wheat Weekly, Daily and Monthly Charts Near Term Primary consideration: Global economic uncertainties weigh heavy on this market, but price potential to $4.71 to $5.51 remains a possibility

72 Chart 43. Wheat, Weekly Chart, 2014 June 2, 2017

73 Chart 44. Wheat, Daily Chart, August 2016 June 2, 2017

74 Chart 45. Wheat, Monthly Chart, August 2016 June 2, 2017

75 S&P Sectors

76 - Sectors

77 Chart 46. Financial Sector, Weekly Chart February 2014 June 2, 2017

78 Chart 47. Health Care Sector, Weekly Chart February 2014 June 2, 2017

79 Chart 48. Technology Sector, Weekly Chart February 2014 June 2, 2017

80 Chart 49. Industrial Sector, Weekly Chart February 2014 June 2, 2017

81 Chart 50. Materials Sector, Weekly Chart February 2014 June 2, 2017

82 Chart 51. Energy Sector, Weekly Chart February 2014 June 2, 2017

83 Chart 52. Utilities Sector, Weekly Chart February 2014 June 2, 2017

84 Chart 53. Consumer Staples Sector Weekly Chart February 2014 June 2, 2017

85 Chart 54. Consumer Discretionary Sector Weekly Chart February 2014 June 2, 2017

86 Commodity ETFs

87 Commodity ETFs

88 Commodity ETFs

89 Commodity ETFs

90 Chart 55. Cotton, Weekly Chart, 2014 June 2,

91 Chart 56. Brent Oil, Weekly Chart, 2014 June 2,

92 Chart 57. Corn, Weekly Chart, 2014 June 2,

93 Chart 58. Livestock, Weekly Chart, 2014 June 2,

94 Chart 59. Agriculture, Weekly Chart, 2014 June 2,

95 Chart 60. Base Metals, Weekly Chart, 2014 June 2,

96 Chart 61. Commodity Index, Weekly Chart, 2014 June 2,

97 Chart 62. Energy, Weekly Chart, 2014 June 2,

98 Chart 63. Precious Metals, Weekly Chart, 2014 June 2,

99 Chart 64. Commodity Index, Weekly Chart, 2014 June 2,

100 Chart 65. Natural Gas, Weekly Chart, 2014 June 2,

101 Chart 66. Gold, Weekly Chart, 2014 June 2,

102 Chart 67. Goldman Sachs Total Return Commodity Index, Weekly Chart, 2014 June 2,

103 Chart 68. Copper Subindex, Weekly Chart, 2014 June 2,

104 Chart 69. Grains, Weekly Chart, 2014 June 2,

105 Chart 70. Nickel, Weekly Chart, 2014 June 2,

106 Chart 71. Aluminum, Weekly Chart, 2014 June 2,

107 Chart 72. Coffee, Weekly Chart, 2014 June 2,

108 Chart 73. Lead, Weekly Chart, 2014 June 2,

109 Chart 74. Lithium, Weekly Chart, 2014 June 2,

110 Chart 75. Cocoa, Weekly Chart, 2014 June 2,

111 Chart 76. Palladium, Weekly Chart, 2014 June 2,

112 Chart 77. Platinum, Weekly Chart, 2014 June 2,

113 Chart 78. Sugar, Weekly Chart, 2014 June 2,

114 Chart 79. Silver, Weekly Chart, 2014 June 2,

115 Chart 80. Soybeans, Weekly Chart, 2014 June 2,

116 Chart 81. Gasoline, Weekly Chart, 2014 June 2,

117 Chart 82. Natural Gas, Weekly Chart, 2014 June 2,

118 Chart 83. US 12 Month Oil Fund, Weekly Chart, 2014 June 2,

119 Chart 84. US Oil Fund, Weekly Chart, 2014 June 2,

120 Chart 85. Wheat, Weekly Chart, 2014 June 2,

121 End