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    January 9, 2014

    Hot Rolled Futures: A New Year

    Written by Andre Marshall

    Andre Marshall, CEO of Crunchrisk, LLC has the duties of outlining the hot rolled futures and busheling scrap futures markets for our readers (as well as taking a look at the financial markets, iron ore and commodities in general):

    On the March S+P future we closed at 1833, this is up from the 1806 level we had when I last wrote before the holidays. As I mentioned, fear about drastic easing of the easing has passed and we are back to going higher, which we like and promote. It looks like the retail equity buying will not subside anytime soon as long as sentiment is positive, and it appears to be so. Likely target is 1900, and it may not take longer than a few weeks to get there. This, the rally of all rallies – thanks to the printing press – continues to move us ever higher. Headwinds from here amount to concern over whether productivity can really continue to perform, as the record profits have essentially been wrung from the backs of those blessed to have kept their jobs, and the jobs of others ;). Some of the improvement in the employment picture is a sign that that productivity gain is waning, and this will eventually weigh on those corporate profits, but not just yet probably. Support below is still 1775-80, near term resistance is 1840, but it should prove temporary and fleeting.

    Andre Marshall

    Read more from Andre Marshall

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