13Nov1:22 pmEST
'Tis the Season
In addition to the strength in cocoa, using the NIB ETN as a proxy for the soft commodity, we now have sugar surging on heavy buy volume the last two sessions.
Using SGG as a proxy, below on the daily chart, the bottom pane illustrates the strength of late. Clearly, SGG is not as far along technically as NIB, with the latter back over all daily chart moving averages and holding steady.
But sugar is intriguing, beyond the knee-jerk holiday sugar binge we all surmise would add some sweetness to the trade thesis.
CZZ is a Brazilian sugar producer, but the chart is not too compelling below $8.50 here.
Elsewhere, select equities are acting well today. But the gist of the action is rather slow consolidation. Bears must be frustrated with the lack of downside to this morning's futures selloff, so we continue to keep tabs on the very best charts, with leaders like AMZN FB GOOGL NFLX threatening a holiday push.
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