March corn closed 5 1/4 cents lower on volume of 317,634 contracts. For the second day in a row, we saw open interest increase on a decline of the market. Open interest increased 4,460 contracts, bringing the two-day total increase to 11,704 as price fell a cumulative 10 3/4 cents. Stand aside.
March soybeans 1 1/2 cents higher on volume of 174,218 contracts. Open interest increased by a healthy 6,966 contracts. I have suggested long positions on pullbacks and if long, sell stops should be at 12.14 basis the March contract.
March sugar closed 14 points higher on volume of 132,456 contracts. Open interest increased by a substantial 10,879 contracts. Stand aside.
March crude oil closed $1.17 lower on volume of 653,655 contracts. Open interest increased on the decline by 7,543 contracts. Stand aside.
March gasoline closed 3.79 cents lower on volume of 160,051 contracts. Open interest increased by 6,497 contracts. I want to see a pullback to the 2.70 to 2.80 area. The 50 day simple moving average has just crossed up over the 200 day simple moving average. This is bullish, but prices are at a lofty level. Stand aside.
April gold closed $15.90 lower on volume of 190,240 contracts. Open interest declined by 2,517 contracts. It is healthy to see open interest decline when price declines. I want to watch the market further to see if a long position should be taken. Stand aside.
March silver closed $.31 lower on volume of 59,134 contracts. Open interest increased by 603 contracts. Stand aside
The March euro closed lower by 1.18 cents on very light volume of 247,137 contracts. This was the lightest volume since January 30 when the euro traded 218,914 contracts. Open interest declined by 1,250 contracts. The market has not been able to penetrate one of my key pivot points of 1.3343, let alone close above it. Stand aside.
S&P 500 E mini:
The March S&P 500 E mini closed 7.75 points lower on volume of 1,714,900. Open interest increased by 13,517 contracts. Long put protection should be in place.