The S&P 500 displayed very tight trading once again today finished close the the UNCH mark and the Nasdaq chopped nearly a 1% intraday loss in half to close lower by .5%. Some groups which we have not discussed in some time here because we try to refrain from lagging sectors as we admire strength are the agriculture stocks. In recent weeks they have started to “sprout” their wings, pun intended. Looking at the cleverly named ETF, MOO, one would respect the action as it looks for a sixth consecutive up week. Notice how the round 50 handle has come into play on numerous occasions dating back to September 2012. This year it made a pit stop there the weeks ending 1/31-2/7 before rising once again. It did take out a 54.74 double bottom trigger on 11/11, although volume could have been more energetic. Moves back toward that pivot should be bought. Components which are in play are AGU which took out the round par figure last Thursday. Watch how the stock defends that level. Lightly traded Swiss stock, SYT today completed a fourth consecutive session holding a bullish gap of 2.4% on 11/13. That gap was meaningful as it recouped its 50 day SMA for the first time since a wild session back on 6/23. SQM ripped higher by more than 8% as it looks assured to record a fifth straight weekly advance. Notice however that none of those weekly gains came in anywhere even close to average weekly volume. Tread carefully.
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