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Mascoutah, Illinois | I was looking at lumber futures by mistake after I misread a post by "Pofarmer" inquiring about railcar loadings. Counting tonight's trading, lumber futures have rallied 20% in six trading sessions. I am sure the weak dollar has helped. The interesting fact I noticed was lumber futures peaked back in April just a handful of trading days before the stock market highs on April 26. Are lumber futures signaling a rally in stocks with this move higher in the last six trading sessions?
The second thing I noticed was we hit an intraday low of 1010 today in the S&P 500. If you take the 666 low back in March of 2009 and the 1219 high back in April 2010 and apply the 38.2% retracement off of the highs, you get 1008. We bounced off of 1010 early in the day and rallied back to 1027. Let's see if this level holds. The 50% retracement level in the S&P 500 sits at 942.
Edited by djmcountryboy 7/2/2010 02:42
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Has anyone looked at lumber futures in the past week?
