Overnight action was not as wild as some of the sessions we have experienced in the past many months but they continue to bounce around among support and resistance levels, which there are plenty of.
At this time the futures indicate a flat to soft upward opening. I am still watching 830 and 850 as resistance levels on the upside.
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Some notable reports pre market:
- Volume declined 17% y/y, and was down in all operating segments and in all geographic areas, reflecting the global economic downturn as well as the de-stocking that occurred through most value chains
- The Company reduced production to match market conditions. This resulted in historically low operating rates, particularly in December which was 44%.
- For the quarter, the operating rate was 64%, a rate not seen in more than 25 years
- Forcing merger under current circumstances may harm both Dow and Rohm and Hass; reiterates that it never said that merger would never be completed.
Archer-Daniels-Midland Company Reports Q2 $0.91v $0.68e, R $16.67B v $16.97Be
