Orange juice prices are, like many other commodities, determined by supply and demand. However it’s the supply side of the equation that really moves the markets and this year the price has been affected by the news that the crop is expected to be smaller this year due to adverse weather conditions and a reduction in supply from Florida, one of the largest suppliers of orange juice.

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The markets are ending the week on a positive note after better than expected unemployment figures provided further evidence that we may be at the beginning of an economic recovery. There were 247,000 extra job losses but this was much better than expected and was backed up by the official unemployment figure falling 0.1% to 9.4%.

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There was an interesting news report recently that revealed that Collective2, a website which hosts over 8000 different trading systems covering stocks, currencies and futures, has seen incredible growth in recent months. In fact trading volumes were up around 1000%.

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Fibonacci analysis is used by a lot of traders to identify key support and resistance levels. They are often used when there has been a strong trend followed by a brief countertrend. During this brief countertrend key fibonacci retracement levels are used to identify where the initial trend is likely to continue.

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Well I seriously doubted whether the S&P 500 would get anywhere near the 1000 mark this year but the price broke through this critical level earlier today. Indeed with around 10 minutes to go until the closing bell it looks like we are going to close the day above 1000.

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