Time To Pour Some Sugar On The Sugar ETN?

It's stuff like this that makes trading commodities so difficult: In the span of eight hours the following Bloomberg headlines crossed the wires: "Sugar May Decline Next Week as India Exports Boost Supply, Survey Shows" and "Sugar May Rise as Russia's Worst Drought in Five Decades Damages Beet Crop." Flip a coin to decide which way to go, but either way, the iPath DJ-UBS Sugar TR Sub-Index ETN SSG is going to be in play. The drought in Russia has impacted 28 crop-producing regions and sugar beets are among the affected crops. At the same time, Bloomberg reports six of 13 analysts are expecting sugar prices in New York to decline next week. This much is clear: SGG traded as high as $85 earlier this year before falling below $40. The ETN now trades over $51, but if it can break a long-term downtrend line that is providing resistance at $55, it could rally higher. Break the tie of those conflicting headlines with this tidbit: The International Sugar Organization said sugar supplies may dwindle to 30-year lows this year. Cautiously bullish on SGG, really bullish above $55. Beat the market consistently by receiving real-time trade alerts from the ETF Professor!