FOR FRIDAY: (8/25) Cycles are volatile on Friday and not sure if anyone will care about the hurricane. Yellen is also speaking in Jackson Hole so the week should end with a bang. Markets are very oversold but the trend down for grains is very strong. Any bounces will be a gift.
DEC. CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold Dec. corn shorts from 388.50 with a 381.50 stop. Take more partial profits off at 349.50.
TODAY’S COMMENTS: (8/25) Didn’t learn much technically on Thursday. Projections are still to 349.50. Possible that the hurricane may stir up some short-covering but in the end the moisture is helpful and it’s not going to impact growing regions but may affect grain traffic at the Gulf. Stops should be safe if they go above 361 if you want to press this market.
OVERALL: Still weak a few more days. Projections now down to 348.75. Close below 360 is ugly and unlikely it will go above there. Still safe to sell. Not seeing anything to create a strong rally here, which means another August like the last 3 where prices keep eroding. Once 348.50 comes in, bounce only to 367.50.
CYCLES OVERVIEW: Lower into Aug. 25.
Comments are closed.