FOR FRIDAY: (7/13) Grains’ bounce was healthy but not thinking that it will last very long and it should be easy to get pattern completions to 338 on Dec. corn and 817-20 on Nov. beans if we are patient. Use rallies to hedge.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (7/13) Beans really failed to bounce much. Lower target of 821-817 very possible into Tuesday. Market should stall at 859 and 864 and that should set up a sale into early next week. This is the safer one to sell but we may wait for the open of Sunday or put in orders on Friday morning. Market not likely to take out 856 or 861 and may hit 821 if the trade tanks the market.
OVERALL: Daily chart target projecting 773 before it’s all done.
CYCLES OVERVIEW: Short-covering Friday; lower Monday/Tuesday; higher Wednesday; higher into July 25.
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