FOR WEDNESDAY: Grains not bouncing and closer to our target areas with some in already with lower targets of 363 on Dec. corn and 921 on Nov. beans or 420-1 on Sept. wheat still could come in. If you’re short, take partial profits on multiples. Chances for a huge bounce are small. Last 3 Augusts didn’t have a seasonal bounce not seeing much reason for one.
DEC. CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold Dec. corn shorts from 388.50 with a 381.50 stop. Take partial profits 364 on multiples.
TODAY’S COMMENTS: (8/16) First partial profit target came in at 367.50 and more can come off at 364. Still would like to see 364. Ideally we would like to see a bounce back to 376 start from 367 or 363.50. Take more profits at 364 if it comes in but not too worried that this market will run away to the upside and certainly not buying.
CYCLES OVERVIEW: Possibly recovering into Aug. 20; lower into Aug. 22.
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