FOR FRIDAY: (8/11) Pattern completions on grains seem close and a little more may lead to pre-weekend short-covering. Cycles for Sunday look lower though. While we see a recovery next week, it may not mean much. Good to bank partial profits before a weekend break.
DEC. CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold Dec. corn from 388.50 with a 400.75 stop. Take partial profits at 368 on multiples.
TODAY’S COMMENTS: (8/11) We had suggested selling 389 before the report and if you were not filled, hopefully you went to the market using our 5-minute rule and got a bit lower. Support now at 367.50. Cycle lows due on Friday and the market should bounce next week. The bigger pattern projects 346, as a fall low but it could be after a mess congestion.
CYCLES OVERVIEW: Lower into Aug. 11 and maybe Sunday.
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