FOR THURSDAY: (10/11) We have a negative reaction due for grains for Thursday but they are rather oversold already and harder to chase, and the market should recover off of any dips on Thursday. Cattle due for a bounce and will stick with hog shorts for Thursday.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/11) Beans took out 850 and hit 847.25 and issued a sell signal. Resistance at 855 and ideal sale for a better risk/reward would be up toward 865. Beans require huge stops on USDA days and unless we can sell higher, will be tricky to chase. Thinking that a recovery from Thursday’s low could happen on Friday and into Monday of next week but where will it be from?
CYCLES OVERVIEW: Lower into Thursday; recovering into Friday and Monday.
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