FOR FRIDAY: (12/2) We may see end-of-the-week short-covering and bean patterns look complete and they lead the complex and may prevent too much more for wheat and corn. We’re moving stops down and will continue to look to take profits and need to be a buyer next week by early Monday if conditions warrant and set up. Cattle continue to issue technical sell signals and we’ll look to resell here with weak cycles on Friday. Leave hogs alone.
JAN. SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (12/2) We exited remaining bean shorts Thursday night. Bean patterns came within 3 ticks of our final exit. It doesn’t look like another low will come and that short-covering will continue. Once 1040 comes out, we suspect that the confirmation for a new low will be in. We like the upside of this market over the next week. We’re going to wait on putting buy orders until we get through Sunday night and see Friday’s action.
OVERALL: Should see max. 1090 on next push up into January cycle highs. May be willing to buy on Monday if 1020 holds.
CYCLES OVERVIEW: Lower into Dec. 1-2; higher into Dec. 9.
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