FOR THURSDAY: (8/9) Markets are often choppy before the USDA report, and that makes trading tricky as you have to get in and out every day. So far, we’re justified in getting out of short beans but they’re not exactly running away. Cycles for Friday’s report look friendly and chances are that any secondary highs made on Friday will be sold, with weaker action the following week. Will look for set-ups for next week on rallies into Friday.
TODAY’S COMMENTS: (8/9) Not much to do but to put orders in for Friday if the market hits upper targets. We’re still open to 391.50. Continuation chart resistance for Sept is at 374, and that may keep Dec. from taking out 390. Whatever highs come in on Friday should set up weakness over the following week, and numbers put in at USDA reports often hold for a while. A reality check at the end of the week with USDA might finally lead to the selling that is needed here given a healthy crop.
CYCLES OVERVIEW: Higher into Aug. 9-10; lower Aug. 13-17.
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