FOR FRIDAY: (12/9) Another USDA report day. Larger cycles suggest a bounce on Friday and market is overdone with pattern completions on beans at 1020-1 and 348.50 on corn at worst. That means at least a 3-wave bounce could come off of those lows. Profit-taking may set in on hogs as upper target has come and too hard to top-pick cattle with the weather.
MARCH CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold March corn longs from 356.50 and 357 with a 347.25 stop. Exit ½ at 359.75.
TODAY’S COMMENTS: (12/9) We’re willing to stay long through the USDA report. Market needs to take out 357 to issue a stronger buy signal. Worst downside is probably 348.50, which would be 5 waves down. If we are to see 368 or 375, it may be into the January high. Prices are often congestive and lower into the New Year. Really want to see 361 come out to hold onto this market past Friday.
CYCLES OVERVIEW: Lower into Dec 14; higher into Dec. 21; lower into Dec. 23.
Comments are closed.