FOR FRIDAY: (12/1) Usually we can count on first of the month buying with grains in December. While beans are a bit weaker than we had liked, we had thought that 982.50 could hold before they might go up again. Many cycles are positive on Friday for grains so we should be more aggressive buying and adding. We often see a seasonal flurry of grain buying Dec. 1-5. Cattle still look weak and hogs could be volatile so move stops lower.
JAN. SOYBEANS (electronic ok)
SWING TRADING RECOMMENDATION: Hold Jan. bean longs from 984 with a 979.50 stop.
TODAY’S COMMENTS: (12/1) We had suggested lightening up on multiple longs at 989 and beans may only manage a 3-wave pullback that will hold 982.50. If you want to ad add or are not long, watch the 983 region. Think funds will gobble a dip, and we may do so also, as seasonal strength should hit Dec. 1st with fund buying. Monday now looking lower so not going to chase this market, and it has been underperforming.
CYCLES OVERVIEW: Higher Friday; lower Monday.
Comments are closed.