I am doing a webinar today so please feel free to look for it if your interested in trading, speculating, pricing your meats or grains as all markets in the news will be covered.
Raining on LaSalle street in Chicago and beans should be down heavy with the bear traders. What’s up? If you need to buy thousands of 5,000 bu contracts, do you buy when the crowd is already bullish? Or, when the sellers are all to willing to sell you the entire crop? Beans hit a level I think you need to pay attention now, $9.06. Soybean bears be warned. Farmers if you held your inventory this long why sell it down here? Is NY buying a drought play this week?
Gold- No comment. Macro TL was high this week. You make these trades of risk changes substantially from my point of view.
Meats- Notice the tiny little gaps in my special time frames that show how a gap up here lite the meats on fire after posting a low by those olive lines, OLB is buys. Caution to bulls when this low is taken out. It held because that is what the olive does, hurts the greatest amount of traders, funds also ($30bil fund blew last year in Notes at the high, actually he flipped long last summer. Are you an olive line victim? This indicator previously has cost me a lot of money right before major turns for over a decade.
NASD100 ABOVE had a leak late yesterday as a clients asked if it broke during one of my timeframes to pay attention to. It was only 30 handles in nasd but beats a poke in the eye with a hot stick huh? Diamonds and 7’s are patterns funds use. I put rules on these for clients to avoid getting blind sighted and this is an example.
US dollar- My trader instinct says this will become a gusher of dollars going forward. Lower prices but this is not a good contract to trade in my opinion.
QUARTER END IS NEAR. Small craft advisory. Beware of high-balling into this event. Look out after.