Good Mid-week Speculators,
First it’s wild how when I take time off over decades that markets tend to move vertically (good, fast)and here we had end-of-month buying in KC wheat now up what? 50 cents from last week low in that overnight, down 1% cleaning as much as the HFT rats could stop out.
KC $7.00? why not? But rocky soon.
Today wheat in my opinion enters recognition stage up over 20cents today. I say we should stand buyers scale down because world wheat stocks are not going to matter to US Ranchers that buy US Wheat, KC no less has been the hedge since you guys have told me 120 days without rain. We have lowest acres in 100 years. It’s all here in front of us but now risk changes immensely of course.
KCN- 5.12, maybe 521.5 are get some on your trading cards type method. 546, 555, 562 on upside ols.
SOYMEAL EXPLODEs- Hey spreaders, MAY OCT meal is a live sell if interested. It’s gone from -$3.00 to 27.00 over in a heartbeat. I thought we had all this grain out there. MEAL IS WORTH WATCHING- if looking to pick a top here.
Soybeans- 1059.5 is small thin OLS, the high, 1067 next with more above.
CHICAGO WHEAT- Todays high is line from 2004 2005 lows! Bears may come out here but this is macro in nature meaning big picture. We ran up to a line which is a sell 1st time as the trade.
Corn- last weeks lows were apex lines off top and bottoms of big market turns in corn. I hope you secured your needs cost wise.
CRUDE- the high was an orange sell line at this week high. I was leaving and that is why I like to present these pictures before we retrace so we can stand ready to sell something that just broke $8 fast. Speaking of NASD fast if your looking this is, interesting, do we play short under that thick olive? These are the biggest markets we will ever witness in my humble opinion. Pick your levels and put in a stop very strategically placed stop.
SUGAR- It broke hard yesterday and being a full service broker that happened to stroll by the bar with CNBC on and futures quotes alerted your broker that sugar was getting the snotty kicked out of it under 13.00 and I had a 12.95 OLB stalked out for months. A few took, some not but today it gapped up out of the clear blue olive line and closed up over 50 today. The olive line- the # that hurts the greatest amount of traders.
Cocoa also up by macro trendlines 2214 I think. CRUDE is a sell this deadcat rally. It broke $8.00, now up $6.00 and nobody cares. I like shorts at levels. Lumber limit down 501.
HOGS- This market may turn into having to sell on the run down. 84.00 had sellers under that level noted as important, 80.00 last ish from this week high.
Cattle- if you need a level you need to ask because every one of my levels are great as pivot for a minimum. If the market is ready to turn these are the levels. It may only pause but stops over or under are proving an efficient way to keep yourself in the game low risk.
I would advise having working open orders scale up in cattle. Look at wheat tiring everybody out. That the investment theme with futures where I say you must maintain inventory (short live cattle) or feeders for that matter but have order in early.
Dow Jones, NASD, Spus- Its game on folks. This can
LAST YEAR OLIVE WHEAT SELL %6.00. This topped out over two weeks then straight down. Here I say if you sell something like a long term, LT olive you step back and don’t look at it for a week or so. This is for bigger macro and LCJ did hit an OLS, 35c sloppy but once back under it got tattooed (price gets whacked, goes down?) I’m sorry about the lingo so please tell me how to improve.
I really like your ideas and my tight stop methodologies. These are sell areas in meats over the last few years.
LUMBER LIMIT DOWN 501.00. Up 100% from 250 to last week’s 520 high, all time!
I’m keeping this short but there are so many special situations in the markets. If you want to chat or get some levels early with a plan give me a jingle.
Best Always,
Alan
312 957 8248