If you are interested in those links here they go to utube. search for livefuturestalk.com I still think the spoos will have to test the 1100 level and the Dow will have to bump up to the 10000 level sometime soon. Perhaps with all the negativity and fear about October, the market will fade all the emotional sentiment and rally through those levels, generally, like every thing else, if the crowd is one way invariably the market finds a way to punish those opinions of the majority.
Today in the grains, we saw another large range in the Wheat, with DEC wheat settling below the 450 level, though 6 cents of the session low at 441 1/4… Dec corn was milady higher, around 341 and Nov beans settled in the middle of its trading range for the day at 917. To quote Christopher Walken, Nov beans is really ‘exploring the space’ between 906 and 930, perhaps coiling itself up for an eventual move of significance… The next 50 cent pop will be above or below those ranges…. Rather than try to guess which one, it makes more sense to just wait and enter new positions, be they long or short, on buy stops and sell stops… that way the decision is more mechanical and the risk reward can be better controlled that way. also, typically, its difficult to enter a position on a violent move unless you are already pre-positioned with a stop order which takes the emotion out of placing the trade in the heat of the moment…
The market will continue to respond to Chinese buying or lack there of, any hint of harvest delays due to rain as they corn continues to come in, and the third looming possibility of a frost before October 11th when it could still potentially lower yields.
For now, these grains look range bound. Take a look at the weekly charts and you will be able to pick out those ranges and trade around them as conditions allow.
Best
Chris 🙂
Hope you had a great day and had profitable trades.