Crude oil had what looks to be a key-reversal day on the charts. That’s a technical way to say we may have had blow off top. Its no coincidence that this may have co incided with my bailing on my short position, and taking a small long position at 108.00 Technically, 108-107 looks like a support band. 113 is now the upside, short-term resistance.
support for CK is 107, 105, and then 103.25… I would use those levels to initiate long positions.
Volatility will give us the chance to trade both sides of this market. That being said, I am still long at 108.10.
In the gold, I am still looking to 1450 as support.
I still like my short Dow position. 12,400 is major resistance. Patience will get us through the next market move.
I continue to be short, but I have my buy stops in to protect capital.
For an outright spec buy some 11,500 puts.
In the Grains, Corn sloughed off another earthquake overnight in Japan. a 23 cent break off the highs gave just another buying opportunity. Sell Corn by appointment only.
Soybeans took it on the chin as China “pulled” some bids on deliveries from the US, switching to Brazil deliveries instead.
I am still long some may bean calls. Pipeline supplies lead me to want to remain net long beans, however, with good risk/reward parameters.
That is All
CER