I don’t like having positions on over a long weekend. Markets will be closed until Monday night at 6PM.
For my taste, that is too much risk. If you have positions on with good profits, consider getting out today and putting them back on Tuesday Morning.
One interesting thing I saw today, at about 11:45 PM Chicago time, CNBC had Dennis Gartman on an interview about wheat. Long story short… Surprise??? CNBC had a bullish tone to it.
I walked out of the office for 15 minutes to get a bit to eat afer the interview was finished. I came back and WN had dropped 15 cents off its highs…
What that tells me, once again, is that TV reports, Front page articles, what have you are almost always great fades.
Every one who watched that interview, called up and bought wheat, Lost at least 10 cents. Ten cents on a one lot is 500 bucks.
Gartman has a great newsletter, and has great analysis. A month from now he may look like a champ. However, most individual investors, IE—you, my readers– don’t really have the stomach to sit with a futures position for a month if it goes against you a dollar or two.
You may think you do, but in your heart of hearts, you want to put a position on and immediately get rewarded. You certainly don’t want to immediately lose a chunk.
Trading off of TV news opinions is a recipe to lose money. But that’s just my opinion after 25 years.
We need to break out of those trendlines i outlined in my last entry.
12,400 holds as support for the Dow Cash… For now..
S&P Cash needs to settle above 1350 to get me bulled up again.
Have a great Memorial Day weekend.
CER