Yesterday’s high at 11,400. Currently trading at 11,023. I hope you had a small short position going into 1) President’s speech and 2) the anniversary of the 911 attacks.
I firmly believe that NO MATTER WHAT the President of the United States says, the professional traders were going to sell in front of it. He could have come out and said the USA discovered cold fusion, a cure for Cancer, and the location of the fountain of youth, simultaneously, and the markets would have still sold off.
The bottom line, in my opinion. We are going to have a 2000 point trading range between 12,000 and 10,000 for the next year and a half, until we get through the acrimony of the election.
On an interesting note, Morgan Stanly came out bullish corn. Well, after a 2.00 rally in 2 months in July 12 corn, that’s a brave statement.
Monday we have USDA. Probably a non event. But there is room for a downside surprise.
Good Trading.
Use your stops.
CER