Corn is 27 cents off yesterday’s low. Currently trading 703. Take profits on 1/3 of the position established at 778-780 yesterday. Sell 1/3 at 715 1/2 sell the last at 738.
In the Dow futures, look to sell 11,444. risk 60 ticks to the upside or so. We have some resistance there on the daily charts. Currently we are at 111,350… 11,300 is a pivot on the daily charts. The stock indexes are showing some strength in the face of renewed hysteria and hissy fits from the concerns on Europe. On the charts, it looks to be trying to carve out a bottom and begin a climb higher. A settlement above 11,700 would be a two by four to the head to the bears.
Of course, the bears could be right. With an upper range at 12,700 and a lower range down to 10,400, 1300 points gives the bulls and the bears opportunity to pound their chests and shout, “See, I told you so!!”
As always, stay disciplined. Know what your worse case scenario is before you enter a position. When you are right, don’t break your arm patting yourself on the back. The market will grab your arm right there and dislocate it as it throws you out the saloon door.
CER