We’ve had a good recovery bounce from last Friday’s lows. Upside target for March Corn.== 757, 763 and then 766. There’s an old resistance trend line there which is a good upside target, and that would give us a 52 cent from low tic to high tic, assuming we halt around 766.
WH has come back 24% , with today’s high at 865. 877 seems a good upside target and then 887
SF looks particularly strong trying to carve out a bottom here.. In my opinion, if you own one thing in the next 3 to 6 weeks, it has to be beans. If SH can tack out resistance at 14.2,5, the next real resistance is 60 cents above at 14.87.
We have tomorrow Wednesday and then the Holiday , then a half day Friday. I don’t see how you sell this, unless you are already long and taking profits.
In the Stock indexes, although we broke lower as soon as Chairman Bernanke spoke, we carved out a nice bottom in DJZ at 12,666 and rallied to settle almost 100 pts above that panic low posted at 12:25.
In fact the DJZ daily chart looks like a v-bottom, where we traded through at 100Pt range, rejecting the low nicely and rebounding and punishing all the weak bears who sold short on panicky ideas.
CER