We had a 550 pt rally in the last 5 trading days. I’d step aside from long positions now and I’d be looking to sell new highs on rallies. We could pull back down to 12,700 before I’d look to re-establish longs. We might even have a pull back down to the 12,630 level.
On the charts, we look to be in a downward trend. There are good opportunities to make money from the counter trends, but in general, the Dow could break back down to 12,000. We seem to be in a wide 1,000 pt trading range bounded by 13,000 and 12,600.
As for the grains, I believe you need to be on the long side for the next two weeks.
Use your stops to protect yourself.
CER