Last tick 13,187, low tick 13,145. The Dow looks vulnerable to a sell off at least down to 13,000 by tomorrow, Friday.
However, if we catch a bid and the bulls get back in the driver’s seat, then our buy stops will insure that we make money, or 2) worse case scenario, break even with a push.
Maintain shorts.
Down side targets to cover shorts: 13116, 12986, 12881 and then 12,776.
In the wheat, I’d use today’s sell off to cover short and initiate speculative longs. WH traded down to 801 and settled at 808 1/2. 808 1/2 is 200 day moving average and 50% retracemement of the rally from this summer.
I bought may 8.50- 10.00 call spreads for 30 cents today and I bought july 8.50/ 11.50 call spreads for 41 cents a bushel. Time stamp it. We’ll see how it turns out.
That’s about all for now. CER