Mini S&P’s test 1800 level. Dow futures below 1600.
I fail to see how this is considered “a correction”. its a 2.7% pull back in S&P off record highs.
Its 3% pullback from record highs.
I continue to look for areas to get long, responsibly.
Yesterday for a spec trade, we bought 16105 dow futures. They traded up to 16181 for a decent 70 tick rally.
Today we were stopped out at 15995.
Currently the low is 15955.
As for the beans, 1266 /1263 is the bottom of the range for SH. We’ve dropped 70 cents from our recent high at 13.30. This seems to be over done, but with Feb options expiring today, any thing could happen.
The wheat continues to melt down, giving back almost all of its recent bounce, despite decent export business for the US.
CER