Nov beans broke early on the stocks report showing higher than anticipated stocks. We then quickly rallied a nickle, consolidated around the 915 to 918 level, and are currently rallying, seeming poised to punish fundamental traders who got short on the opening on the stocks report. Longer term, prices look like they should go lower, however, in the mean time we are looking for 20 to 30 cent rallies to punish the shorts.
Markets like these chop around attempting to dislodge position traders.
That is why i believe these 20 cent run ups are good short term selling opportunities for 3 to 5 cent scalps on quick breaks. We still need to get above the 935 level for the intermediate term trend to shift to bullish.
Metals are being bought today, with Oct gold back up above 1000 level and top-step Silver back around the 16.50 level… after bouncing off support in both markets.
Stock indexes are lower on the day but have bounced off their morning lows.
These grains look to remain in their trading ranges, giving opportunity to enter trades at the extreme prices on either rallies or breaks, it seems to be choppy but with some technical opportunities.
C