This is a good trend line giving us an upside target at 13.18. I have a small long spec at 1284 . If we settle above 13.20, I’ll add to this long.
Depending on what happens w/ the $USDX and the Dow, based on the theater in D.C. This could be a good short term spec. A lot of the gold bugs have been bloodied and have left the longs. Right about now might be a good time for a tasty rally that they all miss because they have been beaten up so bad being long. A rally back to 1350 or 1400 might entice them back. If that happens, I’d like to already be long so I can sell it to them.
Its a risk below the recent lows at 1268.
As for the beans, I am still long against that old low at 63 1/2. We took it out by 2 cents then jacked the bears up for 20 cent loss as we traded up to 80. If we get confirmation of Chinese buying, that could be the spark to get us one more push up to $13.00 or 13.05.. That would be my upside target in the beans. For now I am long and being patient with sell stops below.
There is a T-line intersection at 12.91… A solid move above that level should trigger some short covering and a push one more time up to that 13.00 level.
This is just purely technical action. As always, for the love of God, use your stops!! Opinions are only valuable if they make you $$. Too many folks would rather be right than make $$.
See Daily Chart of SX13 below;
CER
