Its 3:3r CST. June Futures for Dow posted a high so far at 15,249. You should still be long 2/3 of your position after taking profits on the 1/3.
As for June gold, it is 35 bucks lower and seems to have turned its nose up at the 1400 level. 1377 is today’s low, but given the rally in stocks and the failure to hold 1400 as we end the week, this can’t be characterized as bullish chart action for gold. This is a 3 week low settlement, and a bearish hook reversal on the weekly chart for gold. 1400 will continue to be a fulcrum point for this trade.
Finally, New crop Corn, CZ,. It settled below the 3 year old trend line this week. It also completed an outside-week-down. It took out last weeks high and low and settled lower. I believe that a lot of people suffered the same fate as we did by getting stopped out of their shorts based on last week’s settlement at 5.67 1/2.
Caveat. I sold CZ13 futures on the close. I am staying with the plan. That 3 year trend-line is too big to ignore. I am risking the old high at 73. Short at 58. 15 cent of risk. Trying to take at least 45 on a winner. However, if Sunday night is sharply lower, I’ll take profits on 1/3 and move my stop down so I guarantee a profit, and perhaps a push at worse case.
We’ll see Sunday night if this was the right play.
Have a great weekend.
CER