13,496 is the old high in march Dow mini futures. I’d be short at today’s levels 13,450 up against it.
Buy a march 13.000 put outright for 1500.
Or buy a 13.000 put/ sell the 13,850 call for even money, Just be ready to cover the call on a settlement above 13,525.00
If you’re right, you can make a “free” 1500 or more. If you are wrong, don’t let it turn into more than a 500.00 lost per contract.
In the grains, Look to buy any breaks in old crop corn. Look on those breaks to get May or July options on.
I have been friendly old crop since Friday’s USDA.
Today some of the profits from the CH/CZ spread was taken this morning, but it was right back working again at the close.
New crop CZ, I’d be patiently waiting to sell 5.99 corn. I do not believe CZ will mount a sustained rally above 6.00. If it does, cover shorts by 6.04-6.09.
That is all for today.
PS. Its almost time to buy cattle. Buy on this break by Friday latest. Its severely over sold.
CER