Beans did not settle that well considering the initial rally up. Corn couldn’t take out limit. This is making me believe we could have a replay of the last USDA, where traders got bulled up after the number, but the market did not deliver w/ follow through.
You have to remember this is a future’s market, not a yesterday or today market.
I would continue look at places to buy cheap puts as insurance and or/ specs.
One final word, looking at the Gold, we are just about 30 bucks below that 1800 level which we approached but failed to reach.
I’d be short here any rallies. Not a long term trade, but I’d sell some gold or buy some at the money puts.
Action does not look good, and it looks vulnerable to a sell off.
No change in anything else. Stay short the stock index positions.
CER