Friday’s high in Dec Dow was 13,599. Today’s holiday low has been 13,475.
No change in my opinion. I think you have to be short here, with protective buy stops.
If you are bullish, I’d be flat, but looking to get long on a move above 13,650 with a buy stop with an upside target of 14,000.
I am selling this level looking for a pullback down below 13,200. I am willing to risk a little here to put this position in place. Just be disciplined.
As for the beans, we had a pullback. the options which were worth 20 cents on Friday are trading at 14-15. We continue to get reports of higher yields than expected. Despite the drought, the late August rains look to have saved the beans. In some cases. farmers are getting record yields. On Thursday the 11th we have a USDA report. I continue to believe they will run it up in front of that number over the next 3 trading days.
That’s about it.
CER