I know its scary to sell into a powerful rally, but the area I wanted to sell in SX has been hit here today on a powerful sympathetic rally with corn. Currently the 13.50 level in futures is trading. Risk 35 cents on a sell stop to try to catch a potential move lower.
You MUST have a protective buy stop here.
In fact, with the volatility we are seeing in the grains, you must have stops on all positions entered at this point.
Old Crop CN corn has completed a 62% retracement of its recent $1.31 down move. We hit that target at 7.40 today. We are currently trading 6 cents above that, having traded up to 7,50.
Again, I know its frightening, but you have to sell into these rallies, or use them to take profits on existing long positions.
As long as you have your protective buy stops you will limit your losses.
Good Trading
CER