Very quickly,
Look for 12,325 as a buying opportunity. Next I would buy 12,150, and then 12,000.
Those are scale in buy targets.
As always, have an exit strategy with sell stops to protect your buys.
In general, the “risk off” herd mentality gives us short term buying opportunities if we are fleet of foot.
These targets are for more short-term trades then, “buy and hold”. In other words,
have resting buy orders, look for 50 to 100 point pops to collect profits on bounces.
PS. The bean shorts are looking better and better. In general, I am a seller of rallies now in corn and even wheat.
These markets are getting friendly fundamental news, IE,Drought in France, Terrible yields in Okla, Texas, with the SRW wheat crop.. These should be supportive, but we are seeing short-lived light volume rallies… That to me suggests weakness. Weakness should be sold at this point.
With these volatile markets, we will get many opportunities to take profits on positions. The key is not falling in love with any of them. For now, however, I am a seller of rallies.
That is all.
CER