Today looks to put corn and the beans on the defensive. The Dow futures are already down 110pts, and the low is 10,037. Hmmm. 4 days ago I talked about that as a target.
The grains will probably be under some pressure. We could have run into a classic case of a head fake in the corn. Just like we had in the crude oil, and the beans, we had moves above major trend lines, followed by a correction lower.
While I was friendly, and it still may have another leg higher, there may be another leg higher, for the rest of the day, I’d expect to see pressure lower.
Manage your position with stops. A good idea is a good idea only if it makes you money. Some of the best trades I have ever had in 20 years, were flips. Where I initiated a trade, it looked bad, and I flipped the other way. Don’t be afraid to be flexible.
Good Trading
Hello Christian
Initially, I compliment you on posting it as you see it. Appreciate the candor.
Both corn and beans, imho, with the struggle back to unchanged, may have confirmed a bottom.
I have this week “scheduled” for a 28 day cycle low, and were it not for manipulation of option expiration on friday, would think we could take off right back up. (OR, are there more puts to “kill” than calls?)
Fib retracements are .618, over bought has corrected, and corn harvest #s from southern Illinois are 10-20% disappointing.
Your thoughts?
TJC