Corn: July corn settled down 7 cents at $6.33 and December settled down 7 ¼ cents at $5.32. Corn posted its high about 2:30AM overnight, posted its low at 11 AM and then bounced back about 6 cents through the afternoon on short covering. July corn basis remains strong as cash bidders try to pry bushels from farmers who are more worried about planting rather than merchandising. Corn is trading at 60 over in IL and 85 […]
Gold is 34 dollars off its high at 84. 1452 last We are down 20 bucks today at 14.52 Take profits and lower your buys stops. Downside target 1421 and 1401 Be a buyer at 1400.
CZ traded to a high at 5.70 currently we are at 5.52. 5.43 and 5.37 should be your objective to take more profits.
If you made money on these two trades good job.
CER
Short CZ13 at 567, 569 as per yesterday’s instuctions. CZ settled at 555.
Take profits on half. that’s 13 cents a contract, or 650 each contract.
Lower your buy stops.
Downside cover targed is 5.34 and then 5.22.
Stay with your gold sales. Just make sure you have stop orders above.
CER
Short CZ13 at 567, 569 as per yesterday’s instuctions. CZ settled at 555.
Take profits on half. that’s 13 cents a contract, or 650 each contract.
Lower your buy stops.
Downside cover targed is 5.34 and then 5.22.
Stay with your gold sales. Just make sure you have stop orders above.
CER
Fridays high was 1484. I’d be a scale in seller at 1500 or, consider buying 1400 puts for a minimum loss. 3 or 4: 1 payoff.
In the grains, weather worries sparked short covering rally. I wrote about buying calls last Thursday.
This, in my opinion is a rally to sell. IN CZ13 scale in sells between 5.67 and 5.75. Have buy stops above at 5.87.
That’s about all for today.
Good trading
CER
Sell june gold between 1470 and 1505. This is rally to sell in my opinion.
On March 21st june gold printed 1619 April 16th we printed 1321. 1/2 way back???? 1470 That’s my first sell.
If we for some reason pop above that, and its possible: I’d be a seller at 1505 with both hands and both feet.
For all you Monday morning quarterbacks out there, if you doubt me, then fade me. We’ll see who has a profit in their account come May 30th.
That’s all for now.
That is all
Corn: May corn settled up 7 ½ cents at $6.52. December settled up 5 ¾ cents at $5.47. For the week however, May lost 6 ½ cents and December lost 3 cents. Generally a quiet news day for the grains aside from continued talk of cold, wet weather delaying planting. Some stories of farmers in the Delta throwing in the towel on planting corn were supportive. Funds bought 4K contracts today. Focus remains on the weather. Here in Chicago we went from flooded streets to snow flurries as Mother Nature can’t seem to make up her mind. Planting progress will be released on Monday. The […]
June gold fell to 1385.. 1367 is my down side support, but that could be run through like a Sherman tank going through Pizza Dough. If you try to pick the bottom, god be with you, and make sure you have sell stops to protect yourself. Ditto on Silver… Down 2.63 at 23.70 April silver has dropped from 32 bucks an ounce to today’s low at 23…. That’s going to leave a mark.
Corn, Wheat, Beans, all taking it on the chin. new crop beans down 10, Wheat down 18 , New crop corn, after completing its 50% retracement has fallen from 5.50 to 5.35
Risk […]
1) gold’s low today is a 38% retracement of the rally which started back in 2008 when gold was at 800 bucks an ounce. Next support in Gold is 1367 and then 1237.
The report came out friendly old crop corn and we got a good bounce in CK up to 666. Fortunately, we only paid 200 bucks for each put, and with 14 days left of life for those options.
They still may pay off. A lot can happen over the next 2 weeks. I’m actually buying some more cheap puts, because I think this is a head fake rally.
Interestingly, The rally […]
CK has rallied 20 cents after a $1.00 break. Number comes out at 11. Make a 4 cent bet to try to make 20. 5:1 odds.
CER