Written by Chris Robinson
Corn: March corn settled up 5 ½ cents at $7.02 while new crop corn CZ settled up 3 cents at $6.06 ¾. For the week, CH lost 28 ¾ cents, while CZ lost 21¼ cents. A quiet end to the week after the fireworks we had earlier as CH only had an 8 cent sideways chop with most of the activity occurring between 7AM and 9AM before the pit trade was even open. January options expiration proved to be a non-event for the most part. […]
The Dow broke another 100 pts since my first entry this morning. Take profits on at least 1/3 of the position. If you only have one or two on, move your buy stop down against yesterday’s high and sit tight.
Sunday night we could be either 200 pts lower or back to unchanged. Its a definite flip of the coin. If you have a winner, do not let it turn into a loser.
CER
Europeans did not like failure of the Republican plan B to end the fiscal cliff. March has been top step for a bit, so I am switching from Dec to March. Yesterday’s high was 13,270. Yesterday I wrote that I wanted to be a seller of rallies, with a safety parachute in the form of tight buy stops.
Assuming you had a short position, you should have awoken to a nice profit in your account. Overnight we broke, 300 points from high to low. the low tick was 12,963 so we took out the 13,000 mark by 37 ticks. Currently we are at 13,140, about 180 […]
If we don’t get a deal by Xmas on the fiscal cliff, I’d rather be short than long. We took decent profits on the last break down. Granted we never got the 13,000 level, but we may sometime soon if we keep grinding here.
1) Remember this is December and trade is thin.
2) Remember to not get married to a position. Its more important to make money than have your ego stroked by being correct.
3) Trade management and management of losses is the key to prospering in the markets.
That being said, I’d be looking to sell rallies in Dow Futures. You must […]
Written By Chris Robinson
Corn: CH settled down 17 cents at $7.03 which is a new 5-month low settlement. New crop CZ13 settled down 9 ½ cents at $6.13 ½ which is a one month low settlement. Corn posted its high early and then headed south for the rest of the day. Informa released an estimate of 99.026 million acres for anticipated corn acres in 2013. This was up 1million acres from their last estimate. One word, “Bearish”. […]
1) Fiscal cliff, on again, off again. Bottom line, watch the key resistance at 12,300. I might expect an intra day pop above there just on weak short covering. I’d be more inclined to watch where we SETTLE. A settlement above 13,300 blows me out of all my short positions. Forewarned is fore armed.
2) Rain in the plains putting a little pressure on wheat. that 809 level has now been tested. If we settle below 8.00, that opens the door to another 30 to 50 cents lower. A lot of producers were wary to sell b/c its hard to sell forward dirt. However, the […]
You should still be short Dow futures. Currently trading at 13,129. The first support I listed yesterday is close. Within one tick. Today’s low so far 13,117. I had 13,116. close enough if you want to cover. There is a half hour left to go before market closes.
Book profits. Move down protective buy stops to insure profits or at worse case, a push.
12,986, 12881 and then 12,776 are downside support targets.
Make sure you keep buy stops in place. Make sure they are buy stops and not limit stops. Sometimes with limit stops you can get traded right through and then have […]
Last tick 13,187, low tick 13,145. The Dow looks vulnerable to a sell off at least down to 13,000 by tomorrow, Friday.
However, if we catch a bid and the bulls get back in the driver’s seat, then our buy stops will insure that we make money, or 2) worse case scenario, break even with a push.
Maintain shorts.
Down side targets to cover shorts: 13116, 12986, 12881 and then 12,776.
In the wheat, I’d use today’s sell off to cover short and initiate speculative longs. WH traded down to 801 and settled at 808 1/2. 808 1/2 is 200 day moving average and […]
The high tick in Dow Jones Dec was 13,326.
We settled at 12,225, on the dead ass low of the day and 100 pts away from that high tick. 100 pts on a one lot is 1K bucks. Not a lot of $ if your name is Boris or your last name rhymes with who-dat… but, most people would be happy with that.
1) move your stops down to guarantee you have nothing worse than a push.
2) take profits on a small portion as a reward for being correct.
Don’t watch TV or turn on the screen until Friday afternoon.
If these guys don’t […]
Here we sit. Do we settle Dow Futures above 13,300? so far high is 13,305, that’s the high tick. If you are long, take profits. If you are like me and have been scaling out of longs and getting short since 12,150…You sit tight. Let you buy stops work. Fold your arms. Turn off the screen and check back Thursday or Friday.
March Wheat, to switch gears: We had a 2.35 rally this summer fueled by the corn drought. In the past 3 days, we’ve dropped over 50 cents. We came down to 8.09 last night which is the 200 day moving average. Its also […]