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Next stop for the US Dollar resistance is at 76.86-77 from April 2010, then the March high at 77.675 and then culminating with the Feb highs at 79.00

For Today, the stock indexes caught a bid, rallying back 150 pts as I write this.

The grains rallied after taking selling pressure overnight.
CZ held support at 6.20 for today. I continue to want to buy Dec on this dip, in front of this USDA number.

November beans moved below 13.00 but rebounded nicely.

Personally, today I bought the dip in corn, but then sold the rally twice, expecting one last run down to the […]

Gold Has 80 to 100 bucks down side risk if 1500 does not hold. There is no support until 14.70 and if that fails 1420 is the next stop down on the liquidation band wagon of commodities.
I recently read in the WSJ how India and other central banks have been actively buying gold.
I have said it before and I will say it again, central bankers have not been right about any major moves in the last 80 years.
But, I am if nothing else, a contrarian. So accept my bias as well.

Corn broke below a major weekly support trend line. We […]

Once again, having a plan works.
I am still long my Stock index position. Thankfully, I had my sell stops in prior to the correction.
As the market broke, I wasn’t even watching. I had a ton of other stuff going on, but I knew my longs would be protected because I had already had sell stops loaded.

Quite honestly, I want to buy it here again.
We’ve had 10 days of risk off panic selling and volatility across the markets. Crude broke below 90 today for a brief moment, trading at 89.70. As of this writing, its bounced back up to 92. A […]

Big slap down in the grains today, led by european selling of their french milling wheat. Bottom line, I had bought the dip, and gladly took my 10 cent loss. Corn was down 30 today. Last night we were ten higher. Today we end limit sellers.
Thankfully I had stops in. I actually got short on sell stops in corn.

Just goes to show, you can be wrong and be ok. Not to many services or “advisors” talk about their losers.
Not the case with me.

The Long Stock Index is still looking good, even with the Bernanke speaking currently.

Greece, Greece, Greece, I am […]

Big slap down in the grains today, led by european selling of their french milling wheat. Bottom line, I had bought the dip, and gladly took my 10 cent loss. Corn was down 30 today. Last night we were ten higher. Today we end limit sellers.
Thankfully I had stops in. I actually got short on sell stops in corn.

Just goes to show, you can be wrong and be ok. Not to many services or “advisors” talk about their losers.
Not the case with me.

The Long Stock Index is still looking good, even with the Bernanke speaking currently.

Greece, Greece, Greece, I am […]

300 pts is just a drop in the bucket, but its a good bounce none the less. There is a trend line above us with an intersection at 12,350. Use 12,350 as a target to liquidate 2/3 of the long positions hopefully you have been holding for the past 4 trading sessions. 12,400, which had been old resistance should come into play once again.
12,250 and 12,369 are both good sale areas. If we happen to bounce back to the 12,484 level that is where I would get out of all longs and then flip short.

Maintain sell stops below current longs to insure profits […]

Currently, its 925 AM Chicago Time. Dow futures are at 11,962. You should have been long at the 11,800 level. Raise your protective stops to guarantee that you have minimum of 100 pts profit guaranteed. Currently, you have 162 pt profit if you hit the bid and exit.

Do not let this trade even become a push. At this point, its a guaranteed 100 pt winner. As the market rallies, we’ll raise our trailing stop.

In the grains, I like buying this one dollar break for a 2 or 3 day pop higher.
The funds have liquidated 60K longs in the past week. As […]

Dow 11,900 CASH holds. This translated into dow futures at 11,800. I know it was painful and uncomfortable to step in an buy when the rest of the world is sitting with a box of kleenex in one hand and a bottle of scotch in the other..
That being said.. Do not let this position EVER turn into a loser. Adjust your stops so at worse its a push.

Upside target? Dow Cash—12,135… S&P CASH—1288.

That is all.
CER

A couple of weeks ago, I mentioned that I had seen a headline calling for the next great depression. I don’t know if a 10 percent correction is the start of the second leg down or not.
11,900 is the 1/2 way retracement from our Dec Low at 10,932 and our May 2nd high at 12,876.

I think its a buy. There is support down at the 11,555 as well. For today, however, buy it and put a sell stop in 100 points below.

That is all

We may be nearing the bottom of our trading ranges in the Stock indexes for the Summer.
12,215 is the mid point of our recent 1325 trading range. The low of that range was put in Mid March 2011. The high we pierced just 6 weeks ago on May 2nd.

I like the following support levels in Dow Cash and S&P Cash.

Dow Cash: 11,860, 11,777 and then the March low at 11,555.

S&P Cash: 1262, 1251 and the March low at 1241. If the bears really get going, 1225 is a buy.

My opinion, for what its worth, the Stock indexes are going to […]