With the pop up here above 11,850 we were stopped out of the rest of our shorts.
I have a small long position on, with an upside target of 12,400. I will patiently wait to sell that level.
I am patiently waiting to exit longs and initiate shorts at 1449 in gold.
The same people who were panic selling silver at 27, will be panic buying gold looking for a pop above 40.00
The same people selling their long gold at 1380 will be scrambling to try to buy a “break out” at 1450. We will be there to sell it.
Finally, China syndrome. Still waiting to hear that China really truly honestly has bought corn. The WSJ said so.. But I made a ton of money over the year fading the WSJ.
After a 90 cent rally in a week, I am thinking its a buy the rumor, sell the fact.
If the USDA makes confirmation, and we don’t lock limit for a time, that could be the kiss of death as all the doctors and lawyers in the country decide to buy corn, once the rumor is confirmed.
That is all.