Today’ s high in the Dow markes a 600 point rally from Tuesday’s low at 12,462. As of this writing the high tick has been 13,061. The next upside resistance for Dow futures looks to be the May 2nd high up at 13,204. One caveat for those of you who like to buy on strength.. After that high on May 2nd, Dow futures fell 1,329 points over the a one month period, capped off with the low at 11,885 on June 4th.
Bottom line, its hard to get too excited about this rally. I think a lot of folks were caught short for this month, […]
Today is July 26, 2012. We have December corn flirting once again with the $8.00 resistance level. Tomorrow is the last Friday of the month, and historically, markets like to make highs on those calender events.
Since June 15th, December new crop 2012 corn has rallied $2.94 from its low tick at $5.06. Since June 1st, SX12 beans rallied $4.46 cents between the low at $12.45 up to last Friday/ this Monday’s high at $16.91. Between Monday’s high and yesterday’s low at $15.36. That was a $1.55 correction in 72 hours.
Just an example of how fast it drops when the party is over.
Yesterday’s action on the charts for beans is technically a key reversal. This is a formation which can signal major changes in the trend. Generally viewed as negative for the bulls. One caveat, we had one of these $2.00 ago in the beans, so like every thing else in life it doesn’t always work. What it does do is give you confidence to make a decision, place your stops, and let the price action play itself out.
Look for a $2.00 break in Beans and a $1.00 to $1.50 break in corn. Those breaks will be opportunities to get long looking for a rally higher.
In response to a comment which was sent to me via an “anonymous” individual.
I invite you to email me directly at firstname.lastname@example.org
The nature of your comment shows how woefully mis informed you are concerning specific items of history which I would be more than happy to share with you. Email me directly. I have a good idea who you are, even though you didn’t have the guts to sign your name.
Of course, the fact that you left your comment without signing it, just indicates to me that you are still the likely the bitter, functioning alchoholic I remember from the 80’s and 90’s. I […]
Both Beans and Corn finally broke out above their trading ranges 2 weeks ago in a powerful bull move. I have been too busy, quite honestly, with the rally to write any thing worth while.
Today is Friday July6th. We have had a 2.07 cent rally in CZ corn in 14 days, with some profit taking here going into the weekend. I had bought some 11 cent calls 3 weeks ago, and most of them I got out of with a double or a triple. One of my clients held them and sold them today for 1.30 after buying them for 12 cents. This is a […]