CZ Rallies to Resitance at 5.40

  • Posted on: June 17, 2013

We have a trend line on the daily charts for CZ with 4 hits.
We really have to settle above 5.50 to get bullish.  I’d be selling this rally.
That’s about it.

I have maintained longs in the Dow we bought 8 trading days  ago.  I still think 15,400 is the next upside target.  However,  make sure you have sell stops to protect profits.

November New Crop Beans  did not like falling below 13.00.  Round numbers are always good plays.  Half the crowd gets bulled up,  half the crowd gets bear ed up.   The move through that round number is generally goosed by the wrong half getting out of their faulty opinion.  That is why I prefer to have buy stops above and sell stops below key round numbers.  You let the market get you long or short.  Initiate the position on a stop and then work out of it.

That’s about all for today. 

CER