FOR TUESDAY: (4/3) Mixed data. Spillover from the stock market was ugly, and that may hurt the market into mid-week. Cycles are mixed enough and action erratic that we have a low-confidence trade but will hang on. Cattle may bounce 1-2 days and set up new shorts, and hogs are in trouble for at least two more days but hard to play limit down moves.
JULY CHICAGO WHEAT (electronic ok)
TODAY’S COMMENTS: (4/3) Our stop just held, as the key 475 region was not taken out. We’ll stick with shorts 1 more day and see if the market can finally do the deeper break. We would take partial profits by Tuesday night.
OVERALL: Market still has a good chance of going to 448.00. Taking out 475 now would seem a bit off-kilter but not expecting anything. Breakdown eventually would go to 448-50. Key daily chart support at 450-3.
CYCLES OVERVIEW: Recovering into Wednesday.
