FOR MONDAY: (4/2) First-of-the-month fund buying is always an issue and 3-day weekend volatility is always exaggerated. We have learned to avoid trading these post holidays and let the dust settle.
JULY SOYBEANS (electronic ok)
TODAY’S COMMENTS: (4/2) We did get short after the report on our intraday service. Support a 1053 and 1048. Chances for 1068 and a slight new high are only 40%. We had thought that the 1060 area was a great rebound spot and so a good place to be short, and seasonals are against this market. Need a strong down day to stay with conviction about shorts for now.
CYCLES OVERVIEW: Closed Friday; lower into Monday; recovering into Wednesday.