FOR TUESDAY: (10/2) Grains have cycle lows on Tuesday but just retracing exaggerated gains from Monday. Have to assume higher prices into Friday now and buy dips on grains.
NOV. SOYBEANS
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/2) One more new high toward 870 is enough to complete 5 waves up off of the low. Chances are the 850 region won’t come out–and that’s a buy zone if you are wanting to get long. We have a bias for higher prices the rest of the week and will see how much of a retracement develops here.
CYCLES OVERVIEW: Lower Tuesday; mostly higher into Friday.
