FOR THURSDAY: (12/21) We always worry about people heading for the exits and conditions turning thin this week. The later in the week it gets, the more difficult it will get to keep stops in place or deal with huge orders that can move the market wildly. We tend not to trade much during the holidays and will wind down positions.
JAN. SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (12/21) We noted key resistance at 960-1 for today but we’re reluctant to sell such oversold conditions and a surprise bounce to 970 wouldn’t be shocking. Key support at an Andrew’s Midline has held and much deeper and a fall to 920 could develop eventually but we’re skeptical. We should see 946 and 943 easily but aren’t willing to sell until maybe Thursday if we have better levels and then we’re dealing with holiday nonsense.
CYCLES OVERVIEW: Generally lower into Dec 21; higher Dec. 26.
