FOR FRIDAY: (9/21) Cycles are mixed. Definite chart turn-ups for wheat and beans but corn is lagging, and we’re coming into weekend harvest action and Sunday look lowers and also possibly Monday. Exaggerated short-covering may not mean that much given the large crops. We had exited ½ of corn and bean hedges already and should have a chance to get out of more later. Cattle look lower one more day; hogs should do profit-taking but don’t look done.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (9/21) A 14-cent rally off of the lows was impressive but it was quickly sold and 350.50 should hold. Hard to buy into 5-wave projection to 363 but not impossible with funds. Because we have a bias toward lower action Sunday/Monday, we’re not going to touch it and hard to buy before a harvest weekend. If we were to sell, it would need to be closer to 359.50. Wondering if we’ll get to 330-2 by the time harvest is complete.
CYCLES OVERVIEW: Topping and lower into Sunday/Monday.
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