FOR FRIDAY: (10/5) Grains held up well on Thursday. We’re OK putting in buy for beans from lower levels but wheat isn’t close enough to ideal buy zone of 510. We looked at Oct. grain cycles. Open to the market holding up next week but it’s harvest time and not sure we can count on much. Cycles in the rest of October seem lower. Have to continue to use rallies to get short.

TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/5) We may buy in the morning but need a good risk/reward for a retest of 870. Market holding up ok. May not have to worry about too much downside but a retest of 853.50 is possible, and Thursday nights are often lower and the 29/30 day turns lower after 10:30 am today. Minimum in at 870. Not worth risking the market for a fantasy extension target of 887.50.
CYCLES OVERVIEW: Mostly higher Friday; higher into Monday.

Comments are closed.