FOR TUESDAY: (5/2) Fun day if you were long and we were but got out too quickly although our corn exits were near the highs of the day. Assuming that grains could continue higher into Wednesday, as some cycles are inverting. Market went so far this week already, we wonder if it can go much farther to the upside.
JULY CORN (electronic ok) start here.
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (5/2) All our profit objectives came in at 374 and 376 and 379 from the morning report. Patterns project 385 to be more complete but recent gains, we’re not going to chase. If the market hits 385 by Wednesday, it would set up a sale for at least a week going into the next USDA report.
OVERALL: Larger cycle patterns and seasonals point higher into June 2-3 and June 13. We are working on calculating price objectives.
CYCLES OVERVIEW: May 3 high?; May 5 low; May 7-8 low; May 10 low; May 11-12 low.
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