FOR WEDNESDAY: (7/26) May get a sick, minor bounce on grains on Wednesday but inclined to expect weaker prices into Thursday and Friday. We would continue to sell rallies but probably have to take profits on shorts by Friday/Monday.
DEC. CORN (electronic ok)
SWING TRADING RECOMMENDATION: Hold Dec. corn shorts with a 401.25 stop. Take partials at 380.50.
TODAY’S COMMENTS: (7/26) First support is at 380 and then at 373.25. While we may get a a bounce on Wednesday, it may be the dead-cat variety and we could easily be at 373 by Friday.
OVERALL: Usually by August 1 the market recovers in August in choppy upward congestive action following the late July bloodbath. Have to hope that crop conditions will allow a gap to be filled. Technical breakdown now under 387 will negate chances for 422-25 unless it happens into the winter after harvest.
CYCLES OVERVIEW: Recovering Wednesday; lower into Friday.
