FOR WEDNESDAY: (8/22) Grains may give us minor bounces on Wednesday to get short if you’re not in. Market in trouble into Friday. Cattle also looks lower into Friday, and have to sell bounces on hogs.
SEPT. CHICAGO WHEAT
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (8/22) Clearer sell signal here projects 519.50 next with bounces probably not taking out 539.50 or 543.50. Hard to find any risk/reward when wheat collapses but with the market so close to 519.50, we have to see what kind of bounce develops.
CYCLES OVERVIEW: Lower into Wednesday; lower into Friday and into Aug. 26.
