FOR THURSDAY: (4/5) Knee-jerk reactions on very bad news can create major lows and buying opportunities and the smart money was buying the dip last night and the movement was exaggerated. While grains may retrace a few days now into Friday, they look higher early next week and then we have the USDA report coming. Cattle hit key numbers that we had projected the last few days very closely and they also look done and hogs recovered also so the worst may be over.
JULY SOYBEANS (electronic ok)
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (4/5) Three-wave bounce could go to 1044 into early next week but likely to congest lower for a few days now. Market did complete a 3-wave pattern down on the daily, and not expecting 995 to come out over the next 6-7 days. I think we have congestive trading going into the USDA report. The most significant buy point appears to be a low into April 16 but we need more pattern to see where that will be.
CYCLES OVERVIEW: Sideways Thursday; lower Friday; higher Sunday into Monday.
