FOR TUESDAY: (12/6) Grains rallied too much on Monday and minor pullbacks can be bought as we should see higher prices this week. Cattle are due for a 1-2 day bounce and also hogs.
MARCH CORN (electronic ok)
SWING TRADING RECOMMENDATION: Buy March corn at 355.50 and 355.75 with a 349.50 stop.
TODAY’S COMMENTS: (12/6) We didn’t get our final push down and were stopped out with about a 7-cent profit but missed the market taking off and now have no risk/reward to chase. Support at 357 and 355.25. Doubt that we’ll see 331 or 340. Not in a rush to buy this market today. Five waves up projects 375 now. The market tends to be seasonally higher the week of Pearl Harbor Day so there‘s still room for acceleration. Seasonal weakness will hit soon.
CYCLES OVERVIEW: Higher into Dec. 9.
