FOR FRIDAY: (12/30) Final day of the year may have funds doing position squaring and hopefully cattle are lower because they have been higher all week and not pulling back. We do see lower grains next week and will exit longs and look to get short on Monday night or Tuesday if we can get a decent risk/reward.
MARCH CORN (electronic ok)
TRADING RECOMMENDATION: Stand aside.
TODAY’S COMMENTS: (12/30) Market back up today and should recover to max. 358-59 into Friday but could easily stall lower. Tuesday looks lower after the holiday and we’ll be looking to go short Monday night probably if there’s a decent risk/reward to sell from closer to 360. We won’t risk buying again. More skeptical about 365 and 372, and thin holiday conditions are living up to their hype. Will assume that current action is a b-wave if 345 holds and that we could still see another 10 cents up but we’ll leave it alone.
CYCLES OVERVIEW: Topping Friday; lower Monday night; generally lower into Jan. 5.