FOR FRIDAY: (12/15) Not much happening. Larger cycle into Friday is friendly for grains but not expecting much. Market starting to set up for pre-holiday position squaring as the pits and computers empty out for Christmas. We found a weak cycle for many markets into Friday and it may negate the original friendly cycle that is due over the weekend. My guess is that if key numbers hold into Friday, then a bounce out of there will happen Monday/Tuesday but then the market looks lower into Christmas. Meats look higher on Friday but then lower early next week.
JAN. SOYBEANS (electronic ok)
TODAY’S COMMENTS: (12/15) Beans broke key support levels and should go to 956. If we do get a bounce, it won’t take out 975 and that may be the sell point but a cave in toward 956 could happen given downward momentum. That makes market is a buy at 956 and a sale at 974-5.
CYCLES OVERVIEW: Sideways to higher Friday; lower Sunday; higher Monday/Tuesday; lower Wednesday/Thursday/Friday; higher Dec. 26.
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