FOR WEDNESDAY: (8/15) Grains bounced to the upper edges. Much more and beans will issue a buy signal, and the bounce looks healthy. Meats remain a bit sickly but we bought in case they find some strength.
TODAY’S COMMENTS: (8/15) Three-wave bounce projects 883.50. Issuing a buy signal with the 30-cent rebound off of the lows but not ready to panic. If the market does breakout, a cluster of resistance between 888-894 would stop it but we won’t move stops up that high. Still expect a break but can’t ignore today’ technical damage.
CYCLES OVERVIEW: Lower into Aug. 17.
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