FOR FRIDAY: (5/11) Mixed signals but we are more inclined to think the market will break into the weekend and can stay short grains. Cattle and hogs look sideways but overall are looking better for a buy into next week but we need to pick our spots carefully.
JULY CHICAGO WHEAT (electronic ok)
TRADING RECOMMENDATION: Wait for morning comment.
TODAY’S COMMENTS: (5/11) Minimum pattern complete at 505 and 500 isn’t likely to come out. Market didn’t really do much and is drifting toward key support at 500.50 in the Thursday night session. Still more excited about shorts looking for 482 but need a 3-wave bounce off of 500.50 first.
CYCLES OVERVIEW: Bottoming on Friday.