FOR WEDNESDAY: (12/20) We looked closely at cycles and they are rather complicated and intense and we would rather trade off of patterns. We do still favor shorts. Beans are rather oversold and wheat is the clearest sale if you need to do something. We always worry about people heading for the exits and conditions turning thin this week. The later in the week it gets, the more difficult it will get to keep stops in place or deal with huge orders that can move the market wildly. We tend not to trade much during the holidays and will wind down positions in a few days.
JAN. SOYBEANS (electronic ok)
TODAY’S COMMENTS: (12/20) Current patterns look like we’ll see 943 and that 961 won’t come out. Market is rather oversold to chase so we’ll wait at least one day. Key support at an Andrew’s Midline has held and much deeper and a fall to 920 could develop but we’re skeptical.
OVERALL: Daily chart pattern projects 889 but we can’t wrap our head around that happening for now.
CYCLES OVERVIEW: Volatile Wednesday; generally lower into Dec 21; higher Dec. 26.
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