FOR THURSDAY: (10/4) Not thrilled with grain action on Wednesday and we see beans lower and it could drag the rest of the complex down. If grains hold up ok on Thursday, we could still see a recovery on Friday. Still, it’s tricky fighting harvest pressure, which could kick in quickly if rains let up.
TRADING RECOMMENDATION: Wait for morning comments.
TODAY’S COMMENTS: (10/4) Market couldn’t accelerate through 870 and now is vulnerable on Thursday for a sale for day-trade scalpers. Should hold 853 but pattern looks complete at 870, and not sure we’ll get that much on a recovery on Friday. Hard to chase but will evaluate a day-trade on Thursday in case it turns into something else.
CYCLES OVERVIEW: Topping early Thursday; mostly higher Friday.
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