FOR THURSDAY: (12/14) 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 early next week.
JAN. SOYBEANS (electronic ok)
TODAY’S COMMENTS: (12/14) Lower support down to 974.50 continues to hold but bounce has been feeble. With the sell signal, buying or bottom-picking is countertrend and now we’re thinking a bounce to 988 or 991.50-992 may be all we get. Counter-trend Traders can be buyers but you may only pull out 10-15 cents over 2-3 days total.
OVERALL: If we get a seasonal high into January, it could reach up to 1040-50 but it will require weather problems in South America.
CYCLES OVERVIEW: Higher Dec. 11-17.
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