FOR TUESDAY: (11/29) Grain cycles are still weak into Wednesday and month-end profit-taking should set in and we have contract rollover from the Dec. contracts which go into first notice. Meats are acting toppy also and we need secondary highs to get better risk/reward for new sales but they seem vulnerable to fall. Continue reading
S&P cash projects 2211
FOR FRIDAY: (11/25) Markets do not really close much because of Asian and European trading so expect to come back to some movement and you can watch until noon on Thursday morning and again at 5 pm on Thursday night if you are bored with your Thanksgiving dinner. Not much to add to Wednesday’s report but we’ll update you on Friday morning. We’re working on our monthly report and hope to get it complete by Monday or Tuesday of next week. Continue reading
Open to selling grains
FOR FRIDAY: (11/25) We’re looking for grains to start lower on Friday and continue into early next week. We’re open to selling if the right prices and pattern completions happen and exiting by Nov. 30. Hogs have one more day up and then are lower next week. Cattle should start lower for at the next 2 weeks east and possibly the whole month. Continue reading
Even thinner volume before holiday
FOR WEDNESDAY: (11/23) Even thinner volume on Wednesday and Friday likely and only day-traders pick up a few points on these days. As always, some huge flourish after the holidays but until then, not much happening.
Hogs look higher on friendly report
FOR WEDNESDAY: (11/23) Grains look higher as do hogs on a friendly storage report and cattle may hold up. Friday seems more vulnerable for selling grains and meats if you are inclined and early next week is mixed. Holiday trading is always a mess and usually we can live without it.
Seasonal fund buying taking over
FOR TUESDAY: (11/22) Seasonal fund buying is taking over but not sure how long it will last. Grains should correct Monday’s irrational exuberance on Tuesday but probably be higher on Wednesday and then retracing next week for a better set up buy. Hogs are celebrating Christmas ham early and cattle are tiring and we should be ok with shorts now there.
T-notes seem lower all week
FOR MONDAY: (11/21) We’re moving into holiday trade and each day get worse with lower volume and sometimes exaggerated moves. It looks like metals do short-covering this week and the S & P pulls back to at least 2148-50 but T-notes seem lower all week and the dollar may take a break also.
Grains look lower early next week
FOR MONDAY: (11/21) Grains look lower early next week but seasonals often support pre-Thanksgiving buying so we will have to wait for clues in the morning or top-pick. Cycles do look weak the next few sessions so we may get away with it for beans in particular. Cattle on feed was neutral and market is overbought so we can get short for specs and hedgers. Cold storage is Tuesday for pork.
Volatile grain cycles on Friday
FOR FRIDAY: (11/18) Grain cycles are volatile on Friday. Early rallies could give way to sell-offs. Beans look lower on Sunday night and grains could still be lower on Monday but seem to perk up by mid-week. Meats are waiting on the Cattle on Feed report and are a bit overbought so hard to imagine acceleration happening no matter what’s in the report, and we have to sell for a few days. Cold Storage report is on Tuesday.
Can S&P take out 2200?
FOR FRIDAY: (11/18) Speculative cycles are still strong on Friday if acceleration wants to happen. Usually the trade is worn out on Friday and takes profits and gives us a break for a sideways day. People disappear for the holidays so volume should drop next week and trading becomes dangerous sometimes in thin conditions. We’ll probably take profits on short euros and gold and will see if the S & P can take out 2200 but will take partial profits.