FOR TUESDAY: (7/12) Cycles may turn more volatile on Tuesday with Tuesday/Wednesday having the best chance for lower stocks–and if we don’t get anything or much, we’ll know how strong this market is and we shouldn’t fight the trend or the primary 6-week cycle higher.
Treasury auction not going well at the moment and that may keep us from nibbling on longs. We do like long gold the rest of the week and short crude and long dollars the rest of the week.
FOR MONDAY: (7/11) Oversold conditions on Friday led to short-covering and weather reports change every 12 hours. For now, the trade wanted to take profits but cycle seem lower Sunday-Tuesday for grains unless we get some new weather forecasts turning hotter and drier. Meats still look under pressure early next week but may do some short-covering into the end of next week.
FOR MONDAY: (7/11) Hard to put out orders for Sunday night given that world weekend events are still rather crazy so we’re happy to go home flat and consider new positions on Monday. If we get a pullback on the dollar Sunday, we’ll want to buy and we still like stocks for at least one more day but risk/reward may be gone by Monday morning. Crude looks lower next week and Friday’s bounce was rather wobbly.
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