FOR WEDNESDAY: (5/2) The wheat tour got grains going, and even though corn has no reason to be up here, it‘s following wheat. We usually don’t like to sell grains on Wednesday and will assume slightly higher prices. Open to sales on Thursday if patterns come in. Cattle and hogs should bounce a day but then are sales.Continue reading
Have to sell the pattern completion on wheat
FOR TUESDAY: (5/1) Wheat prices saw some contracts up double digits on drought concerns for some winter wheat production and planting delays for some spring wheat production. Wheat and beans opened higher in the Monday night session, with wheat having the strongest gains. Have to sell the pattern completion on wheat in the 519-20 region. Beans are too oversold to chase and we’ll leave them alone.Continue reading
Market was weaker than expected
FOR TUESDAY: (5/1) We’re continuing toward pre-FOMC position squaring. A lot of mixed signals for stock market on Monday but if it does recover, it seems like a sale on the week if we get a good set-up and confirmation. May not have many good trades and then if we do put something on, we have to deal with FOMC day ALGOS and volatility. We may end up staying patient.Continue reading
Mixed signals for stock market on Monday
FOR MONDAY: (4/30) We’re moving toward pre-FOMC position squaring and congestion, and then we also have month-end profit-taking by funds on Monday. A lot of mixed signals for stock market on Monday but if it does recover, it seems like a sale on the week if we get a good set-up and confirmation. May not have many good trades and then if we do put something on, we have to deal with FOMC day ALGOS and volatility. We may end up staying patient.Continue reading
Better chance for higher grains on Tuesday
FOR MONDAY: (4/30) Friday’s spurt on grains wasn’t shocking and we had suggested taking profits on short beans. Patterns had suggested that wheat needed new highs, and it appears that has a good chance. We would think that month-end profit-taking could hit on Monday and we’re not inclined to chase. We feel better about higher prices for early Tuesday but wonder if that may be it, as corn and wheat are very close to pattern completions. Buy pullbacks on cattle for Monday and should see higher prices into Wednesday.Continue reading
Not ready to top-pick stocks
FOR FRIDAY: (4/27) Could end up with week-end profit-taking and then selling by Sunday as we move into the end of the month. Not ready to top-pick stocks tonight but may be open on Friday. Gold and dollar are fractions from key target areas.Continue reading
Cattle should bounce
FOR FRIDAY: (4/27) The 29-day cycle is weak for grains and we favor lower prices into Sunday and maybe Monday. Cattle should bounce and didn’t fall much on Thursday, and hogs may hold and bounce a few days but are in trouble. Month end-position squaring by funds will distort things into Monday.Continue reading
Could see strong movement on Thursday
FOR THURSDAY: (4/26) There’s a lot of energy on Thursday and we could see strong movements, and we have a bias toward upward action for stocks but will the trade do much before FOMC which is announcing May 2? That likely means pre-FOMC congestion, and if we are lucky some pattern completions overnight for gold and silver and the dollar, they would set up trades but we’ll soon have to deal with congestion. Continue reading
Grains a bit overdone
FOR THURSDAY: (4/26) Grains are a bit overdone and we would expect prices to come off from highs into Thursday into early next week into Monday. Still, wheat might get a bit absurd despite no real news pushing it here. Cattle should pull back, and that pullback may last into Monday. Hogs are higher for a few days and in case they get wild, we should get something on.Continue reading
Stocks look lower on Wednesday
FOR WEDNESDAY: (4/25) Stocks look lower on Wednesday and we’re open to sell, and tech stocks look particularly bad. Still, these wash-out Tuesdays often recover overnight setting up the best new sales by 9 am. We have had a bias toward stocks into Monday and we just missed the boat by about a day.Continue reading