Top in stocks confirmed

FOR WEDNESDAY: (3/8) Confirmation of a top in stocks may finally have people heading for the exit after huge profits but we don’t see a major spill. Weird Wally Wednesday for stocks will have more longs exiting and rolling to June by late Thursday. Given a congestive week, we could see all the markets reverse a bit and drive us crazy.Continue reading

29-day cycle higher on Wednesday

FOR WEDNESDAY: (3/8) The 29-day cycle is higher on Wednesday and some grains look higher on Thursday although beans are more iffy for Thursday’s report. Meats didn’t break hard enough on Tuesday and we’ll need to exit.Continue reading

Congestion before employment report

FOR TUESDAY: (3/7) S & P cash confirmed a top for now but we didn’t get a close below 2370 although it should come. So used to choppy congestive action before employment report that the chance of a sustained meltdown on the S & P is likely and at best 2350 could happen. Most interesting in the news is Asia with North Korea and major Chinese meetings. Wiretaps and impeachment headlines are mostly distractions to keep you addicted to increasing media ratings. Very sad the state that professional journalism has fallen to. Where is Walter Cronkite when you need him?Continue reading

Looking to buy dips on grains

FOR TUESDAY: (3/7) Cycles are bit mixed but the Goldman roll out of April meats should pressure them lower for at least one more day. Grains also look lower one more day but we do want to buy dips if we get them.Continue reading

Grains still look lower for a few more sessions

FOR MONDAY: (3/6) Grains still look lower a few more sessions so we’ll be patient about chasing these markets. We do see a recovery higher on grains Wednesday and Thursday but wonder if the market will be skittish before Thursday’s USDA report. We’re going to need to exit short cattle to be on the safe side although cycles are volatile and lower patterns haven’t come in. Cycles are very volatile the next few days and it will be safer to wait for things to settle down before establishing new positions.Continue reading

Sell signal for stocks, dollar, Notes

FOR MONDAY: (3/6) The Monday before employment report often is a very volatile big-range day and then we see consolidation until the report comes out. We seemed to get sell signals for the dollar and we can clearly sell rallies in T-notes and sell stocks Sunday but usually by late Monday we have to deal with 3-4 days of sickly congestion and unclear patterns. Willing to take a stand on Sunday night on some markets but may get quickly out.Continue reading

Grains look mixed

FOR TUESDAY: Cycles are complicated going into next week and we still have to run more data. End- of-week position squaring always a problem but cattle still look lower one more day and grains look mixed.

JULY CORN (electronic ok)
TODAY’S COMMENTS: (3/3) We’ll be patient about buying more corn for another day unless our buy comes in at 376.50. Key support at 384 has held so far. The pattern is rather unclear and there is no real place to put stop other than below 374.
CYCLES OVERVIEW: Higher Friday.

Record highs and patterns still don’t look complete

FOR THURSDAY: (3/2) Unemployment report is not until March 10 so Friday isn’t that special this week. Record highs and patterns still don’t look complete and we won’t top-pick stocks or the dollar. Crude looks higher into Friday and metals do also and still more room for lower euros and pounds.Continue reading