FOR WEDNESDAY: (11/14) Grains failed as crude collapsed over 4.00 and dragged corn and beans lower. We are not seeing wildly bearish action for grains on Wednesday but if we get failed secondary highs, we may feel better about shorts for the rest of the week. Also need higher numbers for cattle and feeders if we are to get a better risk/reward.
TODAY’S COMMENTS: (11/14) Slight new low today is bearish and the charts look terrible. If we do get a bounce, it may not take out 369.50 or 373. We’re bearish into Friday. Inclined to sell this market on rallies but concerned be stuck in a very congestive pattern between 360-373.
CYCLES OVERVIEW: Holding up Wednesday.