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Mascoutah, Illinois | I continue to like December corn to $4.20 and November beans $10.13-$10.17. I am warming up to November beans printing $10.39. I just looked at overnights at 9:40pm CDT and beans have support at $10.01. I am quite positive everyone and his brother has stops set at $10.00 in November beans. If we go below $10.00 tomorrow, I believe we are down at least 25 cents as everyone gets stopped out.
I am a seller 15-20 minutes after the open tomorrow. The short squeeze usually last three days. Monday will be at the very least day three of the short squeeze. This market is SO OVERBOUGHT. The relative strength indicators are giving you free market advice and telling you the rainbow and pot of gold are about to be snatched away. If we end up positive at the end of the day on Monday, which I don't think is possible, I will be SHOCKED.
My best advice is to be mentally prepared to accept double digit losses across the board if you are not selling this rally by the close on Monday.
Of course I will be wrong and the hate mail will come fast and furious. Murphy tends to be that way in the midst of a big rally. | |
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any thought on next weeks market?
