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Corn "C" - mini "ZC" - (Dec)
Coverage for Oct. 19
Wednesday's open gapped down back under Monday's prior high. This doesn't make Tuesday's session an "Island," since Tuesday's intraday dip touched Monday's prior high as support (an Island would truly develop away from prior price action). Not being an Island, an immediate drop would be suspicious, even if it were to fulfill the short-entry parameter. A bounce back to the 320-1/2 area first would be preferable. Aggressive traders might even want to consider that bounce as a short-entry parameter, with a stop above Tuesday's highs in the 324 area.
(Basis Dec) Short under 310 for
283-3/4 and 272 targets,
317 stop
PREVIOUSLY... (Basis Dec) Long above 244 (9/7) for
254 (met 9/21) and 261-1/2 (met 9/28) targets,
244-3/4 stop (met 9/11)
Wheat "W" - mini "YW" - (Dec)
Coverage for Oct. 19
Wednesday's open gapped down and fell further, bottoming within an hour to spend the balance of the session ranging narrowly at session lows. The short-entry parameter was fulfilled, and bounces should now be brief if the lower-end of the wide trading range will be tested on this leg.
(Basis Dec) Short under 523 (10/18) for
495 and 462 targets,
540 stop
PREVIOUSLY... (Basis Dec) Short under 400-1/4 (8/8) for
390 (met 8/14) and 377-1/2 (met 8/18) targets,
386-1/4 stop (met 8/23)
Soybeans "S" - mini "ZS" - (Jan)
Coverage for Oct. 19
Tuesday's "ineffectual optimism" didn't prevent a higher high Wednesday, but it did prevent the higher high from extending further. This, despite the open having recovered from a spike down. No short-entry parameter is being added at this time, but a close under 594 would be difficult to resume the rally.
... (Basis Nov) Short a bounce to 631 (7/10) for
567-3/4 (met 8/11) and 534-1/2 targets,
548-1/2 stop (9/15)
Soybean Oil "BO" - mini "ZL" - (Dec)
Coverage for Oct. 19
Wednesday's open immediately extended Tuesday's rally. An afternoon higher high peaked near the 26.05 target and ended the day while testing the morning's peak. The rally still can't afford to hesitate, and the stop has been raised.
(Basis Dec) Long on pullback to 24.50 (10/10) for
25.05 (met 10/12) and 26.05 targets,
25.70 stop
Soybean Meal "SM" - mini "ZM" - (Dec)
Coverage for Oct. 19
Wednesday's open gapped down to attack the short-entry parameter near 178. The gap back to Monday's close just above 178 was filled, and a bounce then filled the gap back to Tuesday's close. A break under 178 would have no unfinished business at higher levels to inhibit a corrective decline.
(Basis Dec) Short under 178 for
171 and 167 targets,
180.50 stop
PREVIOUSLY... (Basis Dec) Long above 165 (9/20) for
169 (9/21) and 179 targets,
166.50 stop (met 9/22)
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