Thursday, May 10, 2012

May 10th... Big Day

11:56 - USDA released #'s this morning...looks to be an exciting day... Opened down and I jumped in a got a 600 July Call option for 19 cents or $950.00 before fees...Got in at 10:50:32... To be completely honest, I was looking to Buy a Bean Call at the open, but had 2 order windows open and clicked buy on a corn call, I tried to cancel but am still not famaliar with the platform... I have checked the event log and it shows all kinds of action, 2 PendingSendCancel, 3 working, 1 FILL... So, in revising my outlook, now that I have a call, I actually think this is a pretty good position... 595 is my Break Even Point ... Do not have a plan for this trade and would be happy to make anykind of money on it...Threw up a set of Fib lines on Yesterday close of 610 and today's low of 593.. 1st Fib line is at 597, with 599 and 601, 603, 606 and full retracement at 610 ... Current channel is 594 to 597.. Currently trading at the low end of the channel, trying to breakdwon... Low of the day is 593 even ... In looking at these price levels, I see this as a Nice 5 day hold... Am alittle worried about prices diving again, but with stocks as tight as they are and the HOPE that the future crop will be excellant... being Bullish is not a bad place to be...

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