Friday, May 11, 2012
May 11th... Friday !!!!
11:28 - CN12 - Currently trading at 589 2/8, touched on 592 4/8, but didn't hold... USDA predicted a yield of 166 on top of HUGE planting with the anticipation of excess corn... anything along the way will hurt this, but we could have a perfect growing season, which would crush the price of corn as well as the farmers who put it in the ground... Got 43 days till expiration so on 6/22/12, corn needs to settle above 6.20 for me to be making money should I choose to hold the option that long... Currently need 595 or better for break even and anything above 600, obviously put me In The Money as well as up on profit... Bid 17.6, Ask 18.2, Last 17.7... Paid 19.0...
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12:04 - After a serious bounce off of my 1st Fib line of 590 5/8, corn took a dive, currently at 585, crushing my option in minutes... Bid 15.5, Ask 16.0, Last 15.6... Also staring at a Bearish Engulfing Candle which is not faring well for our current position... had a run down below the low of the day and furrnetly looking for a home... Range todat is 580 - 590, with 580 being the AH low...
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