Thursday, May 16, 2013

Corn 5/16

Good day all,
Hope that the day treated you all well...
I would re post my charts for yesterday, but accidentally close them without saving them...ugh... Kinda hopped up on coffee watching the market all day.. which was... a waste of time... after the initial move down...we reach 640 2/8 only to start the slow grind up for the rest of the day... as I am now in the money... I can worry LESS... HA ! if that is possible...
Market is slow but sketchy... the weather is starting to act up with tornadoes in Texas... heard a report of and F-4..
I do not want to get caught short if this weather is not beneficial... but If you get some water down just after you plant...that gotta be good , plus the progress report comes out Monday... everyone must be thinking the same thing... big increase in progress...
IMHO, now is not the time to think about if it is gonna come up, cuz 1st you gotta get it in the ground... but I do hear chatter of emergence and we will be looking for an increase but nothing substantial until next week or the following week... that puts us in June... In June, we should start digesting the progress of emergence... I believe that will tell the tale regarding this years crop... and at that time it could be the time to go long Dec Corn...


I was able to reproduce this chart and added 2 additional "support" lines... Again, I believe that a close below 643 the 61.80% fib retracement sets us up for a test of the 23.60% fib on the most recent move.... a Break below the dark blue line and the X and the fib initiates further downward action to test the low of 612 on the July contract...

Moving forward... I tried to exit my position at the close with a limit order placed at 22 cents... No Joy... I will be looking to exit tomorrow with a profit (hopefully) and re initiate my short position Monday before the close... Good Luck and May The Force Be With You...

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