Wednesday, May 15, 2013

My Beloved Corn - 4/15

Good Day all,
As you can see, I have resigned from trading the SPY except for my long positions on UVXY, SPUX & FAZ...
I am now fully engaged in this years crop, more specifically ... corn...
I have posted these on Stocktwits & twitter, but here they are again so that you can see them all...

The above chart is a long term continuous corn chart indicating a long term bull channel, with a short term bear channel or flag...
The above chart is the same chart only zoomed in with my short entries...

I know that the 2 may seem to indicate different things, but my time frames are short in the short term with old crop corn due to cost, looking for an entry to go long with new crop corn at what I am considering my buy area between the 2 fib lines between 624 & 615 on the continuous contract... I will need to see where that lands for Dec corn, but am not ready to go long yet...

I am looking for a short term retracement due to good weather and farmers are rollin" ... I consider this Hope...Hope that they get it all in, Hope that it take, Hope that it emerges... Once the planting is done, I will be looking for emergence on the progress reports.  With the lack of sub soil moisture, I believe that we will not get the same push that we did last year... However, with the recent weather showing some rain over the weekend, it could be just what the Doc ordered and we could see this head towards my buy level...

In summary, I am short old crop due to hopes of new crop, when this wears off, I will be looking to go long, through what I think will be another miserable growing year... Wishing all of my Framer Friends the best of luck...
 

No comments:

Post a Comment