|
Northwest Iowa | As others have said if it works for you, it is the thing to do. Technically (charts) there isn't much to tell you there is a top. WD Gann said to watch at 6-7 weeks into a sharp move, then 13-14 weeks. He also had stated that if the 1st week of Jan highs are not taken out by the 3rd week's (of Jan) action, the market would not take out the early Jan highs for at least 6 months. Dec 29 (4.17 nearby)was the last high in the corn. We took it out 6 months later! We're going higher than most think. Spend some time thinking about how to defend any position you take, whether cash or futures. If you sell cash, maybe buy a call. If you want to hold the bottom, buy a put and let the cash ride. I understand that we are not "trading" the market but the rules cover both views," Let your profits run and cut the losses quick." Grains going up is producers profits running. One other comment- While the fundamental of poor conditions in wide areas of the US seems to be the strong mover, do not underestimate the power of the record large trading funds short position covering trades. Funds tend to use various moving averages for their signal to exit. 40 or 50 day are common. We've blasted through them. For those that remember Monte Woodford, "Come on you H----ws! Buy corn! Good Luck , guys! | |
|