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NW IN | On the technical side, it bounced off of an uptrend line. I'm watching an uptrending channel now. Question I have for myself, is does it run out of steam near LOC highs?
July 12 was the LOC high at 10.28 3/4. We blew thru 62% Fib retracement at 9.94 3/4. We had been tapping on that one since early Sept.
I'm one who believes the market will go where it goes, and it generally goes higher and lower than it "should". It kind of looks like no-man's land to me right now.
One question I ask myself is...what has changed fundamentally? We have a lot of bean acres. Yields are, for the most part, good. Does $10 SX18 buy more bean acres next year? If it does, what crop coughs them up? Corn? Wheat? Sorghum? Do we finally realize we have a lot of everything and acres need to be cut somewhere?
Full disclosure, I sold futures only on SX18. If it's my worst sale, I'll make money on beans next year. If it's my best sale, I'll make money on beans next year.
Edit: MACD turned up with Thursday's trade higher. Volume Thurs/Fri was crazy high for SX18. 10 days prior to Thursday averaged 1000 contracts. Thurs was 5438, Friday was 4100. That's impressive.
Edited by Tileman2 10/14/2017 10:00
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Definitely not a market pro but...
