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Mascoutah, Illinois | It looks overbought and you should sell into the rally at the open based upon the technicals. However, corn is up 5 and soybeans up 11 with Asian markets exploding higher. If she breaks out on Monday, $3.95 is in play longer term. I guess we get to see who wins out tomorrow. It could be a very ugly day for the bears if this thing breaks out to the topside. (S.C. would say some ankle grabbing would be in the cards.) I wouldn't want to bet on either side on Monday.
One thing to keep in mind. The Euro is approaching 1.25 which is huge overhead resistance. Pull up a lawnchair and keep the cooler stocked full. The fireworks could start a little earlier than July 4th. We could have some widows by the end of the week in quite a few arenas.
What do you think yoohoo? Breakout or range bound?
Edited by djmcountryboy 6/21/2010 00:12
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July Corn Chart
