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| Excellent comment. Said goodbye to most of my small position of March wheat late. I really hated to do this, as I think this market has yet some upside...but that is ego talking. I did not expect the late surge & made an instant decision. Right now we are all speculating as to where this thing is headed, which is pure gamble and the reality is, no one knows. I am sure I have left money on the table, except as I view the risk in this blow-off period which I sense-considering the concentration of ownership-- the market may not provide the luxury of a traditional key-reversal or some subtle signal...It may open on the downside peg some morning subject to a day or two on the peg & happen too fast to place an order. Some producers may feel they have, or are missing the top, in this type of action but a sharp down move plus usual protection at the country origination level for a day or two quickly brings matters back into focus. A graceful exit with a little profit in the jeans is much preferred over friends discussing "Hey, I hear old what's his name is back in the car wash." | |
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Points of Clarification
