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| The way I trade, as I look at the Nov. bean chart I see sound support on the downside and am going to stick with my buy points I posted this morning; I want to own beans & am prepared for a ride if it comes to that. On the other side, if this market goes thru 12.50..I think we will most likely run to the 12.80 level and establish a trading range & have to raise my buy ideas.
The break in corn yesterday held at a key point in my opinion (for the bull side) & if December corn takes out the $5.11 it should run to $5.25 & if the July takes out the $5.20 get about the same run to the upside & am not short enough to worry about it but will either sell more & trade out of it or cover on a dip, if that should occur. I do not stand in front of fast moving trains as a rule, if it comes to that & as I avoid self-destruction regardless of my bias towards corn.
The old crop wheat looks shaky, but if it comes to having to test below $9.00 I will see how it acts & make a decision then. May wheat very badly needs to close over $9.25, in my opinion.
Going to rest for a moment and hope tomorrow is a little more clear.
Edited by SeniorCitizen 1/24/2008 22:31
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A Review of the Charts
