J P - 11/29/2018 03:22



Hi JC,

The term breakout you guys keep using infers a market that releases and continues a move and never returns - to me anyway. That is not what I think we are dealing with. Instead, we are dealing with market that expended a huge amount of energy in a vertical freefall and ran out of energy, Price then pulled back and attempted to go lower but was unable to restore enough energy to make new lows. So then with that failure in mind, price's job becomes to trade back about the point where sellers showed up and tried to sell it - or 906. I see there is alot of chatter warning of an imminent collapse coming because of whatever spin people want to reference to back their assertion. But the likelihood is that price will be successful in achieving its job - trading above 906 with my eye suggesting something near 920 being possible and then and only then will it be able to make a serious attempt at those lows. When price turns, where its going is already determined - regardless of the G20, tariffs, weather, acres, exports or anything else.

Take care.