Cover shorts from 12,400 here at 11,660. This is a 50% retracement of the rally which started after Thanksgiving. We rallied from 10,920 up to 12,400 in 3 months.
This is a breather.
I am exiting 75% of the position. I am leaving the other 25 percent on, just in case we break hard down to 11,500… 11,487 is a 62% retracement of the move, plus it coincides with the round number effect. Round numbers attract attention and trade from both bull and bears.
The investment community is heading for safety.
Soon, they will show us where the bottom is.
I have stopped trying to buy dips in the grains.
That probably means we are close to the low.
The long dollar position is holding up well.
The short crude position is holding up well.
CER
