Today looks to put corn and the beans on the defensive. The Dow futures are already down 110pts, and the low is 10,037. Hmmm. 4 days ago I talked about that as a target.
The grains will probably be under some pressure. We could have run into a classic case of a head fake in the corn. Just like we had in the crude oil, and the beans, we had moves above major trend lines, followed by a correction lower.
While I was friendly, and it still may have another leg higher, there may be another leg higher, for the rest of the day, I’d expect to see pressure lower.
Manage your position with stops. A good idea is a good idea only if it makes you money. Some of the best trades I have ever had in 20 years, were flips. Where I initiated a trade, it looked bad, and I flipped the other way. Don’t be afraid to be flexible.
Good Trading
