So far, we have seen a failure of the grains to extend the rally. With 45 minutes left in the day, I would anticipate further lower price movement. Its the Friday before Thanksgiving week, so many traders will begin curtailing their activity. In fact, there generally will be less volume over the next 2 months in general, barring unforeseen surprises. Lack of volume due to a lack of interest translates in to much higher volatility, and and risk.
CZ is setting up to be an outside day down, on the charts which is bearish. Although I am still long from 511 in CZ I only have 1/3 of the original position on, and I will be getting stopped out if we break further. However, I have guaranteed profits. If we recover between now and the close, I will maintain those longs. Its up to the market, not me.
I was able to scalp some profits from long positions in silver initiated against the 25.00 level. Gold did not reach my down side target, but I am covering 2/3 of my shorts going into the weekend, again, taking profits.
I had been looking for a bigger flush in the Dow Cash. They may come at the end of the month. For now, I still have a small short position in the form of 10.700 puts I bought about 2 weeks ago.
Have a good and safe weekend.
CER
