Short and to the point.
Today I’d be a seller of rallies. We have come too far too fast led by 5 gap higher sessions in the wheat. CZ got to the 418 level, 3 cents above the old march high at 415. I think today we start a decent correction in the grains.
Later today I will talk more about the stock indexes. Suffice it to say, just go back to my entries around the July 4th weekend. CNBC analysts (also affectionately known as pure emotional fades) were decrying the “failure of Dow 9800”. How surprising that was damn near the July lows down near 9600, and we have rallied 1100 points from those levels. Astounding.
Good Trading.
