Slim Pickings
There’s not much to look at tonight (Wednesday). Corn, mentioned recently,
failed to follow through to the downside and now is too oversold to consider.
Beans are also too oversold to consider any type of position. The Canadian
Dollar may be forming a high-level cup but it’s not set up yet. Bonds are a
similar but in a larger pattern. Feeder cattle continue to implode (see last night’s
rant) but its much too early to consider any type of position here. Everything
else is just too choppy.
So, about the only thing I could come up with was March
cotton
(
CTH1 |
Quote |
Chart |
News |
PowerRating). It gapped to a new 20-day high (a) but reversed to close
poorly (b), which creates a Turtle Soup Plus One sell setup and suggests
that its longer-term downtrend remains intact. Look for a shorting opportunity here.
Best of luck with
your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!