Friday, April 15, 2011
Friday April 15th--Position Update
Today, I exited the 2/3 of the long gold position. 40 bucks in 3 days was a
great pop.
I have taken profits on the short Dow position, and remain net short a small
position. I still don't think this market can get above the 12,400 level. I
continue to look for a sell off down to the 11,900 level, or the 11,650
level.
I like buying July beans at 1330, and may beans at 1320. we are due for a
nice 50 cent bounce higher after the dollar sell off we saw over the past 11
trading days.
Crude oil remains a frustrating trade for me. I had longs on from 108, got
out at 106.50, could not get filled at 105.25 on a resting buy order. Today,
we are back at the 110 level, hovering at 109.57.
Sometimes the timing isnt there, and sometimes, your stops are in the wrong
place.
I still believe that the trend for oil is up. I want to see if we can break
above the 113.00
Being a contrarian, I am going to have some sell orders up there right above
113.00
level, however.
For Corn, we are into the weather market. Too wet, Too dry, all are bullish
for corn. Look at CZ new crop corn. Its telling us on the charts, that the
top has not been reached. Buy dips, but be very disciplined in your sell
stops to insure your exit point as soon as you establish a long.
That is all.
Have a great weekend.
