My Trade Buddy JHunt told me to believe, but I’m just not feeling the Euro trade he mentioned.. It’s not really my style I guess. But I do believe in his trade and if it works out then my trade will surely be very nice. =D
GIVE ME SOME BEANS!!!!!!! Crush my nuts if you want and make oil and meal out of them and feed them to livestock. They are made of titanium and love prevails. My love for beans and the farmers busting their ass to feed us for pennies. Let’s do it funds. You want to mess with me. I’m going to kick your ass!
Over sold, weak trending market,, Kamen would say “Got to look for the move up”.
Crop condition reports will start up in a couple weeks. As for now stagnant chop with the funds holding shorts like a bunch of jerks trying to screw everyone.
The funds will reverse, China buying more and more at a record pace, US farmers getting washed out, Brazil currency reversed back up, USD coming off..
Fundamentals are strong!!
BUY ZSX7 @ 9492
NOVE BEANS! I believe! But not as much like Lenny Kravits and more like Polar Express.
Give me my oats! Hurry up. I bought them today with an old order that I forgot about, but I pulled it off on the opening gap this evening for a little change. But shoot, I put another order at 224.25, the bottom of the diamond. Now as soon as these jerks (like Colbert) get done slamming it I’ll be buying me some of that stuff.
Lately on #TradeBuddiesLive we have been keeping an eye on spreads, and man there have been some interesting things going on. Here’s some charts I’m very much interested in. Tune in on today’s live show for more info.
What’s the hold up? Just a heads up on Wheat. Everybody and their grandma eats wheat. I want to point out the back month future contract labeled “U” or September. Keep an eye on this level. Coming into this contract we can see some contango (AKA:forwardation) and it has major support at 440 which kinda like 420ish on the front month. This level on the “U” contract is like a concrete block in my view. Check it out.
Now let’s just check out what the big funds are doing when looking at the COT report.
Just a week ago the funds were shorter than ever and were making all the bulls bleed to death. But if we look at the last move we can see a COT reversal. Which is looking nice for some possible bullish action. So as much as the funds were short wheat the price action held super strong at 440. It can not break down!, as though it seems. Last week we had a massive rally because of crappy weather, which I don’t think has fully been reported as far as damage to the crop, but then the profit takers came in which I think are just the funds jerking the small guys around. Also other fundamentals like a much smaller 2017 planting acreage is in play. So, Wheat,, LETS GO!
So that’s it. We’ll be keeping a close eye on this market on #TradeBuddiesLive. Although it COULD crash, I think it’s a really nice long play here real soon and I think the sell off the last couple days is complete horse malarkey.
OMG! The most insane action I’ll probably ever see! After 4 or so Limit Up’s hit we now see 2 Limit Downs following the Thursday open which was an instant gap to limit up, CRAZY!! I watched the price action on my ladder all morning on Thursday and man was it interesting to watch the big dogs slowly chop away at the limit orders that were stacked on the top. After a few thousand contracts were filled there was finally a relief and then the stops just flowed and you could watch them taking their profits as the top blew off, thus being a “blow off” top. A lot of times the following day will be a doji and them a quick double top before a larger move down but the selling just kept up with all longs liquidating. It’s impressive to watch.
On the chart we can see the gap fill following the contract roll which was a $14 difference then the bog pop. Gap up a to limit up is ridiculous and I don’t think I’ll ever see anything like it again.
And now we see the lock limit down and none of the longs can get out and are trapped.
We could see another big day on Monday cause there could be another considerable gap but a lot of times you’ll see the limit orders are set to “day” meaning they will cancel at the end of the session so right at the close you will sometimes see thousands of contracts “pull” (removed). Going from Wed to Thursday I don’t believe think they pulled a lot of them or they were set to “Good Till Cancel”.
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That would help me out. THANK YOU! ~J