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Veteran Advisor

It's always good to be prepared, ECIN

So keeping along those lines, I've been getting ready for my auction bare foot.  I'm trying to get those soles good and tough this summer so if I'm wrong and we still produce this 14 bbl crop, I'm ready for those coals.  Smiley Happy

 

This is a big day.  Every day this summer probably is as we continue to work out what we got and what we don't got.  The upper level high is still there, though the jet has increased speed in a west to east flow above it, and it has wavered a bit back to the west again.  Still entrenched.  China is buying corn, that's good or bad depending on your perspective.  I think it's good, we still have the ability to make sales at this level and China see's the value here.  And we must then be the cheapest source, or they would be going somewhere else.  Their purchases though signify that  - 1.  We're approaching market low  2.  They see a weather pattern that is not going to drive the price further down.  3.  They just need the corn and bought it because they're being nice.  Now I think it's probably both 1 and 2, but who knows.  Maybe their just purchases to cancel later so they can get a lower price.  (sure wish I could do that.)  Anyway, here we go.  I am long the market.  I am long a small amount (physical) of old crop corn and beans.  I do have some cals bought for Sept and Dec.  (was going to add more but opted to go straight futures when the price got down to 4.90, just thought the potential upside was worth the added risk.)

 

We'll see how this morning goes.  In the mean time, I have some thistles to pick out of my feet.

 

Jen

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8 Replies
Veteran Advisor

Re: It's always good to be prepared, ECIN

It's not how the day starts - it's how we end.  Potential for an outside trading day higher, looks like we could have break out of the bull flag formation on the monthly charts, and it looks like the report is what it was - nothin'

 

Jen

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Veteran Advisor

Re: It's always good to be prepared, ECIN

The report may have been bearish, but somebuddy is getting gored!

 

Jen

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Veteran Advisor

Re: It's always good to be prepared, ECIN

OK - I'm in and in good shape now with my trades, and it all hinges on whether or not it rains, how much, when and where.

 

But - where to from here.  I'd like to see  a gap high in the Dec corn which would establish (another) island bottom, but I don't think that happens tonight.  Maybe Monday, if the weather reports still show dry or dryer over the weekend.  My upside tartget for re-evaluation is gap from around 3 weeks ago around 5.50, and then the overhead resistance just over 5.70.  Once that is cleared, then this market has a ways to run higher.  

 

I'd like to add some bean contracts in to my portfolio, but I want to see the area of dryness get more entrenched before I do.  Maybe next week.  For now though, I'm good.  I got most of the thistles out of my feet, Dr.'d em up with some triple-antibodic, and I'm good to go.  Heck, after this summer I'll be ready for Naked and Afraid.

 

Jen

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Veteran Advisor

Re: It's always good to be prepared, ECIN

You guys are all so quiet today. I haven't even been able to get ECIN to chime in. And I'm still waiting for that full report on the MN crop tour. Maybe all you analyst types out there are too busy trying to figure out why I didn't bail out of my positions today. Maybe your all just tired of my constant whining about this market being wrong (it is - and we are a long way from having enough wx built into this market). Maybe I just smell bad today. I want to be good. I want to comply. But my kook aid didn't come, and Hobby didn't drop off glasses when he was so close. I gotta go and look at some sunspots.....

Jen
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Veteran Contributor

Re: It's always good to be prepared, ECIN

jen

Here is a link to a guy that puts up a 3 to 5 minute utube video each morning I never miss it.

That space weather can really mess up your day if the wrong things align.

 

http://www.youtube.com/watch?v=KhEAB4dDR6E

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Veteran Advisor

Re: It's always good to be prepared, ECIN

See now - That's what I'm talking about!  I'll put that one on my morning list of things to do - thanks for the link.  It's so quiet on here today, I can hear the crickets chirping.

 

Oh wait - never mind - they're coming from my basement.

 

Jen

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Veteran Contributor

Re: It's always good to be prepared, ECIN

Yes, I discovered that guys tube channel about 5 months ago. He almost never misses a morning clip. Within 10 minutes of him putting up the video he already has 301 hits. If you investigate his links he has a web site although I have never visited it he has forums that people can use to argue there points. I suspect when he gets enough traffic on his web sight he will drop off utube.

 

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Senior Advisor

Re: It's always good to be prepared, ECIN

Jenny - LMAO here -- I think you would be better off to practice walking on them hot rocks - like they do over in Hy - Y - ya -- lol

 

Was hauling beans yesterday - 5 loads -- all off the floor -- getting to dam old to do that kind of work .

 

BTW -- I will look and see If I can find you a pair of Nomex socks  Smiley Wink

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