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Senior Contributor

OptionEye....July 2nd.

Good morning and it looks like 'turnaround Tuesday'.

 

Yesterday's price action was heavy and we just didn't see anything out there that was going to give the market a scare, especially when we traded through previous lows in Dec corn. We stopped just short of going through $5.00 but with nothing on the horizon and a slow week my fear is that it will attract some price action.

 

This morning, corn is up 2 to 6, beans are up 2 to 6 and wheat is up 7 to 11 helped by Egypt first tender since February. Gold not much changed at $1257 and the 10 year is at 2.46%.

 

Factory Orders this morning after yesterday's tepid ISM numbers gave equities a boost. The market is thin and anything good I think could really lift things.

 

As we approach the 4th, the market tends to get more and more skittish so traders will have their hands in their pockets taking a more defensive stance. .

 

Keep your positions tight.

 

 

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Veteran Advisor

Re: OptionEye....July 2nd.

Yesterday we were so close to hitting 1609 in July Soybeans, giving us a double top.  Then we sold off.  Lets see what today brings us.

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