Tuesday, March 23, 2004
A fun if not sweaty day. Coffee played back and forth but really looks 'normal' as it bounces between the upper reaches and back down into its support zones. I didn't like the weak close so tomorrow might be the morning to take the trade off the table. If they can't rally it with some volume I'll have to wait for support to but from. I won't short it but just stand aside while it drifts. It won't be long. It's going to break out either way and the chart is actually one of the best looking right now. Funny...for coffee, it's the easiest to read for me at least. Could change in a heart beat tho'.
The cotton trade is pounding equity into the account. Which is a good thing because I saw the opportunity to short the beans and immediately gave it up with a loss. My timing was off totally. It just reversed off yesterday's lows. Took it for another short later in the morning at 1051. It rallied off support so I took it off at 1048 for a triple. Of course a short trade here is top picking. The top which will occur sometime. When the profit taking materializes it's going to be a bloodbath so that's my plan. You can't hang around in a bull market so when the rally started back up I just covered. I mean, after all, the Bonds were against me all morning. I've kept the short and the failure at today's highs makes me feel positive for the 'morrow. Sure got sweaty though as every little stall was then met with new buying over about a 5 to 8 minute time frame. Then it would peter out again. Still, the drift up is unpleasant. Sugar and corn continue to amaze me. Hard to trade with no pullback. That's not to say if I'd gotten long through proper analysis way back when I should have, they wouldn't be hard to trade at all, would they. Charts like those keep the dream alive.