Monday, March 22, 2004
Well, early Monday morning came and went and as you know we were gapped out at the open in the May Cocoa. Held the coffee through the sell off. I don'y like the close but this support keeps holding so you have to stay with the long. Let's see, where else did I go wrong. Oh yeah...getting stopped out Friday in my corn left me holding my breath today as it gapped up and stayed up with wheat and the bean outpacing. It is tough to see these moves and not be able to just bite the bullet and buy. At least with the coffee it gives us the opportunity to get long each time it tests support. These grains are on fire. It makes the entire idea of not chasing a market just burn a hole in my stomach when you I see what I'm missing but I can't see any retracement allowing me to buy. You know as well as I do that these rockets turn on a dime right after you go long. So I continue to stay away. Keeps me frustrated but safe.
Sold May cotton when it failed at resistance. Set the objective tonight at roughly 63.40 after studying my dailies. Also shorted the bonds and I'm holding overnight. I wasn't real happy with the close but I'd selected 115.28 as resistance I'd tolerate. It stalled all day and only rallied in the last five minutes so I'm holding. With all the bullshit today in the Middle East I could get hurt tonight but frankly I'm thinking that now the 'flight to quality' money is going into gold and not the Bonds anymore. Hell, maybe it's fleeing to Soybeans...they could be the 'Gold' of this summer. Wow.