Wednesday, March 24, 2004
You've heard me say how ticked I get when the floor runs stops but sometimes it'll pay you back. I wanted to short the May beans again today and gave the broker the order to sell at 10.50 even. I didn't get it and the price started to sag. Well it didn't take long to find support and rally back to 10.52. I thought, here we go again with another rally. For the next hour or so the chart just stalled and then it just looked perfect for another try lower. Corn was already selling off. I wasn't fast enough to get back in until 10.47 but within 10 minutes all hell broke loose as they got into the stops below yesterday's low. I moved over to a 5 minute chart and just watched the bars dump down racing through the gap set up three days ago. I didn't wait long with a gift like that and by the time I was filled covering the short I was out at 10.21 with no complaints. Soon we'll have some support and resistance from which to trade. In other news, I still can't believe that one teenie weenie tick seperated me from getting stopped out of the 30 yr. I'd set my stop just above the double hit of resistance at 116.12. I fgured if it took it out by even a tick, it would be gone to the upside. I just couldn't believe my eyes when it backed off from 116.11 and kept me alive this morning.
The coffee close made me really unhappy. I have a nice ascending trendline draw up from the 70.50 low of Feb. 28th, across March 9 at 72.90, March 10 at 73.00. Today was the worst close in the campaign closing nearly at the low tick at 75.05 and below my nice little red support line. I actually expect a gap lower tomorrow which will tag me. That is unless the luck of the Bonds holds sway! Cotton rebounded which makes sense. Still lots of equity but frankly if today's low can't be taken out tomorrow, I'll bank what's left.