Don’t count your chickens until the eggs hatch 5/18/9
We had voiced our concerns that things had gotten ahead of themselves and stocks and commodities should see a setback but apparently the markets think differently as virtually all commoities gained today and the stock makret is up 2.5% as of this post. One could remain long but we would strongly advise lightening up, at minimunm tightening stops. We would much rather be on the sidelines wishing we were in the maket than in the market wishing we were on the sidelines. Oil led energies higher on turmoil in Nigeria. The dollar traded lower and int’l currencies gained; if forced to be long we like the Loonie and Aussie. New trade idea; short the BP with stops above 1.5350, target 1.46. In the next 2 weeks we expect a washout trade lower in agriculture, to date we have been wrong. Expect 11.50 to act as solid resistacne on July beans. Indecision in metals?? The good news is gold and silver seem to be trading on the own merits with little outside influence. Sugar was higher by 4.5% today, so much for the correction, stand aside for now but this will be on our conviction buy list very soon.
Tags: Aussie, commodity, corn, forex, futures, gold, inflation, Loonie, matthew bradbard, MB Wealth, oil, options, reflation, silver, soybeans, sugar, us dollar
