It looks like a number of commodities are trying to find direction. It especially looks that way in the grains after such a tremendous day to the downside yesterday. Corn had a mixed day today with the July contract down 1.6 cents whicle the September contract was up .2 cents. September Oats was up 3.6 cents today but really had a wild intraday swing between its high and low of the day. The high of the day was 283.6 cents and the low was 272 cents which is a $580 intraday swing. Since the grains are so volitile right now, I'm just going to watch them for the time being until I can determine a good place to get into either September Corn, December Oats, or September Soybeans. The only grain that really has a tradeable formation right now is September Soybean Oil. September Soybean Oil has formed a pennant formation and a close outside of the pennant will trigger a trade to go long.
For a look at all the prospective trades I'm watching, please go to www.mylearn2trade.com.
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