Hubert Senters here.
Let’s do another update for today and see where we’re at from this morning so SMP is pretty close to hitting the initial target of $48.25 on the standard line, the Dow is winner chicken dinner, it hits target. Now, the interesting thing will be to see is it going to is going to fizzle out here or is it going to climb into the belly of the beast to the bottom of the cloud at $26,000?
We don’t know. We just have to wait and see. Nasdaq still looks a little nasty. Can’t even retrace to 50 percent between the turning and the standard line that’s still a little weak. Russell it’s not happy. It’s going go lower. Nikkei still decent short, Dax in the cloud pass, Euro stocks 50 in the cloud pass, the bund had a little shake out here. A lot of people in the bond room were saying it was Draghi saying something. I don’t usually follow that stuff.
But anyway it well it had a nice little sell off to the daily turning line. I was able to scalp some of that to the downside. I think I had three trades to a more good and one of them was bad but overall not too bad. I’m still net long bonds. And I’ll re-get long some of that stuff too. So the bund still looks good. The 10 year sideways today no real advantage.
So if you’re trading bonds like oh, my God I missed this whole move. Look it’s just going to go sleep for just a few days here. It’s going to get nice and quiet and then it’s going to break out of that range from $127.15’5 to $126.21’5 get ready for that.
30 years doing basically the same thing. It’s like I want to pullback to $152.19’30 seconds. Gold a little bit of a pop and then sold off a little bit. Overall, it’s up seven bucks today so it’s not too bad. Platinum. Still good short on the $780, Copper still good short down to probably to $60-ish, crude oil is a solid short down to $50. Heating oil still good short down to $166, natty gas has gone to zero first day as good $2, it’s not gone to zero. I’m just making a joke. Some people really take me at heart when I say this stuff.
Feeder cattle is still a short but it’s going to bounce up to $141.27 and then you can short it there. Live cattle it’s terrible. It’s going to go lower hundred dollars. Bacon is almost a short. I would wait for this lagging line just so you make sure you’re in just a little bit more cautious on that situation and then let’s do Granger quick being quick being on now soy, soy is a decent sell as a sell day before yesterday.
Hit the bottom of the cloud closed below it and now it’s gone to $857 2/8. If you missed it short it $857 2/8 and your next target to be $842 and then $800 even corn decent long next target for 4/8 decent long next target $307 4/8. Rough rice looks really good. Next target to be north of $12, soybean meal going to fall back to $312, $5 wheat good long up to $544. Cotton I would leave it alone, OJ a better short than long next target $90.
Soybean — not soybeans I’m crazy. This is sugar. Sugar I just leave it alone. Coco pass coffee back into a nice little long. Make sure you’re following your favorite longs and favorite shorts, the favorite longs from last night as I can remember from memory is the following AMD rocking it out. Costco. Not too shabby. Got a little Proctor & Gamble movement to the high side and yum brands breaking out to the high side.
Good luck. Hope it helps. See you in the next video.