Out @ 13 for a 2 tick profit. Got insecure now that cocoa has broken its resistance. This lasting inversion is bizarre...
I checked this morning. Nothing interesting really. Some spreads are at historical levels but it is just a function of the wild cattle market, not something you can fade or exploit in any way...We are still in a long feeders / short fats seasonal window and the spread has retreated a little if you want to enter on a pullback... I didn't take the trade though.
I just check this trade and I felt that it was no good because a lot of cocoa expiries finished in backwardation and not in contango. Do you have any information on cocoa S&D ?
May was in strong carry and there was a short term resistance on outrights @ 3000... But May expired and the resistance was broken...
"0920 GMT [Dow Jones]--EU milling wheat futures nudge higher as Russia says it will abolish a tax on wheat exports." LOL
That was a heck of a ZW rally yesterday. I love how the market tries to find a fundamental reason for the rally, although there was legitimately some cold weather in KS and ND. Nobody wants to admit that the fund record short position, combined with high-powered stop-seeking algos, led to a 6% rally on basically little news.
why nobody? I've seen this in some posts. Maybe someone can share some good source about fundamental analisys applying to calendar spreads? Nice movement in soybeans N-X, I hope, it'll go to 5 or something like this. Also have unpleasant pullbacks in live cattle an wheat spreads but didnt close my shorts Also there is a good buying opportunity in minneapolis wheat, but my broker doesn't give an opportunity to trade it There is a good seasonality, we are near support and we are near all time lows