Yesterday's high volume spike and today's down drift suggests a decent move down over the next few weeks. (I think candle people call this a hammer or doji or something) this is corn's third attempt at this level in the last few months. This is statistically a good trade because I'll know in the next couple days whether it'll work (that's called a time stop) and don't have much risk as far as price goes to tell me i'm wrong. So... short some at 418.25. Stop 429. I think the potential is for around 350.
I would also like to join ya but I find last 5 days of congestion that preceded the 2 day reversal worrisome. Moreover, this market has been stagnant since November. Lastly, other grain futures like wheat, oats, and soybean are looking rather bullish and it's my opinion that corn will more or less move in lock steps with them. Of course, take everything that I say with a grain of salt. Good luck!
Why not go long gamma if your indecisive. Reports are due out on the 12th of January the 420 straddle in march corn is relatively cheap with low volatility currently. Or buy 2 ATM calls in march corn and short a futures contract.
-So... short some at 418.25. Stop 429. I think the potential is for around 350.- you might make a few cents kid but there is nooooo freakin way we head back down to 350 string theory dictates .... all market movement or at least some whales think so www.youtube.com/watch?v=FJ4Huw-aJi8...276B2646&playnext=1&playnext_from=PL&index=23
I can't see it going below 411 and there's much more potential for upside breakout to the 450-480 range. Let's see what today's close brings.