Is there any tariff-effect on the price of lumber ? My gosh, it really has taken a beating past 6 weeks..... 400 appears to be the next support level....previously was resistance.
Out @ 451.50 I think it still has a ways down to go, but I'm not interestested in being locked into the position anymore. Plus rolling it is a a pain in the ass. I learned a bunch being in this trade, that I did it for a profit is a bonus. I probably won't be doing thinly traded futures in the the future (sic).
Nice move out. November down to $410....wow ! And the market is in huge backwardation. Low liquidity is great when you are on the right side of the trade with a large open profit position.
Oil is heading down from here. Don't have any levels, just a bearish outlook at this point in time. Expecting support not to hold up.
I am just going to keep doing rollovers and staying short. But unlike other markets where I add on at every good opportunity as it is in confirmed trend, not so with Lumber, one trick area pony. I will remain short till 286 or lower.
treeman indeed the down momentum is rather strong. historically 400 to 440 band seems to be quite a strong resistance. Lumber price started to reverse in Apr 18. Any particular reason?