Being oversold to begin the day, KCN traded down further on Thursday. Once down to 263 KCN staged a bounce, while quick, the bounce was feeble and so prices retreated once again, settling KCN at 263.70. Expecting a bounce heading into the weekend, and appropriately KCN is up to 267 this morning thus far. (Well, that didn't last) Not convinced this market ready to turn around yet, but doubt new lows will be attempted till next week. Willing to be friendly between 262 and 260, risking a close below 254. So aggressive traders may consider selling into these bounces. looks like I may have missed the chance today.... I think Sugar values gave back too much on the heels of the sugar dinner. While it is also staging a bounce this morning, I doubt much upside progress unless I see SBN over 2270 and that requires another 50 points on the up swing. It's doubtful that's gonna happen. So, my bullishness is now tempered. Cocoa didn't really do much and lacks direction. And cotton, of course it went lower, since I covered my short call leg....ugh! Bottom line, until outside markets improve I must expect defense and pressure among the softs. Keep an eye on the dollar. Source: Pitguru.com
Now who says no cost averaging? I sold more sugar truckloads at a higher price than initial on that suckers rally