SBEH0 failed today at the trend line. Net delta reversed the positive slant from yesterday [pit hours] DX seems to be holding 74250, although the major trend line is only 800 ticks away at 73919. Since Monday 11/30 was two sided trade with net equal delta, I am going to take yesterdays positive delta as short covering. Therefore, I will be looking to short tommorow any spike up through 2331 as it is falling back through 2331. I will exit on the close if it appears that Mar will close at 2321 or better on the pit close, otherwise I will hold the position, and place a protective stop above 2367. My downside targets will be 2197, 2118 and 2050. Mar has had four days to close above 2330, and has had good downside action on DX, and still could not do it.
The lack of follow through on that bottom bounce was disappointing. I think tommorrow is show and tell !
Sugar's overvalued at 22. If WASDE shows that s/d eqn hasn't changed much from last report, sugar should continue down to mid-high teens. This will amplified if the greenback firms. The HF's are playing with this thing, just churning it about. The front month contracts have got some premium to give up. Have a "sweet" weekend.
I did not get my set-up...........will evaluate preferred short entry over the weekend. I will say that it held a little firmer than I had thought given the huge day on DX.
I'm the only guy short! Actually just short spreads, they have all been growing weaker. So be careful longs.
Oh I know man, just being facetious. It just seems in this thread that not many are short. You still working the cattle market over man?
Ha! Yeah, I wish I could say that I was working that market over. Cattle markets won't improve until payrolls do (in a material manner), and resaurant disinflation stops. The long hogs/ short fed cattle trade isn't helping either. Aside from this, LC is oversold in the near term and looks poised to bounce soon. I'll definitely be looking to take some covered call positions this coming week.