was long earlier in year -- got out in early sept. when trend broke down. Been waiting for a retest of the high, which if it fails, will set up a classical reversal. Time will tell but I'm looking to go other way on it. This trend never went into blow off mode which probably should have happened back in aug when all market forces pointed higher. This looks like lemmings following each other...maybe they are trying to paint a picture of a new trend before killing it.
some whale ( long sugar ) is getting punished today I nibbled in near the lows as it looks on a macro sense undervalued today
I'm no whale, but I got caught with some long positions as well. Sigh. I've never seen sugar sell off *at the open* like that... it was non-stop selling for the first 15 minutes. I kept waiting for the bounce, but it never came. Forced liquidation?
Eventually all flying pigs come crashing down, not sure if the time is here yet for sugar. Let's see if it can break 22 cents @ MAR10 contract. It dipped slightly below today, then calmed down.
Ha I hear that about the open, I have been staying up because I've got a pretty large spread position on and I stay up to kind of monitor it for a few hours and defend it if I have to. I missed the opening bell because my comp wouldn't start and it was down 50 ticks in two minutes! I tell you guys some disaster otm puts are cheap cheap and not such a horrible play.
rumor has it this gent had a large position to get out of hopefully he is done selling for the time being http://curlywurlygurly.files.wordpress.com/2009/03/good-humor.jpg
If he is, he just got run over. Next time I'm even tempted to LOOK at sugar... will someone please stage an intervention?
Those spreads are really coming in, it took me about ten times of getting stopped out but I think I really nailed some good prices. Staying up and babysitting has been detrimental to my sleep, but worth it in the profits. I hope everybody has a good weekend, is ICE open Sunday/Monday.