CURRENCIES
September Japanese Yen JYU9
The Yen is heading lower for the short term so I’ll pull the buy order until we see support and some momentum come back into the market. FLAT for Thursday.
GRAINS
November Canola RSX9
Canola didn’t fill our order for Wednesday so I’ll re-run it for Thursday.
SELL November Canola at 420.5 (stop)(limit)(day)
If filled: Exit Stop: 430.0 (stop)(GTC)
Approximate Risk: $190 per contract
Profit Target: 407.0 (limit)(GTC)
Approximate Profit: $270 per contract
Degree of Risk: Moderate
September mini-Wheat @YWU9
Yes, this is a countertrend trade; however the continued support and the very bullish Monday has me thinking we’re going to see a pullback before the next run lower.
If September mini-Wheat opens at or below 546
BUY September mini-Wheat at 549 1/2 (stop)(day)
If filled: Exit Stop: 528 1/2 (stop)(GTC)
Approximate Risk: $210 per contract
Profit Target: 585 1/4 (limit)(GTC)
Approximate Profit: $357 per contract
Degree of Risk: Moderate
MEATS
August Feeder Cattle FCQ9
Watch List – Still looking for a pullback to the 101.60 +/- area before I consider another buy.
METALS
September mini-Silver YIU9
Watch List – Silver’s getting very close to showing us resistance, probably around the 1350 region. If we get it I’ll look at shorting.
SOFTS
October Sugar SBV9
I almost always regret attempting a countertrend trade, but the falling momentum is almost too much to pass up. Resistance continues to hold so I’ll short Wednesday’s low.
If October Sugar opens at or above 1750
SELL October Sugar at 1739 (stop)(day)
If filled: Exit Stop: 1791 (stop)(GTC)
Approximate Risk: $582 per contract
Profit Target: 1691 (limit)(GTC)
Approximate Profit: $537 per contract
Degree of Risk: Moderate to HIGH
