FINANCIALS/INDICES
March Eurodollar EDH0
Watch List – still watching and waiting for resistance.
GRAINS
July Soybean Meal SMN9
Soy Meal held support giving us a couple of fresh hits on the low. This gives us a line we can sell below should the market continue lower for Thursday. Yes, I know this is countertrend, but momentum is off and a move lower would put us below the trendline, so that helps.
If July Soy Meal opens at or above 3960
SELL July Soy meal at 3949 (stop)(day)
If filled: Exit Stop: 4077 (stop)(GTC)
Approximate Risk: $1280 per contract
Profit Target: 3819 (limit)(GTC)
Approximate Profit: $1300 per contract
Degree of Risk: Moderate to HIGH
July (mini) Soybean @YKN9
Watch List – I’m going with the Soy Meal trade for Thursday and will follow up with the Big Bean market tomorrow – maybe.
MEATS
August Feeder Cattle FCQ9
My early entry in Feeder might turn around to bite me as support came back into the market Wednesday.
CONTINUATION of Short August Feeder Cattle at 9660 (June 16)
Exit Stop: 9775 (stop)(GTC)
Approximate Risk: $575 per contract
Profit Target: 9525 (limit)(GTC)
Approximate Profit: $675 per contract
Degree of Risk: HIGH
August Live Cattle LCQ9
We have a little more breathing room in our Live Cattle trade but the end result might be the same if the bears don’t pick it up!
CONTINUATION of Short August Live Cattle at 8042 (June 16)
Exit Stop: 8217 (stop)(GTC)
Approximate Risk: $700 per contract
Profit Target: 7917 (limit)(GTC)
Approximate Profit: $500 per contract
Degree of Risk: HIGH
