I’ve said it before and I’ll say it again. When in doubt always choose the scenario that screws with the maximum amount of market participants. Mrs. Market may be evil down to the core of her raven black heart but at least she’s consistent. So Soylent Orange it is apparently, now let’s see what we’ve got to work with here.
The drop in equities yesterday should have cleaned out the majority of the longs. Quite frankly Soylent Red is still on the table and I’d give it about 30% at this point. Although I doubt I’ll catch this entry I would be long near 1867, so perhaps I get my fill after the bell.
The EUR/USD is coiling up and I should have listened to my wife yesterday who told me to hit the ATM (which I shall remedy today). I already have a long position in the hold which should kick in near 1.08 – my stop will be < 1.075.
Soybean Meal – I really like this chart as it may turn into a runner. Long here near 270.7 – stop below 269.5. No harm in keeping it a bit looser actually – she likes to run those stops.
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