I am not full of Beans!!
I am not only not full of them, I am about to be short Bean Oil. Here is how things look coming into tomorrow with the night session opening already showing as the last bar. I have been watching this market because there has been a sharp amount of commercial selling recently. We now have a potentially lower short term high forming on the right side of the chart, so a break of that low is enough to get me interested.
Also from a longer term perspective, we are in a weekly downtrend and into an overbought condition against that trend. When this is also combined with commercial selling the result is a pretty good selling opportunity. As always we never know which trades are any good on the front side, so stops have to be used.
An update on the dollar trade setup for tomorrow follows. I am going to be a little picky here and wait on this market for something a little better. The oscillators still have not quite confirmed this the way I would like. Also when I look at the mirror side of this which would be the currencies, they appear to be a day away from the correct setup for me. As a result, I am waiting for a day there to see what tomorrow brings.
My achilles heel this year has been being too aggressive trading against some of these big trends, so with this market which has probably the strongest trend other than Gold of any market, I am going to be a little careful. I do feel this could take off at any time though so I may miss it by doing this. Also today, I did put on the first portion of my ETF short position in Silver. I am going to try and build that quickly since I think a large move down is imminent in the metals.