Looking ahead to Wednesday by reflecting on Tuesday's trading action
Wheat continues its downtrend course and Corn forms a small Bear Pennant
GRAINS: 5/19/10 Slightly higher closes Tuesday for oats, corn and soyoil while unchanged for rough rice and lower closes for soybeans, soymeal, Minneapolis, Kansas City and Chicago wheat. All of the wheat have turned lower but only Chicago wheat has given me a SELL SIGNAL so far although Minneapolis and KC are close. Of, course all of the wheat continue to be in long-term downtrends. Corn settled higher still holding a very critical area but now in a small BEAR PENNANT. Long-term the trend is down. Oats settled higher but is in a small BEAR PENNANT in a long-term downtrend overall along with rough rice which made new CONTRACT LOW again but settled unchanged this time. Beans and meal also closed down with meal the only one in the bean complex that hasn't, as of yet, given me a sell signal. BUY SIGNAL FOR SOYMEAL. SELL SIGNALS FOR CHICAGO WHEAT, OATS, ROUGH RICE, SOYBEANS AND SOYOIL. CALL FOR DETAILS!