Alert: corn keeps chugging higher.
Let’s tighten our stop-loss again on CORN…
Risk appetite is back on after a wild day yesterday. Commodities are stronger. Unfortunately that means our position in DTO is working against us. If you are still holding CORN, it is helping to hedge the pullback in DTO we’re seeing today.
As I suspected it might, corn jumped above its recent daily sideways range, opening the door to a move even higher before reaching resistance. Let’s tighten our stop-loss on CORN again.
There is much talk, as usual, about the upcoming summits for the Eurozone as they try to reach another agreement on what can be done to recapitalize banks and backstop default fallout. The summits will, of course, end anti-climatically again. But it seems traders don’t want to be short the market going into the weekend (the first round of the summit is on Sunday) in case policymakers find a way to kick the can further down the road with some coerced cooperation.
CORN (Last price: $43.70)
CANCEL and REPLACE your order to SELL ALL your shares of Teucrium Corn Fund, symbol CORN, at $42.20, STOP. New Price: $43.30, STOP; this order is good till cancelled.