Quote from murray t turtle:
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Pa Prime;
Won't stay long here but ;
clicked on a long term cotton chart, long term trend is still down.
Strange,;
$45 area is support /resistance like QQQQ
Murray: I agree. You guys in Memphis should know.
IMHO, those lows in the high 40's were a LT bottom. Since I don't
THINK CT will get back down there, I'm trying to buy in the lower end of congestion. CT reminds me of Corn before the October breakout. I bought Corn a bit late in the game and still made a ton (I milked some calls for
$6,000 each.)
Until I'm proven completely wrong I'll continue a long campaign in Corn, Beans and Cotton. For that matter I seek to buy most
any commodity on a pullback.
I'm going to live or die under the assumption that commodity prices are in the midst of a perma re-value to the upside. I also think that long bond rates are going to increase and that stocks are going to put in place a LT high sometime in the next 4 months.
EDIT: That being said I'm working a stop under the market to sell my 5 July CT. I'm long them from 53.37.
Still long 10 SK, 10 CN, 5 CK, short 5 SK 780p's, and short 10 ZB.
That goodness for the CBOT's reasonable margin policy. This is why I shy away from index trading!
