Soybeans (K)…$14.884 is monthly resistance. Only sustaining and closing over this level
will lead to higher prices.

Corn(July)…6.59 is pivotal. 6.74 the next resistance level. Closing over 6.83 will generate new momentum buying.

CORN ETF…maintaining above keeps this instrument positive. 42.50 is resistance. This could rally to almost 44 and reject.

JJG…needs to maintain over 50.90 close for an attempt at 52.65

OXY…there are resting buy stops over 88.74. 92.10 is macro closing resistance.

DAX…8000 is our macro closing pivot. Only a couple of closes over this level will have us looking for another
rally.

General Comments or Valuable Insight

Grains…It happens, take your eye off the ball for a second and things can get away in a hurry. We’re not going to chase this, however the summer weather market is upon us and we’ll start paying closer attention.

The trade today will be about month end positioning. The later in the day it gets the more likely instruments will melt up not down.

Yesterday we noted that many instruments were at or close to our upside tgt’s. We mention this as a cautionary note to our investors. Over these same days in 2011, we exited OXY @ 117 after an almost 40% trade. We bought it back in the 70’s in the fall for another trip to just over 100. We haven’t seen those prices since.

I know…this year is different. With all the money being pumped into the Global economy it’s hard to tell, however you can sell out of the money calls against your positions to protect your profits.

Short Term View…

Use the 3/28/13 closes for your short term pivots in everything!

Medium Term View…the qtrly update is out. This update is provided exclusively to current subscribers and will not be posted on our site until mid-June for general review.