Midday Missive

XLV…a close over 59.25 is needed to resume the uptrend
IBB…today’s low of 258.78 is now important support to manage risk.
Price action over 267 is needed for a continuation of trend.
Ag names are on fire with the rally in Wheat.
Looks like the west won’t be eating that Russian Wheat.
DE…can test 87.70
POT…is trying to put in an ORH day. A close over 34 confirms direction.
AGU…has the same potential.
LCJ…April cattle…144.65 will be pivotal. By holding this can catch another bid with the grain complex.
I have no interest in picking a high in the Oil or Metals.
The Ruble acts like death despite the rumored 7Bil of rumored intervention this A.M. 37500 is the weekly wave count in USD/RUR.
All new price action at this level is needed to discern the length of the next move.
Gold looks to be the preferred safe haven instrument for Oligarchs.
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