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CoT & Price Action Feb 7

Published on: 08:05AM Feb 07, 2011

 

Wheat: The CoT shows Funds getting a little longer, Commercials getting a considerably shorter and small specs/farms moving towards neutral by giving up some shorts. Prices were up and the chart passed up an opportunity to trigger a sell/short signal.

Soybeans: For practical purposes, the CoT showed traders unchanged. March prices made new highs this week, springing a small bear trap. The trend will end someday, but not today.

Corn: The Funds are long, the longest they have been since the trend began last July. Price action reads overbought, but in a strong trend, that doesn't mean a reversal is coming but rather that trend strength continues.