It is hard not to think that corn put in some type of tradable low on Tuesday in the face of a bearish crop report. Note the high buy volume upside reversal candlestick on the daily chart for the CORN fund, below, after a steep prior downtrend. A stop under $25.30 makes sense for any longs.
Long Ideas on Strength: ARO FB GDXJ TWTR
Short Ideas on Weakness: COP CVX MGM WYNN XOM
Drop me your top tickers overnight.
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Interesting how first we saw biotechs roll over, followed by high spec plays like FEYE/SPLK etc, last week or so it was casinos and airlines. Maybe now its oil? I like the XOM, COP short ideas and am building a nice long position in FB. Let’s see how it plays out.
Good man, chedda. Thanks.