I suspended all the wheat stops this morning. There were a lot of $4.90 stops sitting there and with the market about to open this morning near $4.92, I fear there is a good possibility that there could be a big order to push wheat down to sweep the stops. This happens all the time any more. I will get the stops put back on once this passes, but unless you let me know otherwise you do NOT have a wheat stop.
Here is why I am comfortable with no stops:
1. Maybe only 5 cents from here from triggering a CCI Buy signal. I would hate to lose our position now this close to a buy signal.
2: RSI readings oversold
3 and 4. Weekly readings oversold. and price at the 200 week moving average which should be support. Price rebounds from these levels virtually every time.
I just don't see a lot of downside here but do think there is a very real risk of being knocked out at the open. You are out of your wheat stops unless you tell me otherwise.
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