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What's it gonna do? Very interesting. Dec Wheat sits on 378.6 today. It
has had six-mo low 335.00; six-mo high 473. Resistance points 392.97
& 410.44.
Support long term 361.41. Med term 365.65 & 367.65. Short term 377.00 &
376.64. That's really sitting in there real nice and cozy. Normally, it
looks like a BUY AT 379 with a possible pickup of 13 points. Not too
exciting. If it falls 10 points, then a possible vertical Call spread
might be attractive. Buy the Dec 360 Call; Sell the Dec 400 Call
limited loss--bullish market. But let's not overlook a sneaky little
gap in the ointment back there a couple weeks ago-- never been filled at
355.00. So, whatcha gonna do? Huh? Well, sports fans, I'm not going to
predict a damn thing. I shall let the wheat play it's own little game
during the next two days of crystal ball reports, and then I'll react to
the situation. Just exercising a little caution before I play again.
T.C.
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