Friday, August 6, 2010

Market's lessons in wheat

Wheat opened up a bit and quickly sold off. I took my small loss first thing in the morning, thankfully. Wheat provided a couple good intraday short setups and finished limit down. So while the limit up yesterday would have been more telling had it not come on news, my belief that the news was so significant that it couldn't price in a one-day limit up move proved completely wrong. That's the markets for ya. Either way, wheat is making big moves that agile traders should be loving right now.