ES expanded off last two days' range both top and bottom. It appeared to clean the deck for tomorrow's report. I was able to sell to open couple of positions in IB & S5 for next two weeks. I must stay out off ES trade for at least two hours after the Job report. Anything could happen after the news and it will be up and down several times before a direction is clear.
CL had another leg down today. It broke last Nov's low of 92 and got pushed back to close at yesterday's low. Today's candle is like a shooting star and 4 hr, 1 hr are forming a IHS. Unless it close above yesterday's high tomorrow, we are not out of woods yet. It's often the pattern to circle back to retest the low. The weekly chart is still bearish. The down trend is not done yet. My March 90's stop was near but not reached. I added 1 of 89 for next week and 83 for March to off set possible of March 90 stop. Most times my pushed trades out of boredom caused my headache. This is one of them. Remember: When in doubt stay out.
I am out of Corn position with a small profit and over 40 days of holding. Corn broke to a new low today. Glad I am out. Accepting that some trades won't work out. I didn't have the same luck with my soybean 1220. But the price is close enough for me to get out before the USDA's grain inventory and production report at 11am.
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