the runnup into MON earnings & jump in corn futs perfect set up for the short at $195 which was previous double top high , going to see a pullback today to at least $185 and further retreat as we see the market just about ready to start wave D down and it could get really ugly .
JPM news out early of maybe $9bil loss already taking that down 4% Spanish bonds over 7% .
Stock ran up as I thought it would, but much more quickly. I'm expecting it to settle around $185-$190 for awhile. This is the range CF had been in so it should revert to that range. Also, people who bought at $200 will sell into this rally as they will be relieved to have only a $10 loss instead of $45. With the general market selloff, people who bought at $154 will be very happy to book any big gain. Furthermore, there's technical resistance around $185 (upper range of regression channel, fibonacci) & again at $190 (fibonacci.)
no one said it will be headed to 190-200 this week. but by mid-summer or earnings, yes.
i am happy if we close around 175 this week.
but i do agree that anyone who didn't buy some puts or write some calls to hedge at $181 was a bit short-sighted.