For OJ all I can say is here we come 150. We should hit some resistance at 150 and consolidate the recent rally for a bit after that. My stop has been moved up from 135.25 to 139.75. Cocoa I am still short from 1501 with a stop still working at 1535, I plan to move my stop to my entry point on a close below 1475.
Coffee is still not making any real attempts at turning around and I remain on the sidelines. Near term I continue to look for a bounce. Sugar looks like it has completed its slide and I am now recommending a bull call spread in sugar that is buying the July 1700 call while selling the 1900 call.
Take a look at a weekly chart on sugar if you would like to see a text book example of a bull flag. Cotton continues to slide and near term support has not held. I do expect a sharp turn around soon but “the waiting is the hardest part” as Tom Petty put it. If any of you would like to see my recent sugar trade recommendation email me at derek@odomandfrey.com and I will be happy to forward you a copy.
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