Hi Mike, I just had to send you this link, from a commentary on BarChart.com: http://www.barchart.com/headlines/story/1903370/grains-futures-wheat-corn-soybeans-trend-indicators. I was nothing short of amazed to read this. The guy is trying to put a case that wheat is in an uptrend, or the start of. Talk about picking bottoms! He plasters the chart with useless indicators and suggests it’s time to buy wheat. I wonder how many people take this sort of commentary and make trading decisions based on this type of analysis. Looking at the wheat chart it’s clearly been moving down for some months and now moving sideways. Any trend trader would be firmly short or out, but to suggest this is a buying opportunity? I’m sure you see this sort of stuff regularly, but this one struck me as so awful I thought I would pass it on.
One amazing reading of the tea leaves.