$ZM_F break of the pitchfork big problem for Soy Complex
Soy complex as a whole really getting wacked last 2 days. The move is a bit disturbing for longer term Bulls on the product. I was bascially neutral until today and now I am most certainly a BEAR. However, as a day trader, longer-term leanings mean nothing to me other then make talking points to other traders. What this breach of the pitchfork means to me is:
- LONGS will be scalps off the lows or key level
- SHORTS will be given a little more room to move
Its pretty much that simple for a day trader who rarely holds overnight.