A Fine Market Story to Kick Off the Weekend Festivities

AAPL and IBM appear to be the heavyweights leading the Nasdaq and Dow lower this afternoon, respectively. Of course, the selling is well beyond that, as small caps break below their sloppy consolation pattern. Overall, I am still rather cash heavy with the UNP short and DGP long (from $24.13). The rest is cash and I think that is a fine place to be given the type of whipsaws we have seen in the market. You can be sure that many traders are taking some major drawdowns in this market, which has to be especially frustrating to bulls in beaten-down momentum stocks, seeing the major averages not far from recent highs. Therefore, there is a premium placed on being exceptionally disciplined in this market climate. As for my corn long, here is the updated daily chart below of the corn fund. I project a move towards $32 or so, as long as this $27 breakout holds. My stop-loss, once again, is if we see a close under $26. More about the broad market in my Weekend Market Film Session. Have a great weekend!