Rain is a Good Thing

"Rain makes corn, corn makes whiskey" -Luke Bryan

It is a fairly slow morning on the indices, but another one in which buyers are stepping in to defend against any type of rollover in the market. Even more impressive is that bulls are resilient in the face of swooning biotech and healthcare stocks, lethargic financials, and the Dollar/Yen cross breaching 112 support overnight. 

Those typically cautious factors are not carrying much significance at the moment, though, which means I am not looking to mix it up with any type of aggression on the short side, just yet. 

Instead, my focus is on whether the rotation into the industrial materials mining complex has legs. We looked at these charts yesterday for Members and here. Currently, the rotation thesis is still viable, with miners across the board acting well again this morning. 

Beyond that, the ag plays may be back in vogue. The likes of MOS POT are up this morning on the back of corn gapping up, too. 

On the MOS daily chart, below, you can see the potential for a cup and handle (light blue lines) base bottom, especially over $30.50 and $31.