The market to me is doing exactly what it did on the march higher. I did feel $1.40 was overdone,but at the time, FUNDS were buying, and shorts were covering. The commercials now will again be the ones on the BUY side at these levels. Whereas, like Tango said, funds again selling. From a risk/reward aspect, I can't help but consider low cost upside strategies looking out a bit (if they exist). The market may remain under pressure here, and again test the 95 cent level, but to me anything near 90 cents presents upside opportunity.
I think we saw a taste of how the market can create a scarier environment as it races higher ( as we saw in December) -- More volatile, more vicious trading.
I pose a question to those engaged on a daily basis. How has the macro environment been impacting the general marketplace?? When I say general, I refer to commodities as a group (in this case the Ag sector). There is plenty of noise in the background between, impeachment proceedings, trade deals, Iran, and now coronavirus...
In the end, KC will always revert back to its core fundamentals and technical levels but we know the macro can at times take center stage and lead the way.
Just wanted to stop by and share a few thoughts. Hope all is well for everyone here on CTF!