Today was not a good day to be long, coffee, sugar, soybeans or corn, or a few other ag commodities.
Perhaps the start of a short term correction again in commodities? Fortunately I was not in the market – especially coffee which I was dubious about anyway – this sold off 5% and was down 10c at one point. Soybean and sugar could have further to fall. I will wait for a long signal I think.
Watching Apple AAPL today – it was up a nice amount, so no short position on, but it is facing a lot of overhead resistance in the 180s and at 200. New iPhone out on Friday so, big news week this week – could be the straw that breaks this market if sales are slow. Looking back, if you had bought the share on 1 January 2004 you would have increased your money 15 fold as it was selling for under $11 per share then.
