Action: Sell to open 1 contract of May Soybeans (SK14) at 1327.50. We’ve got a short signal that triggered overbought conditions. However, the May bean contract is up over +30 points so we need to be careful the momentum doesn’t continue. Initial first target is 1419.50. If we trade down there today we’ll take the quick profit.
Update (9:35am CST): Buy to close SK14 @ 1421 and take the quick profit for a +6.50 point gain.